Corebridge Financial (NYSE:CRBG) Price Target Cut to $31.00

Corebridge Financial (NYSE:CRBG) had its price target reduced by Morgan Stanley from $33.00 to $31.00 in a research note published on Monday, Benzinga reports. They currently have an equal weight rating on the stock.

Several other research firms have also commented on CRBG. Royal Bank of Canada reduced their target price on shares of Corebridge Financial from $33.00 to $32.00 and set an outperform rating on the stock in a report on Friday, August 2nd. Wells Fargo & Company lifted their price objective on Corebridge Financial from $33.00 to $34.00 and gave the stock an overweight rating in a report on Friday, May 10th. Bank of America dropped their target price on Corebridge Financial from $40.00 to $38.00 and set a buy rating for the company in a report on Thursday, July 11th. Jefferies Financial Group lifted their price target 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, UBS Group increased their price objective on Corebridge Financial from $29.00 to $35.00 and gave the company a buy rating in a research note on Tuesday, July 9th. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $33.67.

Corebridge Financial Trading Up 1.3 %

NYSE CRBG opened at $28.12 on Monday. 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’s 50-day simple moving average is $28.61 and its two-hundred day simple moving average is $27.73. Corebridge Financial has a twelve month low of $17.40 and a twelve month high of $34.66. The company has a market capitalization of $17.11 billion, a price-to-earnings ratio of 7.40, a PEG ratio of 0.37 and a beta of 0.97.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. The company had revenue of $4.18 billion for the quarter, compared to analysts’ expectations of $5.73 billion. Corebridge Financial had a return on equity of 23.77% and a net margin of 10.16%. During the same period last year, the firm posted $1.04 EPS. Research analysts forecast that Corebridge Financial will post 4.73 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 3.27%. The ex-dividend date of this dividend is Monday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is currently 24.21%.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 1,932,609 shares of Corebridge Financial stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $29.20, for a total transaction of $56,432,182.80. Following the sale, the insider now owns 292,271,027 shares of the company’s stock, valued at approximately $8,534,313,988.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last ninety days, insiders sold 39,964,738 shares of company stock worth $1,132,432,195. 0.09% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Corebridge Financial

Hedge funds have recently made changes to their positions in the company. Capital Research Global Investors raised its holdings in Corebridge Financial by 9.9% in the first quarter. Capital Research Global Investors now owns 33,841,160 shares of the company’s stock worth $972,257,000 after purchasing an additional 3,059,354 shares in the last quarter. Vanguard Group Inc. grew 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 buying an additional 1,415,265 shares during the period. Norges Bank bought a new position in shares of Corebridge Financial in the 4th quarter worth about $225,561,000. Massachusetts Financial Services Co. MA lifted its position in Corebridge Financial by 2.3% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 10,199,075 shares of the company’s stock valued at $296,997,000 after acquiring an additional 227,973 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC boosted its stake in Corebridge Financial by 106.3% during the fourth 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. 98.25% of the stock is currently owned by 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.