Corebridge Financial (NYSE:CRBG) Upgraded by Morgan Stanley to “Overweight” Rating

Morgan Stanley upgraded shares of Corebridge Financial (NYSE:CRBG) from an equal weight rating to an overweight rating in a research report report published on Friday, MarketBeat reports. Morgan Stanley currently has $43.00 price target on the stock, up from their previous price target of $35.00.

Other equities analysts have also issued research reports about the company. DOWLING & PARTN lowered Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Barclays upgraded Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price on the stock in a research note on Monday, January 6th. Wells Fargo & Company raised their price objective on Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft upgraded Corebridge Financial from a “hold” rating to a “buy” rating and raised their price objective for the stock from $33.00 to $40.00 in a research note on Friday, January 10th. Finally, TD Cowen raised their price objective on Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Two analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $37.29.

Corebridge Financial Price Performance

Shares of NYSE CRBG opened at $34.71 on Friday. The firm has a market cap of $19.30 billion, a P/E ratio of 9.18, a price-to-earnings-growth ratio of 0.43 and a beta of 0.94. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.16. Corebridge Financial has a 1-year low of $23.77 and a 1-year high of $34.84. The business’s 50 day moving average is $32.06 and its 200-day moving average is $30.64.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.04). Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. Equities research analysts predict that Corebridge Financial will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be issued a dividend of $0.24 per share. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.96 annualized dividend and a dividend yield of 2.77%. Corebridge Financial’s dividend payout ratio (DPR) is 25.40%.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 121,956,256 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the sale, the insider now owns 127,282,642 shares of the company’s stock, valued at $4,005,584,743.74. This trade represents a 48.93 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.08% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC lifted its holdings in Corebridge Financial by 25.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,642 shares of the company’s stock worth $49,000 after buying an additional 329 shares during the period. Whittier Trust Co. of Nevada Inc. lifted its holdings in Corebridge Financial by 58.4% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 1,147 shares of the company’s stock worth $34,000 after buying an additional 423 shares during the period. Smartleaf Asset Management LLC lifted its holdings in Corebridge Financial by 112.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock worth $27,000 after buying an additional 480 shares during the period. Covestor Ltd lifted its holdings in Corebridge Financial by 118.8% during the 3rd quarter. Covestor Ltd now owns 1,050 shares of the company’s stock worth $31,000 after buying an additional 570 shares during the period. Finally, Sanctuary Advisors LLC lifted its holdings in Corebridge Financial by 3.1% during the 4th quarter. Sanctuary Advisors LLC now owns 22,182 shares of the company’s stock worth $664,000 after buying an additional 660 shares during the period. 98.25% of the stock is owned by institutional investors and hedge funds.

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.