Corebridge Financial (NYSE:CRBG) Given New $38.00 Price Target at Wells Fargo & Company

Corebridge Financial (NYSE:CRBG) had its price target lifted by Wells Fargo & Company from $35.00 to $38.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

Other equities analysts have also issued reports about the stock. Piper Sandler upped their price target on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and upped their price target for the stock from $33.00 to $40.00 in a research report on Friday, January 10th. Morgan Stanley upped their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. BMO Capital Markets began coverage on shares of Corebridge Financial in a report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 target price on the stock. Finally, Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price for the company in a research report on Monday, January 6th. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $36.64.

Corebridge Financial Stock Performance

Shares of NYSE CRBG opened at $33.57 on Wednesday. The firm has a market capitalization of $18.66 billion, a price-to-earnings ratio of 8.88, a price-to-earnings-growth ratio of 0.42 and a beta of 0.94. Corebridge Financial has a 12-month low of $23.77 and a 12-month high of $34.66. The firm has a 50 day moving average of $31.60 and a 200 day moving average of $30.30. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.16.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.04). Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. On average, research analysts anticipate that Corebridge Financial will post 5.47 earnings per share for the current year.

Corebridge Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.96 annualized dividend and a yield of 2.86%. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s dividend payout ratio (DPR) is 24.34%.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 121,956,256 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the completion of the sale, the insider now owns 127,282,642 shares in the company, valued at approximately $4,005,584,743.74. This trade represents a 48.93 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.08% of the stock is owned by company insiders.

Institutional Investors Weigh In On Corebridge Financial

Institutional investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio lifted its holdings in shares of Corebridge Financial by 11.3% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 167,038 shares of the company’s stock worth $4,871,000 after acquiring an additional 16,970 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Corebridge Financial in the 3rd quarter worth about $581,000. State Street Corp lifted its holdings in shares of Corebridge Financial by 11.7% in the 3rd quarter. State Street Corp now owns 8,035,438 shares of the company’s stock worth $234,313,000 after acquiring an additional 843,559 shares during the last quarter. Qsemble Capital Management LP bought a new stake in shares of Corebridge Financial in the 3rd quarter worth about $2,370,000. Finally, First Hawaiian Bank bought a new stake in shares of Corebridge Financial in the 4th quarter worth about $1,168,000. 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.