Corebridge Financial (NYSE:CRBG) Price Target Cut to $38.00

Corebridge Financial (NYSE:CRBG) had its target price cut by Bank of America from $40.00 to $38.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also recently issued reports on CRBG. Wells Fargo & Company upped their price target on shares of Corebridge Financial from $33.00 to $34.00 and gave the stock an overweight rating in a research note on Friday, May 10th. UBS Group upped their price target on shares of Corebridge Financial from $29.00 to $35.00 and gave the stock a buy rating in a research note on Tuesday, July 9th. Jefferies Financial Group upped their price target on shares of Corebridge Financial from $35.00 to $40.00 and gave the stock a buy rating in a research note on Friday, June 28th. JPMorgan Chase & Co. upped their price target on shares of Corebridge Financial from $26.00 to $34.00 and gave the stock a neutral rating in a research note on Tuesday, July 2nd. Finally, Keefe, Bruyette & Woods upped their target price 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. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $32.46.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $29.44 on Thursday. 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 $17.91 billion, a PE ratio of 7.75, a price-to-earnings-growth ratio of 0.33 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. The company’s fifty day moving average price is $29.65 and its 200-day moving average price is $26.88.

Corebridge Financial (NYSE:CRBG) last announced its 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 firm 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 quarter in the previous year, the business posted $0.97 EPS. On average, equities analysts expect that Corebridge Financial will post 4.73 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 3.13%. The ex-dividend date of this dividend was Friday, June 14th. Corebridge Financial’s payout ratio is currently 24.21%.

Insider Activity

In other news, major shareholder International Group American sold 1,932,609 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $29.20, for a total transaction of $56,432,182.80. Following the completion of the sale, the insider now owns 292,271,027 shares of the company’s stock, valued at approximately $8,534,313,988.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.09% of the company’s stock.

Institutional Investors Weigh In On Corebridge Financial

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

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.