Corebridge Financial (NYSE:CRBG) Reaches New 12-Month High at $29.40

Corebridge Financial, Inc. (NYSE:CRBG)’s stock price reached a new 52-week high during trading on Thursday . The company traded as high as $29.40 and last traded at $28.43, with a volume of 329071 shares trading hands. The stock had previously closed at $28.15.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on CRBG shares. Royal Bank of Canada boosted their price target on shares of Corebridge Financial from $25.00 to $28.00 and gave the stock an “outperform” rating in a report on Friday, February 16th. UBS Group increased their target price on shares of Corebridge Financial from $22.00 to $28.00 and gave the stock a “buy” rating in a research note on Wednesday, January 10th. Keefe, Bruyette & Woods boosted their price target on shares of Corebridge Financial from $31.00 to $35.00 and gave the stock an “outperform” rating in a research note on Friday, February 16th. Wells Fargo & Company boosted their target price on Corebridge Financial from $28.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, February 16th. Finally, The Goldman Sachs Group raised their price objective on shares of Corebridge Financial from $27.00 to $31.00 and gave the company a “buy” rating in a report on Tuesday, January 9th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Corebridge Financial has an average rating of “Moderate Buy” and an average target price of $27.00.

Corebridge Financial Trading Up 1.6 %

The firm has a market capitalization of $17.81 billion, a PE ratio of 16.67, a P/E/G ratio of 0.32 and a beta of 0.83. The business has a 50 day moving average price of $24.92 and a 200-day moving average price of $22.22. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.92.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Thursday, February 15th. The company reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.05. The firm had revenue of $5.92 billion for the quarter, compared to the consensus estimate of $5.65 billion. Corebridge Financial had a net margin of 5.92% and a return on equity of 23.11%. The firm’s revenue was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.88 earnings per share. Analysts expect that Corebridge Financial, Inc. will post 4.97 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 15th will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date is Thursday, March 14th. Corebridge Financial’s payout ratio is currently 54.44%.

Institutional Investors Weigh In On Corebridge Financial

Hedge funds have recently made changes to their positions in the business. American International Group Inc. boosted its holdings in Corebridge Financial by 50.8% in the fourth quarter. American International Group Inc. now owns 1,881 shares of the company’s stock valued at $41,000 after acquiring an additional 634 shares during the last quarter. MetLife Investment Management LLC boosted its holdings in Corebridge Financial by 76.4% in the 2nd quarter. MetLife Investment Management LLC now owns 2,929 shares of the company’s stock worth $52,000 after acquiring an additional 1,269 shares during the period. Mariner LLC grew its position in Corebridge Financial by 4.3% in the third quarter. Mariner LLC now owns 33,647 shares of the company’s stock valued at $665,000 after acquiring an additional 1,388 shares in the last quarter. EverSource Wealth Advisors LLC acquired a new position in shares of Corebridge Financial during the third quarter worth $28,000. Finally, Advisor Group Holdings Inc. purchased a new position in shares of Corebridge Financial in the fourth quarter valued at $35,000. Institutional investors and hedge funds 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.