Corebridge Financial (NYSE:CRBG) Given New $36.00 Price Target at Barclays

Corebridge Financial (NYSE:CRBG) had its price objective trimmed by Barclays from $37.00 to $36.00 in a report published on Friday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

CRBG has been the topic of a number of other reports. Wells Fargo & Company decreased their price target on Corebridge Financial from $38.00 to $35.00 and set an “overweight” rating on the stock in a research note on Thursday. Deutsche Bank Aktiengesellschaft upgraded 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 note on Friday, January 10th. Morgan Stanley dropped their target price on Corebridge Financial from $43.00 to $32.00 and set an “overweight” rating on the stock in a research report on Thursday. BMO Capital Markets started coverage on Corebridge Financial in a report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price objective for the company. Finally, Piper Sandler upped their target price on Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, April 2nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $36.15.

Corebridge Financial Stock Performance

NYSE CRBG opened at $26.71 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13. The stock’s fifty day moving average is $31.56 and its two-hundred day moving average is $31.25. The firm has a market capitalization of $14.85 billion, a P/E ratio of 7.07, a price-to-earnings-growth ratio of 0.43 and a beta of 0.98. Corebridge Financial has a fifty-two week low of $23.69 and a fifty-two week high of $35.36.

Corebridge Financial (NYSE:CRBG) last released 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%. On average, research analysts anticipate that Corebridge Financial will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.59%. The ex-dividend date was Monday, March 17th. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s dividend payout ratio (DPR) is currently 25.40%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nippon Life Insurance Co. acquired a new position in shares of Corebridge Financial in the fourth quarter valued at approximately $3,650,151,000. Norges Bank purchased a new stake in Corebridge Financial in the 4th quarter worth approximately $283,212,000. Price T Rowe Associates Inc. MD raised its holdings in Corebridge Financial by 31.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,961,533 shares of the company’s stock valued at $986,539,000 after acquiring an additional 7,828,929 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Corebridge Financial by 4,624.2% during the 4th quarter. Wellington Management Group LLP now owns 3,707,960 shares of the company’s stock worth $110,979,000 after purchasing an additional 3,629,472 shares during the period. Finally, Pzena Investment Management LLC boosted its holdings in shares of Corebridge Financial by 222.9% during the fourth quarter. Pzena Investment Management LLC now owns 4,638,455 shares of the company’s stock worth $138,829,000 after purchasing an additional 3,202,145 shares during the last quarter. 98.25% of the stock is currently owned by hedge funds and other 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.