Morgan Stanley Raises Corebridge Financial (NYSE:CRBG) Price Target to $34.00

Corebridge Financial (NYSE:CRBG) had its price objective increased by Morgan Stanley from $31.00 to $34.00 in a report issued on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the stock.

Other equities analysts have also recently issued reports about the stock. Piper Sandler dropped their price objective on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. Bank of America lowered their price target on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a report on Thursday, July 11th. UBS Group boosted their price objective on Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. Royal Bank of Canada lowered 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. Finally, TD Cowen initiated coverage on Corebridge Financial in a research report on Wednesday, October 9th. They set a “buy” rating and a $35.00 target price on the stock. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Corebridge Financial currently has an average rating of “Moderate Buy” and an average price target of $34.85.

Corebridge Financial Price Performance

Shares of Corebridge Financial stock traded down $0.98 during trading on Tuesday, reaching $30.87. 1,706,377 shares of the stock traded hands, compared to its average volume of 3,870,346. Corebridge Financial has a 52-week low of $18.83 and a 52-week high of $34.66. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14. The business has a fifty day simple moving average of $29.55 and a two-hundred day simple moving average of $29.10. The company has a market capitalization of $18.28 billion, a price-to-earnings ratio of -15.23, a P/E/G ratio of 0.43 and a beta of 0.90.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.21. The business had revenue of $5.53 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Corebridge Financial had a positive return on equity of 23.22% and a negative net margin of 6.10%. The firm’s revenue for the quarter was up 39.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.05 EPS. Sell-side analysts expect that Corebridge Financial will post 4.65 EPS for the current year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial’s dividend payout ratio is currently -44.02%.

Insider Activity

In related news, major shareholder International Group American sold 5,000,000 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $28.86, for a total value of $144,300,000.00. Following the completion of the sale, the insider now directly owns 279,238,898 shares of the company’s stock, valued at $8,058,834,596.28. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.08% of the company’s stock.

Institutional Trading of Corebridge Financial

Hedge funds have recently bought and sold shares of the stock. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Corebridge Financial in the third quarter worth about $4,753,000. Swiss National Bank raised its stake in shares of Corebridge Financial by 10.3% during the 3rd quarter. Swiss National Bank now owns 812,665 shares of the company’s stock worth $23,697,000 after acquiring an additional 75,600 shares in the last quarter. CIBC Asset Management Inc lifted its position in Corebridge Financial by 4.2% during the third quarter. CIBC Asset Management Inc now owns 19,579 shares of the company’s stock valued at $571,000 after acquiring an additional 793 shares during the last quarter. Oppenheimer & Co. Inc. purchased a new position in Corebridge Financial in the third quarter worth $423,000. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in shares of Corebridge Financial by 1.8% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 483,478 shares of the company’s stock worth $14,098,000 after purchasing an additional 8,499 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

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.