Corebridge Financial (NYSE:CRBG) Price Target Raised to $38.00

Corebridge Financial (NYSE:CRBG) had its price target upped by Piper Sandler from $36.00 to $38.00 in a research note issued to investors on Wednesday,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

Several other equities analysts have also commented on CRBG. Weiss Ratings upgraded shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a report on Thursday, August 6th. Bank of America dropped their target price on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, April 14th. JPMorgan Chase & Co. decreased their price target on Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 12th. Zacks Research upgraded Corebridge Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Finally, Barclays lifted their price objective on Corebridge Financial from $30.00 to $33.00 and gave the company an “overweight” rating in a research note on Tuesday, July 7th. Nine equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Corebridge Financial currently has a consensus rating of “Moderate Buy” and an average target price of $37.17.

Corebridge Financial Stock Performance

Shares of Corebridge Financial stock opened at $34.48 on Wednesday. The firm has a market cap of $15.37 billion, a PE ratio of 20.16, a price-to-earnings-growth ratio of 0.44 and a beta of 1.08. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14. Corebridge Financial has a 52 week low of $22.19 and a 52 week high of $35.22. The business’s fifty day simple moving average is $30.66 and its 200-day simple moving average is $28.20.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.The firm had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same period last year, the company earned $1.36 EPS. Equities analysts forecast that Corebridge Financial will post 4.58 earnings per share for the current year.

Corebridge Financial Dividend Announcement

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

Insider Buying and Selling

In other Corebridge Financial news, insider David Ditillo sold 12,414 shares of the stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $34.00, for a total value of $422,076.00. Following the sale, the insider directly owned 111,153 shares of the company’s stock, valued at approximately $3,779,202. This represents a 10.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.32% of the stock is owned by company insiders.

Hedge Funds Weigh In On Corebridge Financial

Large investors have recently bought and sold shares of the business. Salomon & Ludwin LLC boosted its position in shares of Corebridge Financial by 179.7% during the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock worth $26,000 after acquiring an additional 532 shares in the last quarter. Rothschild Investment LLC raised its position in shares of Corebridge Financial by 133.3% during the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after acquiring an additional 520 shares in the last quarter. Bell Investment Advisors Inc purchased a new stake in Corebridge Financial during the second quarter worth approximately $27,000. Sonoma Allocations LLC acquired a new position in Corebridge Financial in the first quarter valued at approximately $30,000. Finally, Allworth Financial LP purchased a new position in Corebridge Financial in the second quarter valued at approximately $41,000. 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.