Corebridge Financial (NYSE:CRBG) Price Target Raised to $34.00

Corebridge Financial (NYSE:CRBG) had its price target lifted by Morgan Stanley from $31.00 to $34.00 in a research note released on Tuesday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

A number of other equities analysts have also recently issued reports on the stock. 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. Royal Bank of Canada reduced their price target on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. TD Cowen started coverage on Corebridge Financial in a research report on Wednesday, October 9th. They issued a “buy” rating and a $35.00 price objective on the stock. Piper Sandler reduced their target price on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. Finally, Bank of America lowered their price target on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Thursday, July 11th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $34.85.

Corebridge Financial Stock Down 3.1 %

Shares of NYSE CRBG traded down $0.98 on Tuesday, reaching $30.87. 1,706,377 shares of the company’s stock traded hands, compared to its average volume of 3,870,346. The business’s 50 day simple moving average is $29.55 and its two-hundred day simple moving average is $29.10. Corebridge Financial has a 12 month low of $18.83 and a 12 month high of $34.66. The company has a market cap of $18.28 billion, a price-to-earnings ratio of -15.23, a price-to-earnings-growth ratio of 0.43 and a beta of 0.90. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.97.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 23.22% and a negative net margin of 6.10%. The business had revenue of $5.53 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter in the previous year, the business earned $1.05 earnings per share. The firm’s quarterly revenue was up 39.5% compared to the same quarter last year. As a group, equities research analysts forecast that Corebridge Financial will post 4.65 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial’s payout ratio is -44.02%.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 5,000,000 shares of Corebridge Financial stock in a transaction on Monday, September 16th. The shares were sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the transaction, the insider now owns 279,238,898 shares in the company, valued at $8,058,834,596.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.08% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CRBG. Sumitomo Mitsui Trust Holdings Inc. bought a new position in Corebridge Financial in the 1st quarter worth $16,489,000. Commonwealth Equity Services LLC boosted its stake in shares of Corebridge Financial by 5.6% in the first quarter. Commonwealth Equity Services LLC now owns 21,725 shares of the company’s stock worth $624,000 after acquiring an additional 1,149 shares during the period. Daiwa Securities Group Inc. grew its position in shares of Corebridge Financial by 43.8% during the first quarter. Daiwa Securities Group Inc. now owns 54,200 shares of the company’s stock worth $1,557,000 after purchasing an additional 16,500 shares in the last quarter. Mediolanum International Funds Ltd bought a new stake in Corebridge Financial during the 1st quarter valued at approximately $1,927,000. Finally, Envestnet Portfolio Solutions Inc. purchased a new position in Corebridge Financial in the 1st quarter worth approximately $251,000. 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.