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

Shares of Corebridge Financial, Inc. (NYSE:CRBG) have been given a consensus recommendation of “Moderate Buy” by the thirteen brokerages that are presently covering the stock, Marketbeat.com reports. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $39.2727.

A number of brokerages recently weighed in on CRBG. Wolfe Research initiated coverage on Corebridge Financial in a research report on Friday, October 10th. They set a “peer perform” rating on the stock. Wells Fargo & Company cut their price target on Corebridge Financial from $44.00 to $43.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 5th. Mizuho began coverage on Corebridge Financial in a report on Tuesday, December 16th. They set an “outperform” rating and a $38.00 price target on the stock. Keefe, Bruyette & Woods lowered their price objective on Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating for the company in a research note on Thursday, October 9th. Finally, Evercore ISI dropped their price objective on shares of Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating for the company in a report on Wednesday, November 5th.

Institutional Trading of Corebridge Financial

Several institutional investors have recently modified their holdings of the business. Strs Ohio bought a new position in Corebridge Financial during the 1st quarter worth $1,823,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Corebridge Financial in the 2nd quarter valued at about $17,576,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Corebridge Financial in the first quarter valued at about $1,257,000. AXQ Capital LP bought a new position in shares of Corebridge Financial during the second quarter worth about $682,000. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Corebridge Financial by 928.9% in the third quarter. Assenagon Asset Management S.A. now owns 68,226 shares of the company’s stock worth $2,187,000 after acquiring an additional 61,595 shares during the period. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Price Performance

Shares of NYSE:CRBG opened at $30.54 on Friday. Corebridge Financial has a one year low of $23.69 and a one year high of $36.57. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.13 and a quick ratio of 0.13. The company has a market cap of $15.90 billion, a price-to-earnings ratio of 18.18, a PEG ratio of 0.43 and a beta of 1.04. The firm has a 50 day simple moving average of $30.43 and a 200 day simple moving average of $32.59.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Tuesday, November 4th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.12). Corebridge Financial had a return on equity of 19.90% and a net margin of 5.01%.The company had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $4.85 billion. During the same period in the previous year, the firm posted $1.23 EPS. The business’s quarterly revenue was up 34.2% compared to the same quarter last year. Research analysts predict that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, December 17th. This represents a $0.96 annualized dividend and a dividend yield of 3.1%. Corebridge Financial’s dividend payout ratio (DPR) is presently 57.14%.

About Corebridge Financial

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.