Corebridge Financial, Inc. (NYSE:CRBG) Receives $39.73 Consensus Price Target from Analysts

Shares of Corebridge Financial, Inc. (NYSE:CRBG) have received an average rating of “Moderate Buy” from the fourteen brokerages that are presently covering the company, MarketBeat reports. Four investment analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $39.7273.

Several research analysts have commented on the company. Evercore ISI dropped their price target on Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 5th. Wolfe Research began coverage on shares of Corebridge Financial in a research note on Friday, October 10th. They set a “peer perform” rating for the company. Weiss Ratings raised shares of Corebridge Financial from a “hold (c-)” rating to a “buy (b-)” rating in a report on Friday, November 7th. Wells Fargo & Company dropped their price objective on shares of Corebridge Financial from $44.00 to $43.00 and set an “overweight” rating on the stock in a report on Wednesday, November 5th. Finally, Morgan Stanley cut their price objective on shares of Corebridge Financial from $40.00 to $39.00 and set an “overweight” rating for the company in a research report on Tuesday, October 7th.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 1,184,160 shares of the business’s stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $33.65, for a total transaction of $39,846,984.00. Following the sale, the insider directly owned 82,711,853 shares in the company, valued at approximately $2,783,253,853.45. The trade was a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On Corebridge Financial

Institutional investors and hedge funds have recently bought and sold shares of the business. Pzena Investment Management LLC lifted its holdings in shares of Corebridge Financial by 132.6% during the 2nd quarter. Pzena Investment Management LLC now owns 18,723,701 shares of the company’s stock worth $664,691,000 after acquiring an additional 10,673,099 shares during the period. Norges Bank acquired a new position in Corebridge Financial in the second quarter worth about $145,632,000. Nuveen LLC bought a new position in Corebridge Financial during the first quarter worth about $100,404,000. AQR Capital Management LLC boosted its holdings in Corebridge Financial by 50.0% during the first quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company’s stock valued at $258,880,000 after purchasing an additional 2,780,764 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Corebridge Financial by 7.2% in the 3rd quarter. Vanguard Group Inc. now owns 26,831,915 shares of the company’s stock valued at $859,963,000 after purchasing an additional 1,805,819 shares during the period. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Up 0.9%

Corebridge Financial stock opened at $30.31 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.13 and a quick ratio of 0.13. Corebridge Financial has a fifty-two week low of $23.69 and a fifty-two week high of $36.57. The firm has a fifty day moving average price of $32.08 and a two-hundred day moving average price of $33.03. The firm has a market cap of $15.78 billion, a price-to-earnings ratio of 18.04, a P/E/G ratio of 0.43 and a beta of 1.02.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Monday, November 3rd. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.12). Corebridge Financial had a return on equity of 19.90% and a net margin of 5.01%.The business had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $4.85 billion. During the same quarter in the previous year, the firm posted $1.23 earnings per share. The company’s revenue for the quarter was up 34.2% on a year-over-year basis. As a group, analysts forecast that Corebridge Financial will post 5.43 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th will be given a $0.24 dividend. The ex-dividend date is Wednesday, December 17th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.2%. Corebridge Financial’s dividend payout ratio (DPR) is currently 57.14%.

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.