Corebridge Financial, Inc. (NYSE:CRBG) Given Average Rating of “Moderate Buy” by Analysts

Corebridge Financial, Inc. (NYSE:CRBG) has earned a consensus recommendation of “Moderate Buy” from the fourteen ratings firms that are currently covering the company, MarketBeat.com reports. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $35.00.

A number of analysts recently weighed in on CRBG shares. Morgan Stanley increased their price objective 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. DOWLING & PARTN lowered Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Barclays boosted their price objective on Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. TD Cowen lifted their target price on Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Finally, Piper Sandler decreased their target price on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd.

Insider Buying and Selling at Corebridge Financial

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Covestor Ltd grew its stake in Corebridge Financial by 118.8% in the third quarter. Covestor Ltd now owns 1,050 shares of the company’s stock valued at $31,000 after purchasing an additional 570 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Corebridge Financial by 2.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock valued at $625,000 after buying an additional 585 shares in the last quarter. Commonwealth Equity Services LLC grew its position in shares of Corebridge Financial by 2.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock worth $650,000 after buying an additional 597 shares during the last quarter. Xponance Inc. grew its position in shares of Corebridge Financial by 3.0% in the 2nd quarter. Xponance Inc. now owns 21,037 shares of the company’s stock worth $613,000 after buying an additional 612 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC raised its stake in shares of Corebridge Financial by 3.1% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 25,403 shares of the company’s stock worth $740,000 after acquiring an additional 770 shares in the last quarter. 98.25% of the stock is owned by institutional investors.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $30.00 on Wednesday. The firm has a market capitalization of $17.06 billion, a PE ratio of -14.35, a PEG ratio of 0.39 and a beta of 0.86. The stock’s fifty day moving average is $31.29 and its 200 day moving average is $29.52. Corebridge Financial has a fifty-two week low of $21.40 and a fifty-two week high of $34.66. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.21. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The business had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the prior year, the firm posted $1.05 earnings per share. The business’s revenue for the quarter was up 39.5% on a year-over-year basis. On average, sell-side analysts anticipate that Corebridge Financial will post 4.81 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 3.07%. The ex-dividend date is Tuesday, December 17th. Corebridge Financial’s payout ratio is -44.02%.

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.