Corebridge Financial (NYSE:CRBG) Given New $34.00 Price Target at Morgan Stanley

Corebridge Financial (NYSE:CRBG) had its price objective raised by Morgan Stanley from $31.00 to $34.00 in a research note published on Tuesday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

Other analysts also recently issued research reports about the company. UBS Group lifted their price objective on Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. Bank of America decreased their price target on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. TD Cowen assumed coverage on shares of Corebridge Financial in a research note on Wednesday, October 9th. They issued a “buy” rating and a $35.00 price objective for the company. Barclays upped their target price on shares of Corebridge Financial from $33.00 to $34.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 8th. Finally, Royal Bank of Canada dropped their price target 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. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.85.

Corebridge Financial Trading Down 3.2 %

Corebridge Financial stock opened at $30.82 on Tuesday. 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’s 50 day moving average price is $29.61 and its 200-day moving average price is $29.12. Corebridge Financial has a 1 year low of $18.83 and a 1 year high of $34.66. The stock has a market cap of $18.25 billion, a P/E ratio of -14.75, a PEG ratio of 0.43 and a beta of 0.90.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Monday, November 4th. The company reported $1.38 EPS for the quarter, beating the consensus estimate 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 business had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the prior year, the firm earned $1.05 EPS. The business’s revenue was up 39.5% on a year-over-year basis. On average, equities analysts predict that Corebridge Financial will post 4.65 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 2.99%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial’s dividend payout ratio (DPR) is presently -44.02%.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 5,000,000 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the completion of the sale, the insider now directly owns 279,238,898 shares of the company’s stock, valued at approximately $8,058,834,596.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.08% of the company’s stock.

Institutional Trading of Corebridge Financial

A number of large investors have recently modified their holdings of the company. Capital Performance Advisors LLP bought a new stake in Corebridge Financial during the 3rd quarter valued at $28,000. ORG Wealth Partners LLC purchased a new position in shares of Corebridge Financial during the third quarter valued at $29,000. HM Payson & Co. bought a new stake in shares of Corebridge Financial in the third quarter valued at about $29,000. LRI Investments LLC purchased a new stake in Corebridge Financial in the second quarter worth about $30,000. Finally, Covestor Ltd grew 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 acquiring an additional 570 shares in the last quarter. Hedge funds and other 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.