Piper Sandler Issues Positive Forecast for Corebridge Financial (NYSE:CRBG) Stock Price

Corebridge Financial (NYSE:CRBG) had its price target hoisted by Piper Sandler from $35.00 to $38.00 in a research note released on Wednesday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other brokerages have also recently issued reports on CRBG. Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price on the stock in a report on Monday, January 6th. Wells Fargo & Company lifted their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Morgan Stanley upgraded Corebridge Financial from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $35.00 to $43.00 in a report on Friday, February 28th. UBS Group lowered Corebridge Financial from a “buy” rating to a “sell” rating and dropped their price target for the stock from $40.00 to $28.00 in a research note on Wednesday. Finally, BMO Capital Markets started coverage on shares of Corebridge Financial in a research report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 target price on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, Corebridge Financial has an average rating of “Moderate Buy” and a consensus price target of $37.00.

Corebridge Financial Stock Down 10.5 %

Shares of CRBG opened at $25.62 on Wednesday. The firm has a market capitalization of $14.25 billion, a P/E ratio of 6.78, a P/E/G ratio of 0.43 and a beta of 0.92. Corebridge Financial has a 12-month low of $23.97 and a 12-month high of $35.36. The firm has a fifty day moving average price of $32.48 and a 200-day moving average price of $31.29. 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 data on Wednesday, February 12th. The company reported $1.23 earnings per share (EPS) 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%. Equities research analysts expect that Corebridge Financial will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were paid a $0.24 dividend. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a yield of 3.75%. The ex-dividend date was Monday, March 17th. Corebridge Financial’s dividend payout ratio is currently 25.40%.

Institutional Investors Weigh In On Corebridge Financial

A number of large investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio raised its holdings in shares of Corebridge Financial by 11.3% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 167,038 shares of the company’s stock worth $4,871,000 after acquiring an additional 16,970 shares during the period. Virtu Financial LLC acquired a new stake in shares of Corebridge Financial during the 3rd quarter worth approximately $581,000. New York Life Investment Management LLC purchased a new stake in shares of Corebridge Financial during the 4th quarter valued at approximately $781,000. State Street Corp lifted its holdings in Corebridge Financial by 11.7% in the third quarter. State Street Corp now owns 8,035,438 shares of the company’s stock valued at $234,313,000 after acquiring an additional 843,559 shares during the last quarter. Finally, First Hawaiian Bank purchased a new position in Corebridge Financial in the fourth quarter worth approximately $1,168,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

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.