Barclays Raises Corebridge Financial (NYSE:CRBG) Price Target to $34.00

Corebridge Financial (NYSE:CRBG) had its target price increased by Barclays from $33.00 to $34.00 in a research note published on Tuesday morning, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Several other equities analysts have also issued reports on CRBG. Morgan Stanley reduced their target price on Corebridge Financial from $33.00 to $31.00 and set an equal weight rating for the company in a report on Monday, August 19th. 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. Bank of America cut their price target on shares of Corebridge Financial from $40.00 to $38.00 and set a buy rating on the stock in a report on Thursday, July 11th. Piper Sandler decreased their price objective on shares of Corebridge Financial from $35.00 to $34.00 and set an overweight rating for the company in a report on Wednesday, October 2nd. Finally, Jefferies Financial Group boosted their target price on shares of Corebridge Financial from $35.00 to $40.00 and gave the company a buy rating in a research note on Friday, June 28th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $34.46.

Corebridge Financial Trading Up 0.5 %

Shares of Corebridge Financial stock opened at $29.96 on Tuesday. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.97. The stock has a fifty day simple moving average of $27.89 and a 200 day simple moving average of $28.59. Corebridge Financial has a 12-month low of $18.83 and a 12-month high of $34.66. The company has a market capitalization of $18.23 billion, a P/E ratio of 7.88, a price-to-earnings-growth ratio of 0.39 and a beta of 0.97.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. The company had revenue of $4.18 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same period last year, the firm earned $1.04 earnings per share. On average, sell-side analysts anticipate that Corebridge Financial will post 4.73 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were paid a dividend of $0.23 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.07%. Corebridge Financial’s payout ratio is 24.21%.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 8,032,129 shares of the company’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $24.90, for a total transaction of $200,000,012.10. Following the sale, the insider now directly owns 284,238,898 shares in the company, valued at $7,077,548,560.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.09% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Corebridge Financial

Several large investors have recently added to or reduced their stakes in the business. Riverview Trust Co bought a new position in Corebridge Financial in the 1st quarter worth about $25,000. LRI Investments LLC bought a new stake in Corebridge Financial during the second quarter valued at approximately $30,000. ORG Partners LLC bought a new position in shares of Corebridge Financial in the 2nd quarter worth $32,000. Fifth Third Bancorp purchased a new stake in shares of Corebridge Financial during the 2nd quarter valued at $54,000. Finally, Deseret Mutual Benefit Administrators lifted its holdings in shares of Corebridge Financial by 73.2% during the 2nd quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company’s stock worth $60,000 after acquiring an additional 877 shares during the last quarter. 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.