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

Corebridge Financial, Inc. (NYSE:CRBG) has earned an average rating of “Moderate Buy” from the fourteen brokerages that are currently covering the firm, MarketBeat.com reports. Four investment analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $35.08.

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

Corebridge Financial Price Performance

Shares of NYSE CRBG opened at $30.05 on Wednesday. The company has a market capitalization of $17.09 billion, a PE ratio of -14.38, a P/E/G ratio of 0.39 and a beta of 0.86. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83. Corebridge Financial has a twelve month low of $21.50 and a twelve month high of $34.66. The firm has a fifty day simple moving average of $31.23 and a 200 day simple moving average of $29.52.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data 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. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The firm had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same period last year, the company posted $1.05 EPS. The business’s quarterly revenue was up 39.5% on a year-over-year basis. On average, sell-side analysts forecast that Corebridge Financial will post 4.81 EPS for the current year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be issued a $0.23 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.06%. Corebridge Financial’s dividend payout ratio is presently -44.02%.

Insider Buying and Selling

In related news, major shareholder International Group American sold 121,956,256 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the transaction, the insider now directly owns 127,282,642 shares of the company’s stock, valued at $4,005,584,743.74. This trade represents a 48.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.08% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Corebridge Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRBG. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Corebridge Financial in the 3rd quarter worth approximately $27,000. Capital Performance Advisors LLP purchased a new position in Corebridge Financial in the third quarter worth $28,000. ORG Wealth Partners LLC purchased a new position in Corebridge Financial in the third quarter worth $29,000. HM Payson & Co. bought a new position in Corebridge Financial in the 3rd quarter valued at $29,000. Finally, LRI Investments LLC purchased a new stake in shares of Corebridge Financial during the 2nd quarter valued at $30,000. 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.