Corebridge Financial (NYSE:CRBG) Shares Gap Up – Here’s What Happened

Corebridge Financial, Inc. (NYSE:CRBG)’s share price gapped up prior to trading on Monday . The stock had previously closed at $31.54, but opened at $32.82. Corebridge Financial shares last traded at $32.8060, with a volume of 1,411,421 shares.

Analyst Ratings Changes

Several equities research analysts have weighed in on CRBG shares. Wells Fargo & Company dropped their price target on shares of Corebridge Financial from $44.00 to $43.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. Evercore ISI dropped their target price on shares of Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating for the company in a research report on Wednesday, November 5th. Keefe, Bruyette & Woods lowered their price objective on Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating for the company in a research report on Thursday, October 9th. Weiss Ratings reissued a “buy (b-)” rating on shares of Corebridge Financial in a research report on Monday, December 8th. Finally, Barclays decreased their target price on shares of Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating for the company in a research note on Wednesday, October 8th. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.40.

Corebridge Financial Price Performance

The company has a market cap of $16.71 billion, a P/E ratio of 19.11, a P/E/G ratio of 0.43 and a beta of 1.05. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.13 and a current ratio of 0.13. The firm’s fifty day moving average is $30.61 and its two-hundred day moving average is $32.72.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Tuesday, November 4th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.12). Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. The company had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $4.85 billion. During the same period last year, the company earned $1.23 EPS. The firm’s revenue for the quarter was up 34.2% on a year-over-year basis. As a group, analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th will be issued a $0.24 dividend. The ex-dividend date is Wednesday, December 17th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.0%. Corebridge Financial’s payout ratio is 57.14%.

Institutional Trading of Corebridge Financial

Hedge funds and other institutional investors have recently bought and sold shares of the business. Tudor Investment Corp ET AL lifted its position in shares of Corebridge Financial by 1,626.9% in the 3rd quarter. Tudor Investment Corp ET AL now owns 524,760 shares of the company’s stock worth $16,819,000 after purchasing an additional 494,373 shares during the period. Severin Investments LLC boosted its stake in shares of Corebridge Financial by 1.4% in the third quarter. Severin Investments LLC now owns 24,778 shares of the company’s stock worth $794,000 after buying an additional 350 shares during the last quarter. Cambria Investment Management L.P. raised its position in shares of Corebridge Financial by 1,706.2% in the third quarter. Cambria Investment Management L.P. now owns 295,624 shares of the company’s stock worth $9,475,000 after acquiring an additional 279,257 shares during the period. Prana Capital Management LP purchased a new position in Corebridge Financial during the third quarter worth approximately $16,668,000. Finally, CIBC Bancorp USA Inc. purchased a new stake in Corebridge Financial during the 3rd quarter valued at about $309,000. Hedge funds and other institutional investors 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.