Corebridge Financial, Inc. (NYSE:CRBG) Receives Consensus Rating of “Moderate Buy” from Brokerages

Corebridge Financial, Inc. (NYSE:CRBG) has been assigned an average recommendation of “Moderate Buy” from the thirteen ratings firms that are presently covering the firm, Marketbeat.com reports. Four investment analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $32.46.

Several equities analysts have recently weighed in on the company. Keefe, Bruyette & Woods lifted their price target on Corebridge Financial from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Wednesday, April 10th. Bank of America reduced their price target on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. UBS Group boosted their target price on Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. Royal Bank of Canada restated an “outperform” rating and set a $33.00 target price on shares of Corebridge Financial in a research report on Friday, June 28th. Finally, Wells Fargo & Company boosted their target price on Corebridge Financial from $33.00 to $34.00 and gave the stock an “overweight” rating in a research report on Friday, May 10th.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 1,932,609 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $29.20, for a total value of $56,432,182.80. Following the completion of the sale, 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 at this hyperlink. Company insiders own 0.09% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. American International Group Inc. raised its position in shares of Corebridge Financial by 25,998,738.6% in the 4th quarter. American International Group Inc. now owns 324,205,517 shares of the company’s stock worth $7,022,291,000 after acquiring an additional 324,204,270 shares in the last quarter. Capital Research Global Investors raised its position in shares of Corebridge Financial by 9.9% in the 1st quarter. Capital Research Global Investors now owns 33,841,160 shares of the company’s stock worth $972,257,000 after acquiring an additional 3,059,354 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Corebridge Financial by 6.0% in the 1st quarter. Vanguard Group Inc. now owns 25,128,367 shares of the company’s stock worth $721,938,000 after acquiring an additional 1,415,265 shares in the last quarter. Norges Bank bought a new position in shares of Corebridge Financial in the 4th quarter worth approximately $225,561,000. Finally, Hotchkis & Wiley Capital Management LLC raised its position in shares of Corebridge Financial by 106.3% in the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 10,010,679 shares of the company’s stock worth $216,831,000 after acquiring an additional 5,157,570 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Performance

Shares of CRBG opened at $29.29 on Friday. The firm has a market cap of $17.82 billion, a PE ratio of 7.71, a PEG ratio of 0.40 and a beta of 0.97. Corebridge Financial has a 1 year low of $17.40 and a 1 year high of $34.66. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.14 and a quick ratio of 0.14. The stock’s fifty day moving average price is $29.54 and its two-hundred day moving average price is $27.28.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Friday, May 3rd. The company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.05. The company 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 business earned $0.97 earnings per share. On average, equities research analysts forecast that Corebridge Financial will post 4.73 EPS for the current year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date was Friday, June 14th. Corebridge Financial’s payout ratio is currently 24.21%.

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.