Analysts Set Corebridge Financial, Inc. (NYSE:CRBG) PT at $29.55

Shares of Corebridge Financial, Inc. (NYSE:CRBG) have earned a consensus rating of “Moderate Buy” from the twelve brokerages that are presently covering the company, MarketBeat reports. Four research analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $31.42.

CRBG has been the subject of several analyst reports. JPMorgan Chase & Co. upped their price target on shares of Corebridge Financial from $26.00 to $34.00 and gave the company a “neutral” rating in a research report on Tuesday. Piper Sandler raised their price target on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Monday, May 6th. Royal Bank of Canada reiterated an “outperform” rating and issued a $33.00 price objective on shares of Corebridge Financial in a research report on Friday, June 28th. Evercore ISI lifted their target price on shares of Corebridge Financial from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, April 11th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Wednesday, April 10th.

Corebridge Financial Price Performance

Shares of Corebridge Financial stock opened at $29.59 on Wednesday. The firm has a market capitalization of $18.00 billion, a PE ratio of 7.79, a price-to-earnings-growth ratio of 0.32 and a beta of 0.97. 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 business’s 50-day moving average price is $29.29 and its 200-day moving average price is $26.45.

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

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a $0.23 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.92 annualized dividend and a yield of 3.11%. Corebridge Financial’s dividend payout ratio (DPR) is presently 24.21%.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 1,932,609 shares of the firm’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $29.20, for a total value of $56,432,182.80. Following the completion of the transaction, the insider now owns 292,271,027 shares in the company, valued at approximately $8,534,313,988.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.09% of the company’s stock.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Riverview Trust Co purchased a new position in Corebridge Financial during the 1st quarter valued at about $25,000. Vestor Capital LLC purchased a new position in shares of Corebridge Financial during the fourth quarter valued at approximately $43,000. Headlands Technologies LLC bought a new stake in shares of Corebridge Financial in the 4th quarter worth approximately $65,000. Plato Investment Management Ltd purchased a new stake in shares of Corebridge Financial in the 1st quarter worth approximately $100,000. Finally, UniSuper Management Pty Ltd bought a new position in Corebridge Financial during the 1st quarter valued at approximately $103,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

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.