Analysts Set Corebridge Financial, Inc. (NYSE:CRBG) Price Target at $33.62

Corebridge Financial, Inc. (NYSE:CRBG) has received a consensus recommendation of “Moderate Buy” from the thirteen analysts that are presently covering the firm, 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 twelve-month price target among analysts that have issued a report on the stock in the last year is $33.62.

CRBG has been the subject of several research analyst reports. Royal Bank of Canada decreased their target price 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. Jefferies Financial Group boosted their price objective on shares of Corebridge Financial from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Morgan Stanley dropped their target price on shares of Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Monday, August 19th. Bank of America decreased their price target on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Thursday, July 11th. Finally, UBS Group raised their price objective on Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th.

Insider Activity at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 1,932,609 shares of the business’s 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 completion of the transaction, the insider now directly owns 292,271,027 shares in the company, valued at $8,534,313,988.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.09% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Corebridge Financial

Institutional investors have recently bought and sold shares of the company. Junto Capital Management LP acquired a new position in shares of Corebridge Financial during the fourth quarter worth $26,232,000. Pzena Investment Management LLC increased its position in Corebridge Financial by 793.0% during the 4th 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 in the last quarter. Swedbank AB purchased a new stake in Corebridge Financial in the second quarter valued at about $5,639,000. Williamson Legacy Group LLC acquired a new stake in Corebridge Financial in the fourth quarter worth about $716,000. Finally, Wellington Management Group LLP grew its stake in shares of Corebridge Financial by 14,292.5% during the fourth quarter. Wellington Management Group LLP now owns 2,459,820 shares of the company’s stock worth $53,280,000 after acquiring an additional 2,442,729 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Stock Performance

Corebridge Financial stock opened at $27.41 on Monday. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14. The firm has a market capitalization of $16.68 billion, a P/E ratio of 7.21, a price-to-earnings-growth ratio of 0.35 and a beta of 0.97. Corebridge Financial has a 1-year low of $18.40 and a 1-year high of $34.66. The company’s 50-day moving average is $28.26 and its 200 day moving average is $28.20.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.04. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. The firm had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $5.73 billion. During the same period in the prior year, the business posted $1.04 earnings per share. Research analysts forecast that Corebridge Financial will post 4.74 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 3.36%. The ex-dividend date is Monday, September 16th. Corebridge Financial’s payout ratio is 24.21%.

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.