Corebridge Financial, Inc. (NYSE:CRBG) Receives $23.50 Consensus Target Price from Brokerages

Shares of Corebridge Financial, Inc. (NYSE:CRBG) have been given an average recommendation of “Moderate Buy” by the nine ratings firms that are currently covering the stock, Marketbeat reports. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $23.50.

Several research firms recently commented on CRBG. Deutsche Bank Aktiengesellschaft began coverage on Corebridge Financial in a report on Wednesday, October 4th. They issued a “hold” rating and a $24.00 price objective for the company. Jefferies Financial Group raised their target price on Corebridge Financial from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday, September 14th. Royal Bank of Canada reissued an “outperform” rating and issued a $23.00 target price on shares of Corebridge Financial in a research report on Tuesday, October 3rd. Citigroup raised their target price on Corebridge Financial from $19.00 to $20.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 9th. Finally, Morgan Stanley raised their target price on Corebridge Financial from $24.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday, August 7th.

Insider Activity at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 50,000,000 shares of the company’s stock in a transaction on Wednesday, November 8th. The stock was sold at an average price of $20.50, for a total value of $1,025,000,000.00. Following the completion of the sale, the insider now directly owns 365,413,892 shares in the company, valued at approximately $7,490,984,786. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.09% of the stock is owned by company insiders.

Institutional Investors Weigh In On Corebridge Financial

A number of hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC acquired a new position in Corebridge Financial during the 3rd quarter valued at about $28,000. Nomura Asset Management Co. Ltd. acquired a new position in Corebridge Financial during the 1st quarter valued at about $30,000. MetLife Investment Management LLC acquired a new position in Corebridge Financial during the 4th quarter valued at about $33,000. Gradient Investments LLC acquired a new position in Corebridge Financial during the 2nd quarter valued at about $34,000. Finally, Advisor Group Holdings Inc. acquired a new position in Corebridge Financial during the 4th quarter valued at about $35,000. 34.15% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Price Performance

Shares of NYSE:CRBG opened at $19.67 on Tuesday. Corebridge Financial has a 1-year low of $14.01 and a 1-year high of $22.62. The business has a fifty day moving average price of $19.98 and a 200-day moving average price of $18.54. The company has a market capitalization of $12.41 billion, a PE ratio of 6.80, a PEG ratio of 0.29 and a beta of 0.78. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.15 and a quick ratio of 0.15.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Friday, November 3rd. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $1.03 by $0.02. Corebridge Financial had a return on equity of 24.19% and a net margin of 8.95%. The company had revenue of $4.08 billion during the quarter, compared to the consensus estimate of $5.34 billion. During the same period last year, the company earned $0.57 EPS. As a group, equities analysts expect that Corebridge Financial will post 4.11 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 4.68%. The ex-dividend date of this dividend is Thursday, December 14th. Corebridge Financial’s payout ratio is currently 31.83%.

About Corebridge Financial

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. It 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.