Corebridge Financial (NYSE:CRBG) Price Target Raised to $38.00 at Wells Fargo & Company

Corebridge Financial (NYSE:CRBG) had its price target upped by Wells Fargo & Company from $35.00 to $38.00 in a report issued on Wednesday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Other research analysts also recently issued research reports about the stock. Morgan Stanley raised 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, November 5th. Deutsche Bank Aktiengesellschaft raised shares of Corebridge Financial from a “hold” rating to a “buy” rating and raised their target price for the company from $33.00 to $40.00 in a research report on Friday, January 10th. TD Cowen raised their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Piper Sandler raised their target price on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Finally, BMO Capital Markets initiated coverage on shares of Corebridge Financial in a research report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, Corebridge Financial has a consensus rating of “Moderate Buy” and an average price target of $36.64.

Corebridge Financial Trading Down 0.8 %

CRBG stock opened at $33.57 on Wednesday. The company has a market capitalization of $18.66 billion, a PE ratio of 8.88, a P/E/G ratio of 0.42 and a beta of 0.94. Corebridge Financial has a 12 month low of $23.77 and a 12 month high of $34.66. The firm’s 50-day moving average is $31.60 and its 200 day moving average is $30.30. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.23 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%. On average, research analysts anticipate that Corebridge Financial will post 5.47 EPS for the current year.

Corebridge Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Monday, March 17th. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a yield of 2.86%. Corebridge Financial’s dividend payout ratio (DPR) is 24.34%.

Insider Buying and Selling

In related news, major shareholder International Group American sold 121,956,256 shares of Corebridge Financial stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the completion of the sale, the insider now directly owns 127,282,642 shares in the company, valued at $4,005,584,743.74. This trade represents a 48.93 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.08% of the stock is owned by company insiders.

Institutional Trading of Corebridge Financial

Institutional investors have recently bought and sold shares of the stock. Fortitude Family Office LLC acquired a new stake in Corebridge Financial in the 4th quarter worth approximately $27,000. Smartleaf Asset Management LLC lifted its stake in Corebridge Financial by 112.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock valued at $27,000 after acquiring an additional 480 shares during the period. FNY Investment Advisers LLC acquired a new stake in Corebridge Financial during the 4th quarter valued at approximately $27,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Corebridge Financial during the 3rd quarter valued at approximately $27,000. Finally, Capital Performance Advisors LLP acquired a new stake in Corebridge Financial during the 3rd quarter valued at approximately $28,000. 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.