Corebridge Financial, Inc. (NYSE:CRBG) Receives $35.00 Consensus Target Price from Brokerages

Corebridge Financial, Inc. (NYSE:CRBG) has earned a consensus recommendation of “Moderate Buy” from the fourteen research firms that are presently covering the company, MarketBeat reports. Four investment analysts have rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $35.08.

A number of analysts have recently weighed in on CRBG shares. TD Cowen upped their target price on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Piper Sandler boosted their price target on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. DOWLING & PARTN downgraded shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Morgan Stanley boosted their target price on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Finally, Barclays upped their price target on shares of Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th.

Corebridge Financial Price Performance

NYSE:CRBG opened at $30.05 on Wednesday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14. The firm has a market cap of $17.09 billion, a price-to-earnings ratio of -14.38, a P/E/G ratio of 0.39 and a beta of 0.86. Corebridge Financial has a 52 week low of $21.50 and a 52 week high of $34.66. The firm’s 50-day simple moving average is $31.23 and its 200 day simple moving average is $29.52.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.21. The company had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The firm’s quarterly revenue was up 39.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.05 earnings per share. As a group, sell-side analysts predict that Corebridge Financial will post 4.81 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial’s payout ratio is -44.02%.

Insider Buying and Selling

In related news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the sale, the insider now directly owns 249,238,898 shares in the company, valued at $7,776,253,617.60. This trade represents a 10.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.08% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Corebridge Financial

Several large investors have recently modified their holdings of the business. Franklin Resources Inc. grew its stake in shares of Corebridge Financial by 68.6% in the third quarter. Franklin Resources Inc. now owns 423,654 shares of the company’s stock worth $12,981,000 after purchasing an additional 172,397 shares during the last quarter. Tidal Investments LLC lifted its holdings in Corebridge Financial by 38.0% during the 3rd quarter. Tidal Investments LLC now owns 31,780 shares of the company’s stock worth $927,000 after buying an additional 8,751 shares during the period. Sanctuary Advisors LLC bought a new stake in shares of Corebridge Financial in the 3rd quarter valued at about $683,000. Virtu Financial LLC acquired a new stake in shares of Corebridge Financial in the third quarter valued at about $581,000. Finally, Toronto Dominion Bank raised its position in shares of Corebridge Financial by 38.8% during the third quarter. Toronto Dominion Bank now owns 38,033 shares of the company’s stock worth $1,109,000 after acquiring an additional 10,629 shares during the last quarter. 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.