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

Shares of Corebridge Financial, Inc. (NYSE:CRBG) have been assigned a consensus rating of “Moderate Buy” from the fifteen analysts that are covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating on the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $35.1667.

CRBG has been the topic of several recent research reports. Zacks Research cut shares of Corebridge Financial from a “hold” rating to a “strong sell” rating in a research report on Monday, May 4th. Weiss Ratings raised shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Barclays dropped their price target on shares of Corebridge Financial from $33.00 to $30.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 8th. Wells Fargo & Company raised their price target on shares of Corebridge Financial from $32.00 to $35.00 and gave the company an “overweight” rating in a research report on Tuesday, May 12th. Finally, Bank of America dropped their price target on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, April 14th.

Hedge Funds Weigh In On Corebridge Financial

Large investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. lifted its position in shares of Corebridge Financial by 229.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock worth $41,042,000 after buying an additional 905,918 shares in the last quarter. Focus Partners Wealth bought a new position in shares of Corebridge Financial during the 1st quarter worth approximately $384,000. Creative Planning bought a new position in shares of Corebridge Financial during the 2nd quarter worth approximately $243,000. EverSource Wealth Advisors LLC lifted its position in shares of Corebridge Financial by 58.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,558 shares of the company’s stock worth $162,000 after buying an additional 1,688 shares in the last quarter. Finally, Cerity Partners LLC lifted its position in shares of Corebridge Financial by 64.4% during the 2nd quarter. Cerity Partners LLC now owns 92,554 shares of the company’s stock worth $3,286,000 after buying an additional 36,239 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Price Performance

CRBG stock opened at $27.40 on Wednesday. The stock has a market capitalization of $12.51 billion, a PE ratio of 49.82, a price-to-earnings-growth ratio of 0.30 and a beta of 1.18. The company’s 50-day moving average is $25.74 and its 200-day moving average is $28.19. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12. Corebridge Financial has a 1 year low of $22.19 and a 1 year high of $36.57.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The business had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $5.06 billion. During the same period in the previous year, the business posted $1.16 EPS. Equities research analysts expect that Corebridge Financial will post 4.88 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be given a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $1.00 annualized dividend and a yield of 3.6%. Corebridge Financial’s dividend payout ratio (DPR) is presently 181.82%.

Corebridge Financial Company Profile

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.