Corebridge Financial (NYSE:CRBG) Sets New 1-Year High – Here’s What Happened

Corebridge Financial, Inc. (NYSE:CRBG)’s share price reached a new 52-week high on Friday . The company traded as high as $34.82 and last traded at $34.7050, with a volume of 1004014 shares traded. The stock had previously closed at $34.75.

Wall Street Analyst Weigh In

CRBG has been the topic of several recent analyst reports. TD Cowen upped their target price on Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Mizuho raised their price target on Corebridge Financial from $35.00 to $36.00 and gave the stock an “outperform” rating in a report on Thursday, July 9th. Barclays boosted their price target on Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. UBS Group upped their price objective on shares of Corebridge Financial from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, July 8th. Finally, Jefferies Financial Group increased their price objective on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, Corebridge Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.42.

Corebridge Financial Stock Performance

The stock has a market capitalization of $15.36 billion, a price-to-earnings ratio of 20.15, a P/E/G ratio of 0.44 and a beta of 1.08. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14. The firm has a 50-day moving average of $31.93 and a 200-day moving average of $28.41.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.04. The company had revenue of $4.30 billion during the quarter, compared to analysts’ expectations of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.During the same quarter in the previous year, the firm posted $1.36 EPS. As a group, sell-side analysts predict that Corebridge Financial, Inc. will post 4.58 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.9%. Corebridge Financial’s payout ratio is 58.48%.

Insider Buying and Selling

In other Corebridge Financial news, insider David Ditillo sold 12,414 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $34.00, for a total transaction of $422,076.00. Following the completion of the transaction, the insider directly owned 111,153 shares of the company’s stock, valued at approximately $3,779,202. This trade represents a 10.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Elizabeth B. Cropper sold 7,745 shares of Corebridge Financial stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $33.06, for a total transaction of $256,049.70. Following the sale, the executive vice president owned 46,473 shares of the company’s stock, valued at approximately $1,536,397.38. The trade was a 14.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 24,409 shares of company stock worth $805,626. 0.32% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Pzena Investment Management LLC purchased a new stake in Corebridge Financial in the second quarter valued at $967,400,000. BlackRock Inc. acquired a new position in shares of Corebridge Financial in the 2nd quarter valued at about $726,494,000. Norges Bank acquired a new position in shares of Corebridge Financial in the 4th quarter valued at about $611,550,000. California State Teachers Retirement System boosted its stake in shares of Corebridge Financial by 1,961.1% in the second quarter. California State Teachers Retirement System now owns 10,448,576 shares of the company’s stock worth $299,143,000 after buying an additional 9,941,626 shares during the last quarter. Finally, Donald Smith & CO. Inc. purchased a new stake in shares of Corebridge Financial in the second quarter worth about $168,134,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Company Profile

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.