Corebridge Financial (NYSE:CRBG) Price Target Raised to $35.00

Corebridge Financial (NYSE:CRBG) had its target price hoisted by UBS Group from $29.00 to $35.00 in a research report report published on Tuesday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages also recently issued reports on CRBG. JPMorgan Chase & Co. boosted their price target on Corebridge Financial from $26.00 to $34.00 and gave the company a neutral rating in a report on Tuesday, July 2nd. Evercore ISI boosted their price target on Corebridge Financial from $30.00 to $32.00 and gave the company an outperform rating in a report on Thursday, April 11th. Morgan Stanley boosted their price target on Corebridge Financial from $26.00 to $28.00 and gave the company an equal weight rating in a report on Monday, April 15th. Jefferies Financial Group upped their target price on Corebridge Financial from $35.00 to $40.00 and gave the stock a buy rating in a research note on Friday, June 28th. Finally, Wells Fargo & Company upped their target price on Corebridge Financial from $33.00 to $34.00 and gave the stock an overweight rating in a research note on Friday, May 10th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Corebridge Financial presently has a consensus rating of Moderate Buy and an average target price of $32.46.

Corebridge Financial Trading Down 0.1 %

Corebridge Financial stock opened at $29.93 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. Corebridge Financial has a 52 week low of $17.40 and a 52 week high of $34.66. The company has a market capitalization of $18.21 billion, a price-to-earnings ratio of 7.88, a price-to-earnings-growth ratio of 0.32 and a beta of 0.97. The stock has a 50-day moving average price of $29.63 and a 200 day moving average price of $26.75.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Friday, May 3rd. The company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.05. Corebridge Financial had a return on equity of 23.64% and a net margin of 11.25%. The firm had revenue of $5.85 billion during the quarter, compared to the consensus estimate of $5.50 billion. During the same quarter in the previous year, the company posted $0.97 earnings per share. Sell-side analysts anticipate that Corebridge Financial will post 4.87 EPS for the current year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 3.07%. The ex-dividend date was Friday, June 14th. Corebridge Financial’s payout ratio is 24.21%.

Insider Buying and Selling

In related news, major shareholder International Group American sold 1,932,609 shares of the stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $29.20, for a total transaction of $56,432,182.80. Following the transaction, 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 filing with the SEC, which is available through this hyperlink. 0.09% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Corebridge Financial

A number of hedge funds have recently bought and sold shares of the stock. Riverview Trust Co acquired a new stake in Corebridge Financial in the 1st quarter valued at about $25,000. O Shaughnessy Asset Management LLC raised its position in Corebridge Financial by 5.9% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 17,511 shares of the company’s stock valued at $503,000 after purchasing an additional 978 shares in the last quarter. CWM LLC raised its position in Corebridge Financial by 13.8% in the 2nd quarter. CWM LLC now owns 8,762 shares of the company’s stock valued at $255,000 after purchasing an additional 1,063 shares in the last quarter. Commonwealth Equity Services LLC raised its position in Corebridge Financial by 5.6% in the 1st quarter. Commonwealth Equity Services LLC now owns 21,725 shares of the company’s stock valued at $624,000 after purchasing an additional 1,149 shares in the last quarter. Finally, Sciencast Management LP raised its position in Corebridge Financial by 15.7% in the 1st quarter. Sciencast Management LP now owns 11,170 shares of the company’s stock valued at $321,000 after purchasing an additional 1,515 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Company Profile

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.