Corebridge Financial, Inc. (NYSE:CRBG) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Corebridge Financial, Inc. (NYSE:CRBG) have been assigned a consensus rating of “Moderate Buy” from the thirteen analysts that are currently covering the stock, Marketbeat reports. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $35.00.

A number of research firms have recently issued reports on CRBG. Piper Sandler reduced their price target on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. Morgan Stanley increased their target price on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Barclays upped their price target on shares of Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Royal Bank of Canada reduced their price objective on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Finally, TD Cowen upped their target price on Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 5,000,000 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $28.86, for a total value of $144,300,000.00. Following the sale, the insider now owns 279,238,898 shares of the company’s stock, valued at $8,058,834,596.28. This trade represents a 1.76 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.08% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CRBG. Swedbank AB bought a new position in Corebridge Financial during the second quarter worth $5,639,000. Diversified Trust Co bought a new position in shares of Corebridge Financial during the 2nd quarter worth about $662,000. QRG Capital Management Inc. raised its position in shares of Corebridge Financial by 145.1% during the second quarter. QRG Capital Management Inc. now owns 207,097 shares of the company’s stock valued at $6,031,000 after buying an additional 122,601 shares during the last quarter. Wedge Capital Management L L P NC bought a new stake in shares of Corebridge Financial in the second quarter valued at about $1,886,000. Finally, Senator Investment Group LP grew its position in Corebridge Financial by 152.2% during the second quarter. Senator Investment Group LP now owns 1,160,000 shares of the company’s stock worth $33,779,000 after buying an additional 700,000 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Stock Up 1.1 %

Shares of NYSE:CRBG opened at $32.42 on Friday. The firm has a 50 day simple moving average of $30.57 and a 200 day simple moving average of $29.42. Corebridge Financial has a 52 week low of $20.07 and a 52 week high of $34.66. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14. The company has a market cap of $18.44 billion, a PE ratio of -15.51, a price-to-earnings-growth ratio of 0.41 and a beta of 0.90.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The company had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the company earned $1.05 earnings per share. The company’s revenue for the quarter was up 39.5% on a year-over-year basis. As a group, research analysts expect that Corebridge Financial will post 4.78 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be paid a $0.23 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a yield of 2.84%. Corebridge Financial’s payout ratio is presently -44.02%.

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.