Analysts Set Corebridge Financial, Inc. (NYSE:CRBG) Price Target at $37.29

Corebridge Financial, Inc. (NYSE:CRBG) has been assigned a consensus recommendation of “Moderate Buy” from the fifteen research firms that are presently covering the stock, MarketBeat reports. Two analysts have rated the stock with a hold recommendation and thirteen have issued a buy recommendation on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $37.29.

CRBG has been the topic of a number of recent research reports. Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target on the stock in a research report on Monday, January 6th. Piper Sandler upped their price target on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Wells Fargo & Company boosted their price objective on Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft upgraded Corebridge Financial from a “hold” rating to a “buy” rating and boosted their price target for the stock from $33.00 to $40.00 in a research report on Friday, January 10th. Finally, Morgan Stanley raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $35.00 to $43.00 in a research note on Friday, February 28th.

Corebridge Financial Stock Down 2.8 %

Shares of NYSE:CRBG opened at $31.34 on Friday. The firm has a market cap of $17.42 billion, a PE ratio of 8.29, a price-to-earnings-growth ratio of 0.43 and a beta of 0.92. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.16. Corebridge Financial has a 12-month low of $23.97 and a 12-month high of $35.36. The company has a fifty day simple moving average of $32.74 and a 200 day simple moving average of $31.26.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Wednesday, February 12th. The company reported $1.23 EPS for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.04). Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. On average, equities research analysts anticipate that Corebridge Financial will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 3.06%. The ex-dividend date is Monday, March 17th. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s payout ratio is presently 25.40%.

Institutional Investors Weigh In On Corebridge Financial

Hedge funds have recently made changes to their positions in the company. Public Employees Retirement System of Ohio grew its holdings in shares of Corebridge Financial by 11.3% during the third quarter. Public Employees Retirement System of Ohio now owns 167,038 shares of the company’s stock valued at $4,871,000 after buying an additional 16,970 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Corebridge Financial in the third quarter worth $581,000. New York Life Investment Management LLC purchased a new position in Corebridge Financial in the fourth quarter valued at about $781,000. State Street Corp lifted its holdings in shares of Corebridge Financial by 11.7% during the 3rd quarter. State Street Corp now owns 8,035,438 shares of the company’s stock valued at $234,313,000 after buying an additional 843,559 shares during the last quarter. Finally, First Hawaiian Bank acquired a new stake in Corebridge Financial in the fourth quarter valued at approximately $1,168,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

About Corebridge Financial

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.