Corebridge Financial, Inc. (NYSE:CRBG) Receives $35.00 Average PT from Brokerages

Corebridge Financial, Inc. (NYSE:CRBG) has received an average recommendation of “Moderate Buy” from the fourteen brokerages that are currently covering the firm, Marketbeat reports. Four analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average 1-year target price among brokers that have covered the stock in the last year is $35.08.

A number of research analysts recently issued reports on the stock. Piper Sandler lifted their price target on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research note on Wednesday. Morgan Stanley lifted their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Barclays increased their target price on Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. DOWLING & PARTN downgraded Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. Finally, TD Cowen upped their price objective on Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th.

Corebridge Financial Stock Up 2.0 %

Corebridge Financial stock opened at $29.66 on Wednesday. The firm has a market capitalization of $16.87 billion, a P/E ratio of -14.19, a P/E/G ratio of 0.39 and a beta of 0.86. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. Corebridge Financial has a twelve month low of $21.40 and a twelve month high of $34.66. The stock’s fifty day simple moving average is $31.24 and its 200-day simple moving average is $29.51.

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

Corebridge Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 3.10%. The ex-dividend date is Tuesday, December 17th. Corebridge Financial’s payout ratio is currently -44.02%.

Insider Buying and Selling at Corebridge Financial

In related news, major shareholder International Group American sold 121,956,256 shares of Corebridge Financial stock in a transaction on Monday, December 9th. The shares were sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the transaction, the insider now directly owns 127,282,642 shares in the company, valued at $4,005,584,743.74. This trade represents a 48.93 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.08% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Corebridge Financial

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Corebridge Financial during the third quarter worth about $27,000. Capital Performance Advisors LLP purchased a new stake in shares of Corebridge Financial during the 3rd quarter worth approximately $28,000. ORG Wealth Partners LLC acquired a new stake in shares of Corebridge Financial in the 3rd quarter worth approximately $29,000. HM Payson & Co. purchased a new position in Corebridge Financial in the 3rd quarter valued at approximately $29,000. Finally, LRI Investments LLC acquired a new position in Corebridge Financial during the second quarter worth $30,000. 98.25% of the stock is owned by institutional investors and hedge funds.

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.