Corebridge Financial, Inc. (CRBG) to Issue Quarterly Dividend of $0.24 on March 31st

Corebridge Financial, Inc. (NYSE:CRBG) declared a quarterly dividend on Thursday, February 13th,Wall Street Journal reports. Stockholders of record on Monday, March 17th will be given a dividend of 0.24 per share on Monday, March 31st. This represents a $0.96 annualized dividend and a dividend yield of 2.90%. The ex-dividend date is Monday, March 17th. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.23.

Corebridge Financial has a payout ratio of 14.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Corebridge Financial to earn $5.50 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 16.7%.

Corebridge Financial Trading Up 3.3 %

Corebridge Financial stock opened at $33.09 on Friday. The company has a 50-day simple moving average of $31.40 and a 200-day simple moving average of $30.16. 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 has a one year low of $23.77 and a one year high of $34.66.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.04). Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. On average, sell-side analysts forecast that Corebridge Financial will post 4.8 EPS for the current year.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 121,956,256 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 127,282,642 shares of the company’s stock, valued at $4,005,584,743.74. This 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 can be accessed through this link. Insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

CRBG has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and increased their target price for the company from $33.00 to $40.00 in a research report on Friday, January 10th. Piper Sandler increased their target price on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. BMO Capital Markets initiated coverage on shares of Corebridge Financial in a report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price target for the company. Wells Fargo & Company cut their price target on shares of Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating for the company in a report on Tuesday, January 14th. Finally, Barclays raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target for the company in a report on Monday, January 6th. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and an average target price of $36.43.

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.