Corebridge Financial (NYSE:CRBG) Price Target Raised to $38.00

Corebridge Financial (NYSE:CRBG) had its price objective upped by Wells Fargo & Company from $35.00 to $38.00 in a research report released on Wednesday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Other research analysts have also issued research reports about the stock. Morgan Stanley lifted their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. DOWLING & PARTN lowered shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. TD Cowen lifted their price target on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Deutsche Bank Aktiengesellschaft raised shares of Corebridge Financial from a “hold” rating to a “buy” rating and lifted their price target for the company from $33.00 to $40.00 in a research note on Friday, January 10th. Finally, Piper Sandler lifted their price target on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.64.

Corebridge Financial Stock Down 2.3 %

Corebridge Financial stock opened at $32.72 on Wednesday. The company’s 50 day simple moving average is $31.70 and its 200 day simple moving average is $30.38. Corebridge Financial has a fifty-two week low of $23.77 and a fifty-two week high of $34.66. The firm has a market capitalization of $18.19 billion, a price-to-earnings ratio of 8.65, a PEG ratio of 0.42 and a beta of 0.94. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Wednesday, February 12th. The company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. As a group, sell-side analysts anticipate that Corebridge Financial will post 5.45 EPS for the current year.

Corebridge Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.93%. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Monday, March 17th. Corebridge Financial’s payout ratio is presently 25.40%.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of Corebridge Financial stock in a transaction on 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 completion of the transaction, the insider now directly owns 127,282,642 shares of the company’s stock, valued at $4,005,584,743.74. The trade was a 48.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Corebridge Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRBG. Point72 Asia Singapore Pte. Ltd. bought a new position in Corebridge Financial during the third quarter worth $27,000. Fortitude Family Office LLC bought a new position in Corebridge Financial during the fourth quarter worth $27,000. FNY Investment Advisers LLC bought a new position in Corebridge Financial during the fourth quarter worth $27,000. Smartleaf Asset Management LLC boosted its position in shares of Corebridge Financial by 112.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock valued at $27,000 after acquiring an additional 480 shares during the period. Finally, Capital Performance Advisors LLP bought a new stake in shares of Corebridge Financial in the third quarter valued at about $28,000. 98.25% of the stock is owned by institutional investors.

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.