Corebridge Financial, Inc. (NYSE:CRBG) Receives $35.00 Consensus Price Target from Brokerages

Shares of Corebridge Financial, Inc. (NYSE:CRBG) have earned a consensus recommendation of “Moderate Buy” from the fourteen brokerages that are currently covering the firm, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $35.08.

A number of research firms have recently weighed in on CRBG. Piper Sandler boosted their price target on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday. TD Cowen boosted their target price 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. Barclays raised their price target on shares of Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Morgan Stanley boosted their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Finally, DOWLING & PARTN lowered shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were 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 directly owns 249,238,898 shares in the company, valued at $7,776,253,617.60. The trade was a 10.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.08% of the company’s stock.

Hedge Funds Weigh In On Corebridge Financial

Hedge funds and other institutional investors have recently made changes to their positions in the business. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Corebridge Financial in the 3rd quarter valued at $27,000. Capital Performance Advisors LLP purchased a new stake in shares of Corebridge Financial in the third quarter worth about $28,000. ORG Wealth Partners LLC acquired a new stake in Corebridge Financial in the third quarter valued at approximately $29,000. HM Payson & Co. acquired a new stake in Corebridge Financial during the 3rd quarter valued at $29,000. Finally, LRI Investments LLC acquired a new stake in shares of Corebridge Financial during the second quarter valued at about $30,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Stock Performance

Shares of CRBG opened at $29.66 on Wednesday. Corebridge Financial has a 12-month low of $21.40 and a 12-month high of $34.66. The stock has a market cap of $16.87 billion, a P/E ratio of -14.19, a PEG ratio of 0.39 and a beta of 0.86. 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 company has a 50-day moving average of $31.24 and a two-hundred day moving average of $29.51.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share 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 business had revenue of $5.53 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same period last year, the company posted $1.05 EPS. The company’s revenue was up 39.5% on a year-over-year basis. As a group, research analysts predict that Corebridge Financial will post 4.81 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be issued a dividend of $0.23 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.10%. Corebridge Financial’s payout ratio is -44.02%.

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.