Corebridge Financial (NYSE:CRBG) Price Target Raised to $36.00

Corebridge Financial (NYSE:CRBG) had its target price upped by Barclays from $34.00 to $36.00 in a report released on Tuesday morning,Benzinga reports. Barclays currently has an equal weight rating on the stock.

CRBG has been the subject of a number of other research reports. Morgan Stanley increased their target price 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. Bank of America dropped their target price on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. Royal Bank of Canada decreased their price objective on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. TD Cowen started coverage on shares of Corebridge Financial in a report on Wednesday, October 9th. They set a “buy” rating and a $35.00 price target on the stock. Finally, UBS Group lifted their price objective 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. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $34.85.

Corebridge Financial Stock Down 4.0 %

Corebridge Financial stock traded down $1.27 during mid-day trading on Tuesday, reaching $30.58. 3,881,635 shares of the company were exchanged, compared to its average volume of 3,880,370. Corebridge Financial has a 12-month low of $18.83 and a 12-month high of $34.66. The business has a fifty day moving average of $29.55 and a 200 day moving average of $29.10. The firm has a market cap of $18.10 billion, a P/E ratio of -15.23, a PEG ratio of 0.43 and a beta of 0.90. 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 issued its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 23.22% and a negative net margin of 6.10%. The company had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter last year, the company earned $1.05 earnings per share. The firm’s revenue for the quarter was up 39.5% compared to the same quarter last year. Research analysts anticipate that Corebridge Financial will post 4.65 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be paid a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 3.01%. The ex-dividend date is Tuesday, December 17th. Corebridge Financial’s dividend payout ratio is currently -44.02%.

Insider Activity at Corebridge Financial

In other news, major shareholder International Group American sold 5,000,000 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the transaction, the insider now owns 279,238,898 shares of the company’s stock, valued at approximately $8,058,834,596.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.08% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Corebridge Financial

A number of institutional investors have recently made changes to their positions in CRBG. Covestor Ltd lifted its stake in Corebridge Financial by 118.8% in the third quarter. Covestor Ltd now owns 1,050 shares of the company’s stock worth $31,000 after acquiring an additional 570 shares during the last quarter. The Manufacturers Life Insurance Company lifted 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 worth $625,000 after purchasing an additional 585 shares during the last quarter. Commonwealth Equity Services LLC grew its stake in shares of Corebridge Financial by 2.7% during the second quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock worth $650,000 after purchasing an additional 597 shares in the last quarter. Xponance Inc. increased its holdings in Corebridge Financial by 3.0% in the second quarter. Xponance Inc. now owns 21,037 shares of the company’s stock valued at $613,000 after buying an additional 612 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC raised its stake in Corebridge Financial by 3.1% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 25,403 shares of the company’s stock valued at $740,000 after buying an additional 770 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

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.