Corebridge Financial, Inc. (NYSE:CRBG) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Corebridge Financial, Inc. (NYSE:CRBG) have received a consensus recommendation of “Moderate Buy” from the thirteen brokerages that are currently covering the company, MarketBeat reports. Four equities research analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $33.62.

A number of brokerages have recently issued reports on CRBG. Barclays assumed coverage on shares of Corebridge Financial in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $33.00 price objective for the company. Morgan Stanley decreased their price objective on Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Monday, August 19th. Royal Bank of Canada cut their price objective on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. JPMorgan Chase & Co. raised their target price on shares of Corebridge Financial from $26.00 to $34.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 2nd. Finally, UBS Group lifted their price target on shares of Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, July 9th.

Insider Activity

In related news, major shareholder International Group American sold 8,032,129 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $24.90, for a total transaction of $200,000,012.10. Following the completion of the transaction, the insider now directly owns 284,238,898 shares of the company’s stock, valued at $7,077,548,560.20. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.09% of the company’s stock.

Hedge Funds Weigh In On Corebridge Financial

Institutional investors and hedge funds have recently made changes to their positions in the business. Ghisallo Capital Management LLC lifted its holdings in shares of Corebridge Financial by 50.0% in the 2nd quarter. Ghisallo Capital Management LLC now owns 1,500,000 shares of the company’s stock valued at $43,680,000 after acquiring an additional 500,000 shares during the last quarter. Senator Investment Group LP lifted its stake in shares of Corebridge Financial by 152.2% in the 2nd quarter. Senator Investment Group LP now owns 1,160,000 shares of the company’s stock valued at $33,779,000 after purchasing an additional 700,000 shares during the last quarter. Mackenzie Financial Corp boosted its holdings in shares of Corebridge Financial by 850.1% in the 2nd quarter. Mackenzie Financial Corp now owns 577,005 shares of the company’s stock worth $16,802,000 after purchasing an additional 516,271 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of Corebridge Financial by 2.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock valued at $625,000 after purchasing an additional 585 shares during the last quarter. Finally, Dark Forest Capital Management LP increased its position in shares of Corebridge Financial by 37.0% during the 2nd quarter. Dark Forest Capital Management LP now owns 49,799 shares of the company’s stock valued at $1,450,000 after purchasing an additional 13,438 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Trading Down 0.4 %

Shares of NYSE:CRBG opened at $27.41 on Monday. The stock’s 50-day simple moving average is $28.26 and its two-hundred day simple moving average is $28.20. The stock has a market capitalization of $16.68 billion, a price-to-earnings ratio of 7.21, a PEG ratio of 0.35 and a beta of 0.97. Corebridge Financial has a 52-week low of $18.40 and a 52-week high of $34.66. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.14 and a current ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Thursday, August 1st. The company reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. The company had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $5.73 billion. During the same quarter last year, the firm posted $1.04 earnings per share. Analysts expect that Corebridge Financial will post 4.74 EPS for the current year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 3.36%. The ex-dividend date of this dividend is Monday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is presently 24.21%.

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.