Corebridge Financial, Inc. (NYSE:CRBG) Receives $37.29 Consensus PT from Analysts

Corebridge Financial, Inc. (NYSE:CRBG) has received a consensus recommendation of “Moderate Buy” from the fifteen research firms that are currently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation and thirteen have assigned a buy recommendation to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $37.29.

CRBG has been the topic of several research analyst reports. TD Cowen raised their price objective on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Barclays raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price objective on the stock in a research note on Monday, January 6th. BMO Capital Markets assumed coverage on Corebridge Financial in a research note on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price target on the stock. Wells Fargo & Company lifted their price target on Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Finally, Piper Sandler lifted their price target on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $32.05 on Monday. The stock’s 50-day simple moving average is $32.33 and its 200 day simple moving average is $30.82. The firm has a market capitalization of $17.82 billion, a PE ratio of 8.48, a price-to-earnings-growth ratio of 0.43 and a beta of 0.92. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16. Corebridge Financial has a twelve month low of $23.97 and a twelve month high of $35.36.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Wednesday, February 12th. The company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. On average, analysts anticipate that Corebridge Financial will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be paid a $0.24 dividend. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date of this dividend is Monday, March 17th. Corebridge Financial’s payout ratio is currently 25.40%.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the transaction, the insider now directly owns 127,282,642 shares of the company’s stock, valued at approximately $4,005,584,743.74. The trade was a 48.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.08% of the stock is owned by insiders.

Institutional Investors Weigh In On Corebridge Financial

Several institutional investors have recently bought and sold shares of CRBG. Wealth Enhancement Advisory Services LLC bought a new stake in Corebridge Financial during the third quarter worth $2,367,000. Nisa Investment Advisors LLC grew its stake in Corebridge Financial by 9,241.6% in the 3rd quarter. Nisa Investment Advisors LLC now owns 65,391 shares of the company’s stock valued at $1,907,000 after purchasing an additional 64,691 shares during the period. HM Payson & Co. bought a new position in Corebridge Financial in the 3rd quarter valued at $29,000. Janney Montgomery Scott LLC grew its stake in Corebridge Financial by 21.5% in the 3rd quarter. Janney Montgomery Scott LLC now owns 37,187 shares of the company’s stock valued at $1,084,000 after purchasing an additional 6,571 shares during the period. Finally, Cannon Global Investment Management LLC bought a new position in Corebridge Financial in the 3rd quarter valued at $875,000. Institutional investors 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.