Barclays Forecasts Strong Price Appreciation for Corebridge Financial (NYSE:CRBG) Stock

Corebridge Financial (NYSE:CRBG) had its price objective increased by Barclays from $34.00 to $36.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The firm currently has an equal weight rating on the stock.

A number of other research analysts have also weighed in on CRBG. Bank of America dropped their price objective on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Thursday, July 11th. TD Cowen began coverage on shares of Corebridge Financial in a report on Wednesday, October 9th. They issued a “buy” rating and a $35.00 target price for the company. Morgan Stanley upped their price target on Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday. UBS Group lifted 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. Finally, Piper Sandler cut their price target on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $34.85.

Corebridge Financial Stock Performance

CRBG traded down $1.27 during trading on Tuesday, hitting $30.58. The stock had a trading volume of 3,881,635 shares, compared to its average volume of 3,880,370. The firm has a market capitalization of $18.10 billion, a P/E ratio of -15.23, a PEG ratio of 0.43 and a beta of 0.90. The company’s 50-day moving average price is $29.55 and its 200 day moving average price is $29.10. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.14 and a current ratio of 0.14. Corebridge Financial has a twelve month low of $18.83 and a twelve month high of $34.66.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Monday, November 4th. The company reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.21. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 23.22%. The firm had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter last year, the firm earned $1.05 earnings per share. The firm’s revenue was up 39.5% compared to the same quarter last year. On average, equities research analysts forecast that Corebridge Financial will post 4.65 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be paid a dividend of $0.23 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a yield of 3.01%. Corebridge Financial’s dividend payout ratio (DPR) is -44.02%.

Insiders Place Their Bets

In related news, major shareholder International Group American sold 5,000,000 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $28.86, for a total value of $144,300,000.00. Following the sale, the insider now owns 279,238,898 shares of the company’s stock, valued at $8,058,834,596.28. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.08% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Corebridge Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Capital Performance Advisors LLP bought a new position in shares of Corebridge Financial in the third quarter valued at $28,000. HM Payson & Co. purchased a new position in Corebridge Financial in the 3rd quarter worth about $29,000. ORG Wealth Partners LLC purchased a new stake in Corebridge Financial during the third quarter valued at about $29,000. LRI Investments LLC acquired a new position in shares of Corebridge Financial in the second quarter worth about $30,000. Finally, Covestor Ltd raised its holdings in shares of Corebridge Financial by 118.8% during the third quarter. Covestor Ltd now owns 1,050 shares of the company’s stock valued at $31,000 after acquiring an additional 570 shares during the period. 98.25% of the stock is owned by institutional investors.

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.