Corebridge Financial, Inc. (NYSE:CRBG) Given Average Rating of “Moderate Buy” by Analysts

Corebridge Financial, Inc. (NYSE:CRBG) has been given a consensus recommendation of “Moderate Buy” by the fourteen research firms that are currently covering the firm, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and eleven have issued a buy recommendation on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $35.85.

A number of equities research analysts recently issued reports on the company. DOWLING & PARTN lowered Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft upgraded Corebridge Financial from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $33.00 to $40.00 in a research report on Friday. Morgan Stanley raised their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Barclays raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price objective on the stock in a research note on Monday, January 6th. Finally, TD Cowen boosted their price target on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, November 27th.

Insider Activity at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $31.20, for a total value of $936,000,000.00. Following the completion of the sale, the insider now directly 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.08% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Corebridge Financial

A number of hedge funds have recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC lifted its holdings in Corebridge Financial by 2.7% in the second quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock worth $650,000 after purchasing an additional 597 shares during the period. Rhumbline Advisers increased its position in shares of Corebridge Financial by 8.8% during the 2nd quarter. Rhumbline Advisers now owns 268,735 shares of the company’s stock valued at $7,826,000 after purchasing an additional 21,695 shares during the period. Prudential PLC bought a new stake in shares of Corebridge Financial in the 2nd quarter worth $288,000. Headlands Technologies LLC lifted its holdings in shares of Corebridge Financial by 169.2% in the second quarter. Headlands Technologies LLC now owns 2,565 shares of the company’s stock valued at $75,000 after buying an additional 1,612 shares during the period. Finally, American Century Companies Inc. acquired a new position in Corebridge Financial during the second quarter worth about $2,155,000. 98.25% of the stock is currently owned by institutional investors.

Corebridge Financial Stock Performance

NYSE CRBG opened at $30.10 on Friday. The business has a 50 day moving average price of $30.91 and a 200 day moving average price of $29.65. The company has a market capitalization of $17.12 billion, a P/E ratio of -14.40, a PEG ratio of 0.39 and a beta of 0.92. Corebridge Financial has a 1-year low of $23.01 and a 1-year high of $34.66. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last released 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. The business had revenue of $5.53 billion during the quarter, compared to the consensus estimate 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 was up 39.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.05 EPS. Sell-side analysts expect that Corebridge Financial will post 4.81 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date was Tuesday, December 17th. Corebridge Financial’s payout ratio is -44.02%.

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.