TD Cowen Forecasts Strong Price Appreciation for Corebridge Financial (NYSE:CRBG) Stock

Corebridge Financial (NYSE:CRBG) had its price objective increased by TD Cowen from $35.00 to $37.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

CRBG has been the subject of a number of other reports. Barclays upped their price target on shares of Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Piper Sandler dropped their target price on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. Royal Bank of Canada reduced their price target on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Finally, Morgan Stanley increased their price objective on Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Corebridge Financial has a consensus rating of “Moderate Buy” and an average target price of $35.00.

Corebridge Financial Trading Up 1.1 %

Shares of CRBG opened at $32.42 on Wednesday. Corebridge Financial has a fifty-two week low of $20.07 and a fifty-two week high of $34.66. The firm has a market cap of $18.44 billion, a price-to-earnings ratio of -15.51, a PEG ratio of 0.41 and a beta of 0.90. The firm has a 50 day moving average price of $30.57 and a 200-day moving average price of $29.42. 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 posted its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period last year, the company earned $1.05 EPS. Corebridge Financial’s revenue for the quarter was up 39.5% compared to the same quarter last year. As a group, equities research analysts forecast that Corebridge Financial will post 4.78 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be given 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 2.84%. Corebridge Financial’s dividend payout ratio (DPR) is currently -44.02%.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial 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 owns 249,238,898 shares in the company, valued at approximately $7,776,253,617.60. The trade was a 10.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.08% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors and hedge funds have recently modified their holdings of CRBG. Public Employees Retirement Association of Colorado bought a new position in Corebridge Financial in the 1st quarter worth about $751,000. California State Teachers Retirement System lifted its stake in shares of Corebridge Financial by 772.7% in the first quarter. California State Teachers Retirement System now owns 331,471 shares of the company’s stock worth $9,523,000 after buying an additional 293,487 shares in the last quarter. Tidal Investments LLC lifted its stake in shares of Corebridge Financial by 154.6% in the first quarter. Tidal Investments LLC now owns 25,647 shares of the company’s stock worth $737,000 after buying an additional 15,574 shares in the last quarter. Plato Investment Management Ltd purchased a new stake in shares of Corebridge Financial during the first quarter valued at approximately $100,000. Finally, DekaBank Deutsche Girozentrale increased its position in shares of Corebridge Financial by 134.3% during the first quarter. DekaBank Deutsche Girozentrale now owns 20,565 shares of the company’s stock valued at $578,000 after acquiring an additional 11,786 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors.

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.