Corebridge Financial (NYSE:CRBG) PT Lowered to $38.00 at Bank of America

Corebridge Financial (NYSE:CRBG) had its price objective reduced by Bank of America from $40.00 to $38.00 in a report released on Thursday, Benzinga reports. They currently have a buy rating on the stock.

Other research analysts have also recently issued reports about the company. UBS Group upped their price objective on Corebridge Financial from $29.00 to $35.00 and gave the stock a buy rating in a research report on Tuesday, July 9th. Piper Sandler upped their price objective on Corebridge Financial from $34.00 to $35.00 and gave the stock an overweight rating in a research report on Monday, May 6th. 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 report on Friday, June 28th. Royal Bank of Canada reiterated an outperform rating and set a $33.00 target price on shares of Corebridge Financial in a report on Friday, June 28th. Finally, JPMorgan Chase & Co. upped their target price on Corebridge Financial from $26.00 to $34.00 and gave the stock a neutral rating in a report on Tuesday, July 2nd. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $32.46.

Corebridge Financial Stock Down 1.7 %

NYSE:CRBG opened at $29.44 on Thursday. Corebridge Financial has a 1 year low of $17.40 and a 1 year high of $34.66. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.94. The stock has a market cap of $17.91 billion, a price-to-earnings ratio of 7.75, a PEG ratio of 0.34 and a beta of 0.97. The stock has a 50-day moving average price of $29.65 and a two-hundred day moving average price of $26.84.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Friday, May 3rd. The company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.05. The firm had revenue of $5.85 billion during the quarter, compared to analysts’ expectations of $5.50 billion. Corebridge Financial had a return on equity of 23.64% and a net margin of 11.25%. During the same period in the previous year, the firm earned $0.97 earnings per share. As a group, equities analysts expect that Corebridge Financial will post 4.78 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a $0.23 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.92 annualized dividend and a yield of 3.13%. Corebridge Financial’s dividend payout ratio is 24.21%.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction that occurred on 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 sale, the insider now owns 294,203,636 shares in the company, valued at $8,590,746,171.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.09% of the company’s stock.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors and hedge funds have recently made changes to their positions in the company. Sound Income Strategies LLC grew its position in shares of Corebridge Financial by 6.8% in the second quarter. Sound Income Strategies LLC now owns 196,444 shares of the company’s stock valued at $5,720,000 after purchasing an additional 12,477 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Corebridge Financial in the second quarter valued at approximately $3,532,000. QRG Capital Management Inc. grew its position in shares of Corebridge Financial by 145.1% in the second quarter. QRG Capital Management Inc. now owns 207,097 shares of the company’s stock valued at $6,031,000 after purchasing an additional 122,601 shares during the last quarter. Renaissance Capital LLC grew its position in shares of Corebridge Financial by 54.2% in the second quarter. Renaissance Capital LLC now owns 229,680 shares of the company’s stock valued at $6,688,000 after purchasing an additional 80,732 shares during the last quarter. Finally, CWM LLC grew its position in shares of Corebridge Financial by 13.8% in the second quarter. CWM LLC now owns 8,762 shares of the company’s stock valued at $255,000 after purchasing an additional 1,063 shares during the last quarter. Institutional investors and hedge funds 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.