Bank of America Lowers Corebridge Financial (NYSE:CRBG) Price Target to $38.00

Corebridge Financial (NYSE:CRBG) had its target price reduced by Bank of America from $40.00 to $38.00 in a research report report published on Thursday morning, Benzinga reports. Bank of America currently has a buy rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. Wells Fargo & Company lifted their price target on shares of Corebridge Financial from $33.00 to $34.00 and gave the stock an overweight rating in a report on Friday, May 10th. UBS Group increased their target price on Corebridge Financial from $29.00 to $35.00 and gave the stock a buy rating in a research report on Tuesday, July 9th. Piper Sandler increased their target price on Corebridge Financial from $34.00 to $35.00 and gave the stock an overweight rating in a research report on Monday, May 6th. JPMorgan Chase & Co. increased their target price on Corebridge Financial from $26.00 to $34.00 and gave the stock a neutral rating in a research report on Tuesday, July 2nd. Finally, Jefferies Financial Group increased their target price on Corebridge Financial from $35.00 to $40.00 and gave the stock a buy rating in a research report on Friday, June 28th. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Corebridge Financial currently has an average rating of Moderate Buy and a consensus price target of $32.46.

Corebridge Financial Trading Down 1.7 %

NYSE:CRBG opened at $29.44 on Thursday. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.94. The stock has a market capitalization of $17.91 billion, a PE ratio of 7.75, a price-to-earnings-growth ratio of 0.34 and a beta of 0.97. The firm’s 50 day moving average is $29.65 and its 200 day moving average is $26.84. Corebridge Financial has a 12 month low of $17.40 and a 12 month high of $34.66.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Friday, May 3rd. The company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.05. The company had revenue of $5.85 billion for the quarter, compared to analysts’ expectations of $5.50 billion. Corebridge Financial had a net margin of 11.25% and a return on equity of 23.64%. During the same quarter in the previous year, the firm posted $0.97 EPS. Sell-side analysts expect that Corebridge Financial will post 4.78 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were given a $0.23 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.13%. Corebridge Financial’s dividend payout ratio (DPR) is presently 24.21%.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Factory Mutual Insurance Co. increased its stake in Corebridge Financial by 47.1% in the fourth quarter. Factory Mutual Insurance Co. now owns 1,028,200 shares of the company’s stock valued at $22,271,000 after acquiring an additional 329,200 shares during the last quarter. Junto Capital Management LP bought a new position in shares of Corebridge Financial during the fourth quarter valued at about $26,232,000. Pzena Investment Management LLC grew its stake in shares of Corebridge Financial by 793.0% during the fourth quarter. Pzena Investment Management LLC now owns 1,590,098 shares of the company’s stock valued at $34,442,000 after buying an additional 1,412,040 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Corebridge Financial by 10.1% during the third quarter. Vanguard Group Inc. now owns 17,064,429 shares of the company’s stock valued at $337,022,000 after buying an additional 1,566,275 shares during the last quarter. Finally, Seven Grand Managers LLC bought a new position in shares of Corebridge Financial during the fourth quarter valued at about $4,332,000. Institutional investors own 98.25% of the company’s stock.

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.