Jefferies Financial Group Boosts Corebridge Financial (NYSE:CRBG) Price Target to $40.00

Corebridge Financial (NYSE:CRBG) had its price target boosted by Jefferies Financial Group from $35.00 to $40.00 in a research report released on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

CRBG has been the topic of a number of other reports. Piper Sandler increased their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an overweight rating in a research note on Monday, May 6th. Keefe, Bruyette & Woods increased their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an outperform rating in a research note on Wednesday, April 10th. Wells Fargo & Company increased their price objective on shares of Corebridge Financial from $33.00 to $34.00 and gave the company an overweight rating in a research note on Friday, May 10th. Royal Bank of Canada reiterated an outperform rating and set a $33.00 price objective on shares of Corebridge Financial in a research note on Friday. Finally, Morgan Stanley increased their price objective on shares of Corebridge Financial from $26.00 to $28.00 and gave the company an equal weight rating in a research note on Monday, April 15th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $31.18.

Corebridge Financial Price Performance

Corebridge Financial stock opened at $29.13 on Friday. Corebridge Financial has a 52-week low of $17.40 and a 52-week high of $34.66. The firm has a fifty day moving average of $29.25 and a 200-day moving average of $26.39. The firm has a market capitalization of $17.72 billion, a P/E ratio of 7.67, a PEG ratio of 0.32 and a beta of 0.97. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.94.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Friday, May 3rd. The company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.05. Corebridge Financial had a net margin of 11.25% and a return on equity of 23.64%. The company had revenue of $5.85 billion during the quarter, compared to analyst estimates of $5.50 billion. During the same quarter in the prior year, the business earned $0.97 earnings per share. As a group, analysts predict that Corebridge Financial will post 4.95 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a $0.23 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.92 annualized dividend and a dividend yield of 3.16%. Corebridge Financial’s dividend payout ratio is currently 24.21%.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $29.20, for a total value of $876,000,000.00. Following the transaction, the insider now owns 294,203,636 shares of the company’s stock, valued at approximately $8,590,746,171.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.09% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Riverview Trust Co acquired a new stake in shares of Corebridge Financial during the first quarter worth approximately $25,000. Vestor Capital LLC acquired a new stake in shares of Corebridge Financial during the fourth quarter worth approximately $43,000. Headlands Technologies LLC acquired a new stake in shares of Corebridge Financial during the fourth quarter worth approximately $65,000. Plato Investment Management Ltd acquired a new stake in shares of Corebridge Financial during the first quarter worth approximately $100,000. Finally, UniSuper Management Pty Ltd acquired a new stake in shares of Corebridge Financial during the first quarter worth approximately $103,000. 98.25% of the stock is currently 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.