Corebridge Financial, Inc. (NYSE:CRBG) Receives Average Rating of “Moderate Buy” from Brokerages

Corebridge Financial, Inc. (NYSE:CRBG) has been given a consensus rating of “Moderate Buy” by the thirteen analysts that are currently covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 1-year price target among brokers that have covered the stock in the last year is $34.46.

Several research analysts have recently weighed in on the stock. Royal Bank of Canada decreased their target price on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Morgan Stanley decreased their price objective on shares of Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating for the company in a research report on Monday, August 19th. TD Cowen started coverage on Corebridge Financial in a research report on Wednesday. They set a “buy” rating and a $35.00 target price on the stock. Piper Sandler cut their price target on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 2nd. Finally, Barclays raised their price objective on Corebridge Financial from $33.00 to $34.00 and gave the company an “equal weight” rating in a research note on Tuesday.

Insiders Place Their Bets

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

Institutional Trading of Corebridge Financial

Large investors have recently modified their holdings of the company. Vanguard Group Inc. grew its position in Corebridge Financial by 39.0% in the 4th quarter. Vanguard Group Inc. now owns 23,713,102 shares of the company’s stock worth $513,626,000 after purchasing an additional 6,648,673 shares during the last quarter. Hotchkis & Wiley Capital Management LLC grew its holdings in Corebridge Financial by 106.3% in the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 10,010,679 shares of the company’s stock worth $216,831,000 after buying an additional 5,157,570 shares in the last quarter. Balyasny Asset Management L.P. acquired a new stake in Corebridge Financial in the 4th quarter valued at approximately $105,728,000. Canada Pension Plan Investment Board raised its stake in Corebridge Financial by 249.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock valued at $183,894,000 after acquiring an additional 4,507,322 shares in the last quarter. Finally, Donald Smith & CO. Inc. acquired a new position in Corebridge Financial during the 1st quarter worth $89,013,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Trading Up 0.5 %

NYSE:CRBG opened at $29.96 on Friday. The business’s 50-day moving average is $27.89 and its two-hundred day moving average is $28.59. The firm has a market capitalization of $18.23 billion, a PE ratio of 7.88, a price-to-earnings-growth ratio of 0.39 and a beta of 0.97. Corebridge Financial has a 12 month low of $18.83 and a 12 month high of $34.66. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Thursday, August 1st. The company reported $1.13 EPS for the quarter, beating the consensus estimate of $1.09 by $0.04. The business had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $5.73 billion. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. During the same period last year, the business posted $1.04 EPS. Research analysts predict that Corebridge Financial will post 4.73 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

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