Corebridge Financial (NYSE:CRBG) Price Target Raised to $35.00

Corebridge Financial (NYSE:CRBG) had its price objective raised by UBS Group from $29.00 to $35.00 in a research note issued to investors on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also recently issued research reports about the stock. Evercore ISI upped their target price on shares of Corebridge Financial from $30.00 to $32.00 and gave the company an outperform rating in a research report on Thursday, April 11th. JPMorgan Chase & Co. boosted their price target on shares of Corebridge Financial from $26.00 to $34.00 and gave the company a neutral rating in a report on Tuesday, July 2nd. Piper Sandler boosted their price target on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an overweight rating in a report on Monday, May 6th. Morgan Stanley boosted their price target on shares of Corebridge Financial from $26.00 to $28.00 and gave the company an equal weight rating in a report on Monday, April 15th. Finally, Wells Fargo & Company boosted their price target on shares of Corebridge Financial from $33.00 to $34.00 and gave the company an overweight rating in a report on Friday, May 10th. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $32.46.

Corebridge Financial Stock Down 0.1 %

Shares of CRBG opened at $29.93 on Tuesday. The company has a market capitalization of $18.21 billion, a P/E ratio of 7.88, a PEG ratio of 0.32 and a beta of 0.97. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.14 and a quick ratio of 0.14. Corebridge Financial has a one year low of $17.40 and a one year high of $34.66. The business’s 50 day simple moving average is $29.63 and its 200-day simple moving average is $26.75.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Friday, May 3rd. The company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.05. Corebridge Financial had a net margin of 11.25% and a return on equity of 23.64%. The firm had revenue of $5.85 billion during the quarter, compared to analysts’ expectations of $5.50 billion. During the same quarter in the previous year, the company posted $0.97 EPS. As a group, sell-side analysts predict that Corebridge Financial will post 4.87 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a $0.23 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.92 annualized dividend and a yield of 3.07%. Corebridge Financial’s dividend payout ratio is currently 24.21%.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 1,932,609 shares of the stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $29.20, for a total value of $56,432,182.80. Following the transaction, the insider now directly owns 292,271,027 shares of the company’s stock, valued at approximately $8,534,313,988.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.09% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Riverview Trust Co bought a new position in shares of Corebridge Financial during the first quarter worth approximately $25,000. Vestor Capital LLC bought a new position in shares of Corebridge Financial during the fourth quarter worth approximately $43,000. Headlands Technologies LLC bought a new position in shares of Corebridge Financial during the fourth quarter worth approximately $65,000. Plato Investment Management Ltd bought a new position in shares of Corebridge Financial during the first quarter worth approximately $100,000. Finally, UniSuper Management Pty Ltd bought a new position in shares of Corebridge Financial during the first quarter worth approximately $103,000. 98.25% of the stock is owned by institutional investors.

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.