Corebridge Financial, Inc. (NYSE:CRBG) Receives Average Recommendation of “Moderate Buy” from Analysts

Corebridge Financial, Inc. (NYSE:CRBG) has been assigned a consensus rating of “Moderate Buy” from the thirteen ratings firms that are presently covering the stock, Marketbeat reports. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $34.85.

CRBG has been the subject of a number of analyst reports. Morgan Stanley upped their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Royal Bank of Canada cut their price target on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Barclays lifted their price target on shares of Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. TD Cowen started coverage on Corebridge Financial in a research report on Wednesday, October 9th. They issued a “buy” rating and a $35.00 price objective for the company. Finally, Piper Sandler reduced their target price on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 2nd.

Corebridge Financial Stock Up 0.9 %

Shares of NYSE CRBG opened at $31.75 on Friday. The stock has a market cap of $18.06 billion, a PE ratio of -15.19, a P/E/G ratio of 0.39 and a beta of 0.90. 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 12-month low of $20.07 and a 12-month high of $34.66. The company has a 50-day moving average of $30.27 and a 200 day moving average of $29.39.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, beating the consensus estimate of $1.17 by $0.21. The firm had revenue of $5.53 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The business’s revenue for the quarter was up 39.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.05 earnings per share. As a group, sell-side analysts predict that Corebridge Financial will post 4.78 EPS 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. Investors of record on Tuesday, December 17th will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.90%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial’s dividend payout ratio (DPR) is currently -44.02%.

Insider Buying and Selling

In other news, major shareholder International Group American sold 5,000,000 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was 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. The trade was a 1.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.08% of the stock is owned by insiders.

Institutional Trading of Corebridge Financial

Hedge funds have recently added to or reduced their stakes in the company. Virtu Financial LLC purchased a new position in Corebridge Financial in the third quarter valued at $581,000. Toronto Dominion Bank increased its holdings in shares of Corebridge Financial by 38.8% in the 3rd quarter. Toronto Dominion Bank now owns 38,033 shares of the company’s stock valued at $1,109,000 after acquiring an additional 10,629 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Corebridge Financial by 5.4% in the 3rd quarter. Geode Capital Management LLC now owns 4,186,265 shares of the company’s stock valued at $121,765,000 after acquiring an additional 215,362 shares during the last quarter. Barclays PLC lifted its stake in Corebridge Financial by 20.0% during the third quarter. Barclays PLC now owns 358,035 shares of the company’s stock worth $10,441,000 after purchasing an additional 59,702 shares during the last quarter. Finally, Public Employees Retirement System of Ohio lifted its stake in Corebridge Financial by 11.3% during the third quarter. Public Employees Retirement System of Ohio now owns 167,038 shares of the company’s stock worth $4,871,000 after purchasing an additional 16,970 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

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.