Corebridge Financial (NYSE:CRBG) Receives New Coverage from Analysts at Barclays

Barclays started coverage on shares of Corebridge Financial (NYSE:CRBG) in a research report report published on Wednesday, Benzinga reports. The brokerage issued an equal weight rating and a $33.00 price objective on the stock.

Other equities analysts also recently issued research reports about the stock. Royal Bank of Canada lowered their price target on shares of Corebridge Financial from $33.00 to $32.00 and set an outperform rating on the stock in a report on Friday, August 2nd. UBS Group increased their price target on Corebridge Financial from $29.00 to $35.00 and gave the stock a buy rating in a research note on Tuesday, July 9th. Morgan Stanley lowered their price objective on Corebridge Financial from $33.00 to $31.00 and set an equal weight rating on the stock in a research report on Monday, August 19th. JPMorgan Chase & Co. increased their target price on Corebridge Financial from $26.00 to $34.00 and gave the stock a neutral rating in a research report on Tuesday, July 2nd. Finally, Bank of America lowered their price target on Corebridge Financial from $40.00 to $38.00 and set a buy rating on the stock in a report on Thursday, July 11th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Corebridge Financial presently has a consensus rating of Moderate Buy and a consensus target price of $33.62.

Corebridge Financial Trading Down 1.2 %

Shares of Corebridge Financial stock opened at $28.48 on Wednesday. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14. The stock has a market capitalization of $17.33 billion, a PE ratio of 7.49, a P/E/G ratio of 0.39 and a beta of 0.97. Corebridge Financial has a 1-year low of $17.80 and a 1-year high of $34.66. The company’s fifty day simple moving average is $28.55 and its 200-day simple moving average is $28.07.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Thursday, August 1st. The company reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.04. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. The business had revenue of $4.18 billion during the quarter, compared to analyst estimates of $5.73 billion. During the same quarter in the previous year, the company posted $1.04 earnings per share. As a group, equities analysts anticipate that Corebridge Financial will post 4.75 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date of this dividend is Monday, September 16th. Corebridge Financial’s payout ratio is 24.21%.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 8,032,129 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $24.90, for a total value of $200,000,012.10. Following the sale, the insider now directly owns 284,238,898 shares in the company, valued at approximately $7,077,548,560.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.09% of the stock is owned by company insiders.

Institutional Trading of Corebridge Financial

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Junto Capital Management LP bought a new position in Corebridge Financial during the fourth quarter valued at $26,232,000. Pzena Investment Management LLC raised its position in Corebridge Financial by 793.0% in the 4th quarter. Pzena Investment Management LLC now owns 1,590,098 shares of the company’s stock worth $34,442,000 after purchasing an additional 1,412,040 shares during the period. Seven Grand Managers LLC bought a new stake in Corebridge Financial in the fourth quarter worth about $4,332,000. Swedbank AB purchased a new position in shares of Corebridge Financial during the second quarter valued at approximately $5,639,000. Finally, Williamson Legacy Group LLC bought a new position in shares of Corebridge Financial during the fourth quarter valued at approximately $716,000. 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.