Corebridge Financial, Inc. (NYSE:CRBG) Receives $34.85 Average Target Price from Analysts

Shares of Corebridge Financial, Inc. (NYSE:CRBG) have received a consensus recommendation of “Moderate Buy” from the thirteen ratings firms that are currently covering the company, Marketbeat reports. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $34.85.

A number of equities analysts have issued reports on the company. Piper Sandler cut their target price on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 2nd. Barclays upped their target price on Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Royal Bank of Canada cut their target price on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Morgan Stanley boosted their price target on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Finally, TD Cowen began coverage on Corebridge Financial in a report on Wednesday, October 9th. They issued a “buy” rating and a $35.00 price target for the company.

Insider Buying and Selling

In related news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the completion of the transaction, the insider now directly owns 249,238,898 shares in the company, valued at $7,776,253,617.60. This represents a 10.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.08% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Covestor Ltd grew its stake in shares of Corebridge Financial by 118.8% in the third quarter. Covestor Ltd now owns 1,050 shares of the company’s stock worth $31,000 after purchasing an additional 570 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Corebridge Financial by 2.8% in the second quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock worth $625,000 after purchasing an additional 585 shares in the last quarter. Commonwealth Equity Services LLC grew its stake in shares of Corebridge Financial by 2.7% in the second quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock worth $650,000 after purchasing an additional 597 shares in the last quarter. Xponance Inc. grew its stake in shares of Corebridge Financial by 3.0% in the second quarter. Xponance Inc. now owns 21,037 shares of the company’s stock worth $613,000 after purchasing an additional 612 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Corebridge Financial by 3.4% in the third quarter. The Manufacturers Life Insurance Company now owns 22,211 shares of the company’s stock worth $648,000 after purchasing an additional 732 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors.

Corebridge Financial Stock Performance

Corebridge Financial stock opened at $31.86 on Friday. The stock’s 50 day moving average price is $30.36 and its 200 day moving average price is $29.38. Corebridge Financial has a one year low of $20.07 and a one year high of $34.66. The firm has a market capitalization of $18.12 billion, a PE ratio of -15.24, a price-to-earnings-growth ratio of 0.41 and a beta of 0.90. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The company had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period in the prior year, the company posted $1.05 EPS. Corebridge Financial’s quarterly revenue was up 39.5% on a year-over-year basis. As a group, sell-side analysts expect that Corebridge Financial will post 4.78 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be paid a dividend of $0.23 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a yield of 2.89%. Corebridge Financial’s payout ratio is currently -44.02%.

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.