Corebridge Financial (NYSE:CRBG) Price Target Lowered to $32.00 at Royal Bank of Canada

Corebridge Financial (NYSE:CRBG) had its target price lowered by Royal Bank of Canada from $33.00 to $32.00 in a research note issued to investors on Friday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

Several other equities research analysts have also recently weighed in on CRBG. Evercore ISI increased their price target on Corebridge Financial from $30.00 to $32.00 and gave the company an outperform rating in a research note on Thursday, April 11th. Bank of America decreased their target price on Corebridge Financial from $40.00 to $38.00 and set a buy rating for the company in a research note on Thursday, July 11th. Keefe, Bruyette & Woods raised their target price on Corebridge Financial from $35.00 to $38.00 and gave the stock an outperform rating in a research note on Wednesday, April 10th. JPMorgan Chase & Co. raised their target price on Corebridge Financial from $26.00 to $34.00 and gave the stock a neutral rating in a research note on Tuesday, July 2nd. Finally, UBS Group raised their target price on Corebridge Financial from $29.00 to $35.00 and gave the stock a buy rating in a research note on Tuesday, July 9th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $32.38.

Corebridge Financial Trading Down 5.0 %

Shares of CRBG stock opened at $24.90 on Friday. The stock has a market cap of $15.15 billion, a price-to-earnings ratio of 6.55, a PEG ratio of 0.37 and a beta of 0.97. The stock has a 50-day moving average of $29.18 and a 200-day moving average of $27.54. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.94. Corebridge Financial has a 1-year low of $17.40 and a 1-year high of $34.66.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.04. The company had revenue of $4.18 billion during 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 quarter in the prior year, the firm posted $1.04 earnings per share. On average, equities research analysts forecast that Corebridge Financial will post 4.73 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be given a $0.23 dividend. The ex-dividend date is Monday, September 16th. This represents a $0.92 annualized dividend and a yield of 3.69%. Corebridge Financial’s payout ratio is 24.21%.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 1,932,609 shares of the stock in a transaction that occurred on 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 directly owns 292,271,027 shares of the company’s stock, valued at $8,534,313,988.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.09% of the company’s stock.

Institutional Trading of Corebridge Financial

Institutional investors have recently made changes to their positions in the company. Commonwealth Equity Services LLC grew its stake in shares of Corebridge Financial by 2.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock worth $650,000 after acquiring an additional 597 shares in the last quarter. Riverview Trust Co bought a new stake in shares of Corebridge Financial in the 1st quarter worth $25,000. Deseret Mutual Benefit Administrators grew its stake in shares of Corebridge Financial by 73.2% in the 2nd quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company’s stock worth $60,000 after acquiring an additional 877 shares in the last quarter. O Shaughnessy Asset Management LLC grew its stake in shares of Corebridge Financial by 5.9% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 17,511 shares of the company’s stock worth $503,000 after acquiring an additional 978 shares in the last quarter. Finally, LRI Investments LLC bought a new stake in shares of Corebridge Financial in the 2nd quarter worth $30,000. 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.