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

Corebridge Financial, Inc. (NYSE:CRBG) has been given an average recommendation of “Hold” by the thirteen brokerages that are covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, five have given a hold recommendation and seven have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $37.60.

CRBG has been the topic of a number of recent research reports. Zacks Research cut shares of Corebridge Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 27th. UBS Group cut their target price on shares of Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating on the stock in a research note on Thursday, January 8th. Mizuho began coverage on Corebridge Financial in a research report on Tuesday, December 16th. They issued an “outperform” rating and a $38.00 price objective on the stock. Wells Fargo & Company decreased their target price on Corebridge Financial from $43.00 to $37.00 and set an “overweight” rating for the company in a research report on Tuesday, January 13th. Finally, Weiss Ratings lowered Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, January 15th.

Corebridge Financial Stock Performance

Shares of NYSE CRBG opened at $31.06 on Monday. The company has a 50-day simple moving average of $30.68 and a 200-day simple moving average of $31.63. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.12 and a quick ratio of 0.12. The company has a market cap of $14.96 billion, a PE ratio of -58.59, a price-to-earnings-growth ratio of 0.41 and a beta of 1.04. Corebridge Financial has a 12 month low of $23.69 and a 12 month high of $36.57.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Monday, February 9th. The company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.11 by $0.11. The company had revenue of $6.34 billion during the quarter, compared to analyst estimates of $5.02 billion. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.During the same period in the prior year, the firm posted $1.06 earnings per share. On average, equities analysts anticipate that Corebridge Financial will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be paid a dividend of $0.25 per share. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Tuesday, March 17th. Corebridge Financial’s payout ratio is -181.13%.

Institutional Investors Weigh In On Corebridge Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Algebris UK Ltd. raised its stake in Corebridge Financial by 31.4% during the 3rd quarter. Algebris UK Ltd. now owns 1,393,378 shares of the company’s stock valued at $44,624,000 after purchasing an additional 333,245 shares during the period. Machina Capital S.A.S. purchased a new position in shares of Corebridge Financial during the third quarter valued at $1,182,000. Assenagon Asset Management S.A. grew its holdings in shares of Corebridge Financial by 928.9% during the third quarter. Assenagon Asset Management S.A. now owns 68,226 shares of the company’s stock valued at $2,187,000 after buying an additional 61,595 shares in the last quarter. Retirement Systems of Alabama raised its position in Corebridge Financial by 77.9% during the third quarter. Retirement Systems of Alabama now owns 132,900 shares of the company’s stock valued at $4,259,000 after buying an additional 58,200 shares during the period. Finally, SG Americas Securities LLC lifted its position in shares of Corebridge Financial by 3,870.5% in the third quarter. SG Americas Securities LLC now owns 409,160 shares of the company’s stock worth $13,114,000 after purchasing an additional 398,855 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

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.