Corebridge Financial (NYSE:CRBG) Given New $32.00 Price Target at UBS Group

Corebridge Financial (NYSE:CRBG) had its price objective lifted by UBS Group from $29.00 to $32.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other analysts have also weighed in on CRBG. Piper Sandler lowered their target price on Corebridge Financial from $35.00 to $31.00 and set an “overweight” rating for the company in a report on Tuesday, May 26th. Zacks Research upgraded shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Barclays raised their price objective on Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a research note on Tuesday. Weiss Ratings cut shares of Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, May 26th. Finally, JPMorgan Chase & Co. decreased their price target on Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating for the company in a report on Tuesday, May 12th. Eight analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, Corebridge Financial currently has an average rating of “Moderate Buy” and a consensus price target of $34.91.

Corebridge Financial Stock Down 2.6%

Shares of CRBG stock opened at $29.81 on Wednesday. Corebridge Financial has a 12 month low of $22.19 and a 12 month high of $36.57. The company has a 50 day simple moving average of $27.95 and a two-hundred day simple moving average of $27.86. The stock has a market cap of $13.29 billion, a P/E ratio of 54.20, a P/E/G ratio of 0.34 and a beta of 1.10. 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 (NYSE:CRBG) last released 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). The company had revenue of $4.08 billion during the quarter, compared to analysts’ expectations of $5.06 billion. Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.During the same period last year, the firm posted $1.16 EPS. On average, research analysts expect that Corebridge Financial will post 4.75 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were given 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 of this dividend was Tuesday, June 16th. Corebridge Financial’s dividend payout ratio is currently 181.82%.

Insider Buying and Selling

In related news, insider David Ditillo sold 4,250 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $30.00, for a total transaction of $127,500.00. Following the transaction, the insider owned 128,153 shares in the company, valued at $3,844,590. This trade represents a 3.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.29% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Corebridge Financial

Several hedge funds and other institutional investors have recently bought and sold shares of CRBG. Norges Bank acquired a new position in shares of Corebridge Financial in the fourth quarter valued at approximately $611,550,000. State Street Corp raised its stake in Corebridge Financial by 44.3% during the fourth quarter. State Street Corp now owns 11,295,692 shares of the company’s stock worth $340,791,000 after purchasing an additional 3,465,371 shares during the period. Pzena Investment Management LLC raised its stake in Corebridge Financial by 14.4% during the first quarter. Pzena Investment Management LLC now owns 27,045,794 shares of the company’s stock worth $645,313,000 after purchasing an additional 3,413,384 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Corebridge Financial by 91.5% in the 4th quarter. AQR Capital Management LLC now owns 5,911,164 shares of the company’s stock valued at $178,340,000 after purchasing an additional 2,823,801 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Corebridge Financial by 43.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company’s stock valued at $211,575,000 after purchasing an additional 2,689,611 shares during the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

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.