Corebridge Financial (NYSE:CRBG) Upgraded at Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial (NYSE:CRBG) from a hold rating to a buy rating in a report issued on Friday morning, Marketbeat.com reports. They currently have $40.00 price objective on the stock, up from their prior price objective of $33.00.

Several other brokerages also recently issued reports on CRBG. Barclays raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target on the stock in a report on Monday, January 6th. Morgan Stanley boosted their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. TD Cowen increased their price objective on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. DOWLING & PARTN lowered shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Finally, Piper Sandler raised their price target on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $35.85.

Corebridge Financial Stock Performance

Corebridge Financial stock opened at $30.10 on Friday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14. Corebridge Financial has a 12 month low of $23.01 and a 12 month high of $34.66. The company has a fifty day moving average price of $30.91 and a two-hundred day moving average price of $29.65. The company has a market cap of $17.12 billion, a PE ratio of -14.40, a P/E/G ratio of 0.39 and a beta of 0.92.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.21. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The business had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the prior year, the firm earned $1.05 EPS. The company’s revenue for the quarter was up 39.5% compared to the same quarter last year. Research analysts expect that Corebridge Financial will post 4.81 earnings per share for the current year.

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th were given a $0.23 dividend. The ex-dividend date was Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.06%. Corebridge Financial’s dividend payout ratio is currently -44.02%.

Insider Buying and Selling

In related news, major shareholder International Group American sold 121,956,256 shares of Corebridge Financial stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the sale, the insider now directly owns 127,282,642 shares of the company’s stock, valued at $4,005,584,743.74. This trade represents a 48.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.08% of the company’s stock.

Institutional Investors Weigh In On Corebridge Financial

Several large investors have recently modified their holdings of the stock. Fortitude Family Office LLC bought a new position in shares of Corebridge Financial during the fourth quarter valued at $27,000. First Hawaiian Bank acquired a new stake in Corebridge Financial in the 4th quarter valued at about $1,168,000. Legend Financial Advisors Inc. boosted its holdings in Corebridge Financial by 3.8% in the fourth quarter. Legend Financial Advisors Inc. now owns 25,764 shares of the company’s stock valued at $771,000 after acquiring an additional 951 shares during the last quarter. Diversified Trust Co increased its position in Corebridge Financial by 128.5% in the fourth quarter. Diversified Trust Co now owns 65,167 shares of the company’s stock worth $1,950,000 after purchasing an additional 36,651 shares during the period. Finally, Everence Capital Management Inc. bought a new stake in Corebridge Financial during the 4th quarter worth about $437,000. 98.25% of the stock is currently owned by institutional investors.

Corebridge Financial Company Profile

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.