Corebridge Financial, Inc. (NYSE:CRBG) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Corebridge Financial, Inc. (NYSE:CRBG) has earned a consensus recommendation of “Moderate Buy” from the fifteen research firms that are currently covering the firm, MarketBeat reports. Six research analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $37.42.

A number of brokerages recently weighed in on CRBG. UBS Group boosted their price objective on shares of Corebridge Financial from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, July 8th. Zacks Research upgraded Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Mizuho raised their price target on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a report on Thursday, July 9th. Weiss Ratings upgraded shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. Finally, Jefferies Financial Group boosted their price objective on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a report on Friday, July 10th.

Insider Activity

In related news, major shareholder Life Insurance Co Nippon acquired 272,208 shares of Corebridge Financial stock in a transaction dated Thursday, October 1st. The stock was purchased at an average cost of $33.07 per share, for a total transaction of $9,001,918.56. Following the purchase, the insider directly owned 126,416,895 shares of the company’s stock, valued at approximately $4,180,606,717.65. This trade represents a 0.22% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Over the last ninety days, insiders have acquired 4,256,224 shares of company stock worth $145,884,337 and have sold 28,895 shares worth $983,886. 0.32% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Sequoia Financial Advisors LLC increased its stake in shares of Corebridge Financial by 23.7% in the second quarter. Sequoia Financial Advisors LLC now owns 14,676 shares of the company’s stock worth $420,000 after purchasing an additional 2,814 shares in the last quarter. Tidal Investments LLC grew its position in shares of Corebridge Financial by 42.8% during the second quarter. Tidal Investments LLC now owns 93,351 shares of the company’s stock valued at $2,673,000 after purchasing an additional 27,992 shares in the last quarter. National Pension Service grew its holdings in Corebridge Financial by 83.2% during the 2nd quarter. National Pension Service now owns 20,647 shares of the company’s stock valued at $591,000 after buying an additional 9,375 shares in the last quarter. WINTON GROUP Ltd purchased a new stake in shares of Corebridge Financial during the 2nd quarter worth approximately $1,729,000. Finally, Engineers Gate Manager LP purchased a new stake in shares of Corebridge Financial during the 2nd quarter worth approximately $4,186,000. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Trading Up 2.3%

Shares of CRBG opened at $34.83 on Tuesday. Corebridge Financial has a 1-year low of $22.19 and a 1-year high of $35.64. 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’s 50-day moving average price is $33.46 and its 200-day moving average price is $29.56. The firm has a market capitalization of $15.52 billion, a price-to-earnings ratio of 20.37, a PEG ratio of 0.43 and a beta of 1.07.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.04. The business had revenue of $4.30 billion for 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 period in the previous year, the firm posted $1.36 EPS. Sell-side analysts anticipate that Corebridge Financial will post 4.62 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.9%. The ex-dividend date was Wednesday, September 16th. Corebridge Financial’s payout ratio is 58.48%.

Corebridge Financial Company Profile

Corebridge Financial, Inc (NYSE: CRBG) is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers and institutional clients through businesses focused on retirement services, life insurance and institutional markets.

Its offerings include fixed, variable and registered index-linked annuities; individual life insurance; employer-sponsored retirement plans; and investment, funding and risk-management solutions for institutions.