Corebridge Financial (NYSE:CRBG) Research Coverage Started at BMO Capital Markets

BMO Capital Markets assumed coverage on shares of Corebridge Financial (NYSE:CRBG) in a research report report published on Thursday morning, Marketbeat Ratings reports. The firm issued an outperform rating and a $43.00 target price on the stock.

A number of other research firms have also recently weighed in on CRBG. Wells Fargo & Company reduced their price objective on shares of Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating for the company in a research report on Tuesday, January 14th. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and upped their price target for the stock from $33.00 to $40.00 in a research report on Friday, January 10th. Morgan Stanley raised 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. TD Cowen boosted their price objective on Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Finally, Piper Sandler raised their target price on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $36.43.

Corebridge Financial Trading Up 1.8 %

Corebridge Financial stock opened at $33.22 on Thursday. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. The firm has a market cap of $18.90 billion, a PE ratio of -15.89, a P/E/G ratio of 0.36 and a beta of 0.92. The stock’s 50 day simple moving average is $31.02 and its two-hundred day simple moving average is $29.82. Corebridge Financial has a 12 month low of $23.01 and a 12 month high of $34.66.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The firm had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the prior year, the firm posted $1.05 earnings per share. The firm’s quarterly revenue was up 39.5% compared to the same quarter last year. Analysts anticipate that Corebridge Financial will post 4.8 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th were issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date was Tuesday, December 17th. Corebridge Financial’s dividend payout ratio is currently -44.02%.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the completion of the sale, the insider now owns 249,238,898 shares of the company’s stock, valued at $7,776,253,617.60. This trade represents a 10.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.08% of the stock is owned by insiders.

Hedge Funds Weigh In On Corebridge Financial

A number of hedge funds have recently modified their holdings of the business. Point72 Asia Singapore Pte. Ltd. acquired a new position in Corebridge Financial in the third quarter valued at about $27,000. Fortitude Family Office LLC purchased a new position in shares of Corebridge Financial during the 4th quarter worth approximately $27,000. FNY Investment Advisers LLC acquired a new stake in Corebridge Financial in the 4th quarter valued at approximately $27,000. Capital Performance Advisors LLP purchased a new stake in Corebridge Financial in the third quarter valued at approximately $28,000. Finally, ORG Wealth Partners LLC acquired a new position in Corebridge Financial during the third quarter worth $29,000. 98.25% of the stock is currently owned by hedge funds and other 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.