Corebridge Financial (NYSE:CRBG) Rating Increased to Overweight at Morgan Stanley

Morgan Stanley upgraded shares of Corebridge Financial (NYSE:CRBG) from an equal weight rating to an overweight rating in a research note published on Friday, MarketBeat.com reports. The firm currently has $43.00 price objective on the stock, up from their previous price objective of $35.00.

Other equities research analysts also recently issued reports about the company. Wells Fargo & Company increased their price target on Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. TD Cowen increased their price target on Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. DOWLING & PARTN downgraded Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. BMO Capital Markets began coverage on Corebridge Financial in a report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price target for the company. Finally, Piper Sandler increased their price target on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Two research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and an average price target of $37.29.

Corebridge Financial Trading Up 4.2 %

NYSE CRBG opened at $34.71 on Friday. The stock has a 50-day simple moving average of $32.06 and a 200 day simple moving average of $30.64. The company has a market capitalization of $19.30 billion, a PE ratio of 9.18, a P/E/G ratio of 0.43 and a beta of 0.94. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.16. Corebridge Financial has a 12 month low of $23.77 and a 12 month high of $34.84.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. Research analysts forecast that Corebridge Financial will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a dividend of $0.24 per share. The ex-dividend date is Monday, March 17th. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a yield of 2.77%. Corebridge Financial’s dividend payout ratio is 25.40%.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 121,956,256 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the completion of the transaction, the insider now directly owns 127,282,642 shares of the company’s stock, valued at approximately $4,005,584,743.74. This represents a 48.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.08% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Raymond James & Associates raised its stake in Corebridge Financial by 36.6% in the third quarter. Raymond James & Associates now owns 206,251 shares of the company’s stock valued at $6,014,000 after buying an additional 55,292 shares during the period. Wealth Enhancement Advisory Services LLC bought a new stake in Corebridge Financial in the third quarter valued at approximately $2,367,000. Nisa Investment Advisors LLC raised its stake in Corebridge Financial by 9,241.6% in the third quarter. Nisa Investment Advisors LLC now owns 65,391 shares of the company’s stock valued at $1,907,000 after buying an additional 64,691 shares during the period. Pallas Capital Advisors LLC bought a new stake in Corebridge Financial in the third quarter valued at approximately $222,000. Finally, HM Payson & Co. bought a new stake in Corebridge Financial in the third quarter valued at approximately $29,000. 98.25% of the stock is 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.