Royal Bank of Canada Reiterates “Outperform” Rating for Corebridge Financial (NYSE:CRBG)

Royal Bank of Canada restated their outperform rating on shares of Corebridge Financial (NYSE:CRBG) in a report issued on Friday, Benzinga reports. They currently have a $33.00 price target on the stock.

Other analysts have also recently issued reports about the company. Keefe, Bruyette & Woods upped their price objective on Corebridge Financial from $35.00 to $38.00 and gave the stock an outperform rating in a report on Wednesday, April 10th. Wells Fargo & Company upped their price objective on Corebridge Financial from $33.00 to $34.00 and gave the stock an overweight rating in a report on Friday, May 10th. Piper Sandler boosted their target price on Corebridge Financial from $34.00 to $35.00 and gave the company an overweight rating in a research report on Monday, May 6th. Evercore ISI boosted their target price on Corebridge Financial from $30.00 to $32.00 and gave the company an outperform rating in a research report on Thursday, April 11th. Finally, Morgan Stanley boosted their target price on Corebridge Financial from $26.00 to $28.00 and gave the company an equal weight rating in a research report on Monday, April 15th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $31.18.

Corebridge Financial Stock Up 0.0 %

NYSE CRBG opened at $29.13 on Friday. The stock’s 50 day moving average is $29.25 and its 200 day moving average is $26.39. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.94. Corebridge Financial has a 12 month low of $17.40 and a 12 month high of $34.66. The stock has a market cap of $17.72 billion, a PE ratio of 7.67, a P/E/G ratio of 0.32 and a beta of 0.97.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Friday, May 3rd. The company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.05. The company had revenue of $5.85 billion for the quarter, compared to analysts’ expectations of $5.50 billion. Corebridge Financial had a return on equity of 23.64% and a net margin of 11.25%. During the same period in the previous year, the firm earned $0.97 EPS. Research analysts predict that Corebridge Financial will post 4.95 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

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

Insiders Place Their Bets

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

Institutional Investors Weigh In On Corebridge Financial

Several hedge funds have recently made changes to their positions in the company. DekaBank Deutsche Girozentrale lifted its holdings in shares of Corebridge Financial by 134.3% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 20,565 shares of the company’s stock worth $578,000 after buying an additional 11,786 shares during the period. Algebris UK Ltd purchased a new stake in shares of Corebridge Financial during the 1st quarter worth $7,187,000. Plato Investment Management Ltd purchased a new stake in shares of Corebridge Financial during the 1st quarter worth $100,000. Tidal Investments LLC lifted its stake in shares of Corebridge Financial by 154.6% during the 1st quarter. Tidal Investments LLC now owns 25,647 shares of the company’s stock worth $737,000 after purchasing an additional 15,574 shares during the last quarter. Finally, California State Teachers Retirement System lifted its stake in shares of Corebridge Financial by 772.7% during the 1st quarter. California State Teachers Retirement System now owns 331,471 shares of the company’s stock worth $9,523,000 after purchasing an additional 293,487 shares during the last quarter. 98.25% of the stock is currently owned by hedge funds and other 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.