JPMorgan Chase & Co. Boosts Corebridge Financial (NYSE:CRBG) Price Target to $34.00

Corebridge Financial (NYSE:CRBG) had its price target upped by JPMorgan Chase & Co. from $26.00 to $34.00 in a research note issued to investors on Tuesday, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Other analysts have also recently issued reports about the company. Keefe, Bruyette & Woods boosted their price target on Corebridge Financial from $35.00 to $38.00 and gave the stock an outperform rating in a research report on Wednesday, April 10th. Royal Bank of Canada restated an outperform rating and set a $33.00 price target on shares of Corebridge Financial in a report on Friday, June 28th. Piper Sandler lifted 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. Morgan Stanley increased their price objective on shares of Corebridge Financial from $26.00 to $28.00 and gave the company an equal weight rating in a research report on Monday, April 15th. Finally, 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 report on Thursday, April 11th. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $31.42.

Corebridge Financial Price Performance

Shares of CRBG stock opened at $29.35 on Tuesday. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.94. The stock has a market cap of $17.86 billion, a price-to-earnings ratio of 7.72, a PEG ratio of 0.32 and a beta of 0.97. The business’s fifty day moving average is $29.39 and its 200 day moving average is $26.49. Corebridge Financial has a twelve month low of $17.40 and a twelve month high of $34.66.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Friday, May 3rd. The company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.05. Corebridge Financial had a net margin of 11.25% and a return on equity of 23.64%. The firm had revenue of $5.85 billion for the quarter, compared to the consensus estimate of $5.50 billion. During the same period in the prior year, the firm earned $0.97 EPS. Research analysts expect that Corebridge Financial will post 4.88 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

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

Insider Activity at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $29.20, for a total value of $876,000,000.00. Following the transaction, the insider now owns 294,203,636 shares of the company’s stock, valued at $8,590,746,171.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.09% of the stock is owned by company insiders.

Institutional Trading of Corebridge Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Invesco Ltd. grew its position in shares of Corebridge Financial by 128.4% during the 3rd quarter. Invesco Ltd. now owns 333,170 shares of the company’s stock valued at $6,580,000 after acquiring an additional 187,272 shares during the period. Hsbc Holdings PLC purchased a new stake in Corebridge Financial in the 3rd quarter worth approximately $372,000. Mariner LLC lifted its holdings in Corebridge Financial by 4.3% during the third quarter. Mariner LLC now owns 33,647 shares of the company’s stock valued at $665,000 after purchasing an additional 1,388 shares in the last quarter. Seven Eight Capital LP boosted its position in shares of Corebridge Financial by 50.8% in the third quarter. Seven Eight Capital LP now owns 75,850 shares of the company’s stock worth $1,498,000 after purchasing an additional 25,566 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its stake in shares of Corebridge Financial by 960.9% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,417,518 shares of the company’s stock worth $27,996,000 after purchasing an additional 1,283,901 shares in the last quarter. 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.