Corebridge Financial, Inc. (NYSE:CRBG) Receives $29.55 Consensus Target Price from Brokerages

Shares of Corebridge Financial, Inc. (NYSE:CRBG) have earned a consensus recommendation of “Moderate Buy” from the eleven research firms that are covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 1 year price target among analysts that have covered the stock in the last year is $31.18.

CRBG has been the topic of a number of recent analyst reports. Evercore ISI increased their price target on Corebridge Financial from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, April 11th. Piper Sandler raised their price target on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research note on Monday, May 6th. Wells Fargo & Company upped their price objective on shares of Corebridge Financial from $33.00 to $34.00 and gave the company an “overweight” rating in a research note on Friday, May 10th. Royal Bank of Canada reissued an “outperform” rating and issued a $33.00 target price on shares of Corebridge Financial in a research report on Friday. Finally, Keefe, Bruyette & Woods upped their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th.

Insider Buying and Selling at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $29.20, for a total transaction of $876,000,000.00. Following the transaction, the insider now directly owns 294,203,636 shares in the company, valued at $8,590,746,171.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.09% of the stock is currently owned by insiders.

Institutional Trading of Corebridge Financial

Several hedge funds have recently made changes to their positions in CRBG. Riverview Trust Co acquired a new position in Corebridge Financial during the 1st quarter valued at about $25,000. Vestor Capital LLC acquired a new position in shares of Corebridge Financial during the fourth quarter worth approximately $43,000. Headlands Technologies LLC acquired a new position in shares of Corebridge Financial during the fourth quarter worth approximately $65,000. Plato Investment Management Ltd acquired a new stake in Corebridge Financial in the 1st quarter valued at approximately $100,000. Finally, UniSuper Management Pty Ltd bought a new stake in Corebridge Financial during the 1st quarter valued at $103,000. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Price Performance

Shares of NYSE CRBG opened at $29.12 on Wednesday. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.94. The company’s 50-day moving average price is $29.16 and its 200 day moving average price is $26.21. Corebridge Financial has a 52 week low of $17.37 and a 52 week high of $34.66. The stock has a market cap of $17.72 billion, a price-to-earnings ratio of 7.66, a PEG ratio of 0.32 and a beta of 0.99.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Friday, May 3rd. The company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.05. The firm had revenue of $5.85 billion for the quarter, compared to analyst estimates of $5.50 billion. Corebridge Financial had a return on equity of 23.64% and a net margin of 11.25%. During the same quarter in the prior year, the company earned $0.97 EPS. As a group, research analysts forecast that Corebridge Financial will post 4.95 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.92 annualized dividend and a dividend yield of 3.16%. Corebridge Financial’s payout ratio is 24.21%.

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.