Piper Sandler Trims Corebridge Financial (NYSE:CRBG) Target Price to $34.00

Corebridge Financial (NYSE:CRBG) had its price objective reduced by Piper Sandler from $35.00 to $34.00 in a research report report published on Wednesday, Benzinga reports. They currently have an overweight rating on the stock.

Other analysts have also recently issued reports about the stock. UBS Group upped their target price on shares of Corebridge Financial from $29.00 to $35.00 and gave the company a buy rating in a report on Tuesday, July 9th. Bank of America decreased their target price on Corebridge Financial from $40.00 to $38.00 and set a buy rating on the stock in a report on Thursday, July 11th. Barclays initiated coverage on Corebridge Financial in a research report on Wednesday, September 4th. They set an equal weight rating and a $33.00 target price on the stock. JPMorgan Chase & Co. upped their price target on Corebridge Financial from $26.00 to $34.00 and gave the stock a neutral rating in a research report on Tuesday, July 2nd. Finally, Jefferies Financial Group lifted their price objective on Corebridge Financial from $35.00 to $40.00 and gave the company a buy rating in a research report on Friday, June 28th. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $34.33.

Corebridge Financial Stock Performance

CRBG stock opened at $29.96 on Wednesday. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14. Corebridge Financial has a 1 year low of $18.83 and a 1 year high of $34.66. The company has a market cap of $18.23 billion, a P/E ratio of 7.88, a price-to-earnings-growth ratio of 0.39 and a beta of 0.97. The stock’s fifty day moving average price is $27.89 and its 200-day moving average price is $28.53.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Thursday, August 1st. The company reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.04. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. The business had revenue of $4.18 billion for the quarter, compared to analysts’ expectations of $5.73 billion. During the same period last year, the firm posted $1.04 earnings per share. On average, equities analysts forecast that Corebridge Financial will post 4.73 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were issued a $0.23 dividend. The ex-dividend date was Monday, September 16th. This represents a $0.92 dividend on an annualized basis and a yield of 3.07%. Corebridge Financial’s dividend payout ratio is presently 24.21%.

Insider Buying and Selling at Corebridge Financial

In related news, major shareholder International Group American sold 5,000,000 shares of the firm’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the completion of the transaction, the insider now directly owns 279,238,898 shares of the company’s stock, valued at approximately $8,058,834,596.28. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.09% of the company’s stock.

Hedge Funds Weigh In On Corebridge Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Corebridge Financial by 39.0% in the 4th quarter. Vanguard Group Inc. now owns 23,713,102 shares of the company’s stock worth $513,626,000 after acquiring an additional 6,648,673 shares during the last quarter. Hotchkis & Wiley Capital Management LLC increased its position in Corebridge Financial by 106.3% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 10,010,679 shares of the company’s stock worth $216,831,000 after purchasing an additional 5,157,570 shares during the last quarter. Balyasny Asset Management L.P. purchased a new stake in Corebridge Financial during the fourth quarter valued at $105,728,000. Canada Pension Plan Investment Board raised its stake in Corebridge Financial by 249.3% during the second quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock valued at $183,894,000 after purchasing an additional 4,507,322 shares in the last quarter. Finally, Donald Smith & CO. Inc. bought a new position in Corebridge Financial during the first quarter valued at $89,013,000. 98.25% of the stock is owned by institutional investors.

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.