Corebridge Financial, Inc. (NYSE:CRBG) Receives $29.55 Consensus Target Price from Analysts

Corebridge Financial, Inc. (NYSE:CRBG) has received an average rating of “Moderate Buy” from the twelve research firms that are covering the firm, Marketbeat Ratings reports. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $31.42.

CRBG has been the subject of several research reports. Piper Sandler lifted their price target on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Monday, May 6th. Wells Fargo & Company raised their price target on shares of Corebridge Financial from $33.00 to $34.00 and gave the stock an “overweight” rating in a research report on Friday, May 10th. Morgan Stanley boosted their price objective on shares of Corebridge Financial from $26.00 to $28.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. JPMorgan Chase & Co. increased their target price on shares of Corebridge Financial from $26.00 to $34.00 and gave the stock a “neutral” rating in a research report on Tuesday. Finally, Jefferies Financial Group boosted their price target on Corebridge Financial from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, June 28th.

Insider Activity

In related news, major shareholder International Group American sold 1,932,609 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $29.20, for a total transaction of $56,432,182.80. Following the completion of the transaction, the insider now directly owns 292,271,027 shares in the company, valued at approximately $8,534,313,988.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.09% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Corebridge Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of CRBG. Factory Mutual Insurance Co. boosted its stake in shares of Corebridge Financial by 47.1% during the fourth quarter. Factory Mutual Insurance Co. now owns 1,028,200 shares of the company’s stock valued at $22,271,000 after purchasing an additional 329,200 shares in the last quarter. Junto Capital Management LP acquired a new position in Corebridge Financial in the 4th quarter valued at approximately $26,232,000. Pzena Investment Management LLC raised its stake in shares of Corebridge Financial by 793.0% during the fourth quarter. Pzena Investment Management LLC now owns 1,590,098 shares of the company’s stock valued at $34,442,000 after acquiring an additional 1,412,040 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Corebridge Financial by 10.1% during the third quarter. Vanguard Group Inc. now owns 17,064,429 shares of the company’s stock worth $337,022,000 after purchasing an additional 1,566,275 shares during the period. Finally, Seven Grand Managers LLC bought a new stake in shares of Corebridge Financial in the fourth quarter worth $4,332,000. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Trading Up 1.6 %

Shares of Corebridge Financial stock opened at $29.59 on Wednesday. Corebridge Financial has a 1 year low of $17.40 and a 1 year high of $34.66. The company has a market capitalization of $18.00 billion, a price-to-earnings ratio of 7.79, a P/E/G ratio of 0.32 and a beta of 0.97. The business has a fifty day simple moving average of $29.29 and a two-hundred day simple moving average of $26.45. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.14 and a quick ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Friday, May 3rd. The company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.05 by $0.05. The business had revenue of $5.85 billion during the quarter, compared to the consensus estimate of $5.50 billion. Corebridge Financial had a net margin of 11.25% and a return on equity of 23.64%. During the same quarter in the previous year, the firm posted $0.97 EPS. Research analysts forecast that Corebridge Financial will post 4.95 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 3.11%. The ex-dividend date of this dividend was Friday, June 14th. Corebridge Financial’s payout ratio is 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.