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

Shares of Corebridge Financial, Inc. (NYSE:CRBG) have earned an average rating of “Moderate Buy” from the fifteen ratings firms that are covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $37.29.

A number of equities analysts have weighed in on CRBG shares. Barclays raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price for the company in a research report on Monday, January 6th. Morgan Stanley raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $35.00 to $43.00 in a report on Friday, February 28th. BMO Capital Markets assumed coverage on shares of Corebridge Financial in a report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 target price on the stock. Piper Sandler boosted their target price 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. Finally, Deutsche Bank Aktiengesellschaft upgraded Corebridge Financial from a “hold” rating to a “buy” rating and raised their price target for the stock from $33.00 to $40.00 in a research note on Friday, January 10th.

Corebridge Financial Trading Down 1.8 %

NYSE CRBG opened at $32.21 on Friday. The stock has a market cap of $17.91 billion, a P/E ratio of 8.52, a P/E/G ratio of 0.43 and a beta of 0.92. The stock’s fifty day moving average price is $32.75 and its 200-day moving average price is $31.17. Corebridge Financial has a 12 month low of $23.97 and a 12 month high of $35.36. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.16.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results 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 net margin of 11.39% and a return on equity of 22.69%. As a group, equities analysts forecast that Corebridge Financial will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a dividend of $0.24 per share. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.23. The ex-dividend date is Monday, March 17th. This represents a $0.96 dividend on an annualized basis and a yield of 2.98%. Corebridge Financial’s dividend payout ratio (DPR) is presently 25.40%.

Hedge Funds Weigh In On Corebridge Financial

Hedge funds have recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Corebridge Financial during the 3rd quarter valued at $27,000. Fortitude Family Office LLC bought a new stake in Corebridge Financial during the fourth quarter valued at about $27,000. FNY Investment Advisers LLC purchased a new position in shares of Corebridge Financial in the fourth quarter valued at about $27,000. Smartleaf Asset Management LLC boosted its stake 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 worth $27,000 after acquiring an additional 480 shares during the period. Finally, Oarsman Capital Inc. purchased a new stake in shares of Corebridge Financial during the fourth quarter worth about $30,000. 98.25% of the stock is currently 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.