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

Shares of Corebridge Financial, Inc. (NYSE:CRBG) have been given a consensus rating of “Moderate Buy” by the thirteen analysts that are currently covering the company, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $32.46.

CRBG has been the subject of a number of recent research reports. Jefferies Financial Group boosted their price objective on shares of Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $33.00 price target on shares of Corebridge Financial in a report on Friday, June 28th. Evercore ISI lifted their price target on shares of Corebridge Financial from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, April 11th. Piper Sandler lifted their price target on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Monday, May 6th. Finally, 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.

Insider Activity

In other Corebridge Financial news, major shareholder International Group American sold 1,932,609 shares of the company’s stock in a transaction on 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 sale, the insider now directly owns 292,271,027 shares of the company’s stock, valued at $8,534,313,988.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.09% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. American International Group Inc. grew its stake in shares of Corebridge Financial by 25,998,738.6% during the 4th quarter. American International Group Inc. now owns 324,205,517 shares of the company’s stock worth $7,022,291,000 after purchasing an additional 324,204,270 shares during the period. Capital Research Global Investors boosted its holdings in Corebridge Financial by 9.9% during the first quarter. Capital Research Global Investors now owns 33,841,160 shares of the company’s stock worth $972,257,000 after buying an additional 3,059,354 shares in the last quarter. Vanguard Group Inc. grew its position in Corebridge Financial by 6.0% during the first quarter. Vanguard Group Inc. now owns 25,128,367 shares of the company’s stock valued at $721,938,000 after buying an additional 1,415,265 shares during the period. Norges Bank purchased a new position in Corebridge Financial in the fourth quarter valued at $225,561,000. Finally, Hotchkis & Wiley Capital Management LLC raised its position in shares of Corebridge Financial by 106.3% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 10,010,679 shares of the company’s stock worth $216,831,000 after acquiring an additional 5,157,570 shares during the period. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG opened at $29.29 on Friday. The company has a market capitalization of $17.82 billion, a price-to-earnings ratio of 7.71, a price-to-earnings-growth ratio of 0.40 and a beta of 0.97. Corebridge Financial has a 52 week low of $17.40 and a 52 week high of $34.66. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.94. The firm has a 50 day moving average of $29.54 and a 200 day moving average of $27.28.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate 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 earnings per share. On average, sell-side analysts predict that Corebridge Financial will post 4.73 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date of this dividend was Friday, June 14th. Corebridge Financial’s dividend payout ratio (DPR) is presently 24.21%.

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.