Corebridge Financial, Inc. (NYSE:CRBG) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Corebridge Financial, Inc. (NYSE:CRBG) has received a consensus recommendation of “Moderate Buy” from the fifteen research firms that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $35.1667.

Several research analysts have recently commented on CRBG shares. Morgan Stanley reduced their target price on Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 3rd. Zacks Research downgraded Corebridge Financial from a “hold” rating to a “strong sell” rating in a research note on Monday, May 4th. Bank of America reduced their target price on Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, April 14th. Keefe, Bruyette & Woods lifted their target price on Corebridge Financial from $31.00 to $38.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 6th. Finally, Mizuho lifted their target price on Corebridge Financial from $31.00 to $35.00 and gave the stock an “outperform” rating in a research note on Thursday, May 7th.

Corebridge Financial Stock Performance

Shares of NYSE CRBG opened at $29.27 on Friday. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.99. Corebridge Financial has a 12 month low of $22.19 and a 12 month high of $36.57. The stock has a 50 day moving average of $27.14 and a 200-day moving average of $28.01. The company has a market capitalization of $13.37 billion, a P/E ratio of 53.21, a P/E/G ratio of 0.33 and a beta of 1.14.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.02). Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.The business had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $5.06 billion. During the same quarter in the prior year, the firm posted $1.16 earnings per share. As a group, equities research analysts predict that Corebridge Financial will post 4.75 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Tuesday, June 16th. Corebridge Financial’s payout ratio is currently 181.82%.

Institutional Trading of Corebridge Financial

Several institutional investors have recently added to or reduced their stakes in CRBG. Goldman Sachs Group Inc. boosted its stake in Corebridge Financial by 229.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock valued at $41,042,000 after purchasing an additional 905,918 shares during the period. Focus Partners Wealth bought a new stake in Corebridge Financial in the 1st quarter valued at $384,000. Creative Planning bought a new stake in Corebridge Financial in the 2nd quarter valued at $243,000. EverSource Wealth Advisors LLC boosted its stake in Corebridge Financial by 58.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,558 shares of the company’s stock valued at $162,000 after purchasing an additional 1,688 shares during the period. Finally, Cerity Partners LLC boosted its stake in Corebridge Financial by 64.4% in the 2nd quarter. Cerity Partners LLC now owns 92,554 shares of the company’s stock valued at $3,286,000 after purchasing an additional 36,239 shares during the period. 98.25% of the stock is currently owned by institutional investors.

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.