Corebridge Financial (NYSE:CRBG) Given New $36.00 Price Target at Wells Fargo & Company

Corebridge Financial (NYSE:CRBG) had its price target increased by Wells Fargo & Company from $35.00 to $36.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other equities research analysts also recently issued reports on CRBG. Weiss Ratings downgraded Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, May 26th. Keefe, Bruyette & Woods raised their price target on Corebridge Financial from $31.00 to $38.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 6th. Zacks Research upgraded shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Bank of America lowered their target price on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, April 14th. Finally, Piper Sandler reduced their price objective on shares of Corebridge Financial from $35.00 to $31.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 26th. Eight investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $35.09.

Corebridge Financial Stock Up 1.6%

NYSE CRBG opened at $30.31 on Thursday. The stock has a 50 day moving average price of $28.01 and a 200-day moving average price of $27.86. Corebridge Financial has a one year low of $22.19 and a one year high of $36.57. The company has a market capitalization of $13.51 billion, a P/E ratio of 55.12, a P/E/G ratio of 0.33 and a beta of 1.10. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.12 and a current ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 $4.08 billion for the quarter, compared to analysts’ expectations of $5.06 billion. During the same period in the previous year, the company earned $1.16 EPS. As a group, equities analysts predict that Corebridge Financial will post 4.75 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently announced 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. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.3%. Corebridge Financial’s dividend payout ratio (DPR) is 181.82%.

Insider Activity

In related news, insider David Ditillo sold 4,250 shares of the business’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 value of $127,500.00. Following the completion of the sale, the insider owned 128,153 shares in the company, valued at approximately $3,844,590. The trade was a 3.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On Corebridge Financial

Hedge funds have recently made changes to their positions in the company. Community Bank N.A. purchased a new stake in Corebridge Financial in the third quarter worth about $26,000. Salomon & Ludwin LLC increased its position in Corebridge Financial by 179.7% during the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock valued at $26,000 after purchasing an additional 532 shares during the period. Rothschild Investment LLC raised its holdings in shares of Corebridge Financial by 133.3% in the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock valued at $27,000 after purchasing an additional 520 shares in the last quarter. Sonoma Allocations LLC purchased a new stake in shares of Corebridge Financial in the 1st quarter worth approximately $30,000. Finally, True Wealth Design LLC lifted its position in shares of Corebridge Financial by 50.2% in the 4th quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock worth $37,000 after purchasing an additional 412 shares during the period. 98.25% of the stock is currently owned by hedge funds and other 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.