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

Shares of Corebridge Financial, Inc. (NYSE:CRBG) have earned a consensus recommendation of “Moderate Buy” from the thirteen analysts that are covering the firm, Marketbeat reports. Three analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $34.46.

Several research firms have weighed in on CRBG. Piper Sandler cut their target price on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. Morgan Stanley cut their target price on Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating on the stock in a report on Monday, August 19th. TD Cowen initiated coverage on Corebridge Financial in a report on Wednesday, October 9th. They set a “buy” rating and a $35.00 target price on the stock. Barclays boosted their price objective on Corebridge Financial from $33.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 8th. Finally, Bank of America cut their price objective on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Thursday, July 11th.

Insider Buying and Selling

In related news, major shareholder International Group American sold 5,000,000 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the sale, the insider now directly owns 279,238,898 shares in the company, valued at $8,058,834,596.28. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.09% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. ORG Wealth Partners LLC acquired a new position in shares of Corebridge Financial in the 3rd quarter valued at $29,000. HM Payson & Co. bought a new stake in shares of Corebridge Financial in the 3rd quarter valued at $29,000. LRI Investments LLC bought a new stake in shares of Corebridge Financial in the 2nd quarter valued at $30,000. ORG Partners LLC bought a new stake in shares of Corebridge Financial in the 2nd quarter valued at $32,000. Finally, Fifth Third Bancorp bought a new stake in shares of Corebridge Financial in the 2nd quarter valued at $54,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Stock Performance

Shares of Corebridge Financial stock opened at $32.03 on Tuesday. The stock has a market cap of $19.49 billion, a PE ratio of 8.43, a price-to-earnings-growth ratio of 0.42 and a beta of 0.97. The business has a fifty day simple moving average of $29.09 and a 200-day simple moving average of $28.87. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.97. Corebridge Financial has a 12 month low of $18.83 and a 12 month high of $34.66.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Thursday, August 1st. The company reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.04. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. The business had revenue of $4.18 billion during the quarter, compared to analyst estimates of $5.73 billion. During the same period last year, the company earned $1.04 earnings per share. On average, sell-side analysts anticipate that Corebridge Financial will post 4.66 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were paid a $0.23 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.92 annualized dividend and a dividend yield of 2.87%. Corebridge Financial’s dividend payout ratio is currently 24.21%.

Corebridge Financial Company Profile

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.