Corebridge Financial (NYSE:CRBG) Price Target Raised to $36.00 at Mizuho

Corebridge Financial (NYSE:CRBG) had its price target lifted by Mizuho from $35.00 to $36.00 in a research note released on Thursday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other equities analysts have also commented on CRBG. Barclays lifted their price target on shares of Corebridge Financial from $30.00 to $33.00 and gave the company an “overweight” rating in a research report on Tuesday. Piper Sandler lowered their target price on shares of Corebridge Financial from $35.00 to $31.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 26th. Weiss Ratings downgraded shares of Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, May 26th. Keefe, Bruyette & Woods boosted their target price on shares of Corebridge Financial from $31.00 to $38.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 6th. Finally, Bank of America decreased their price target 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. Eight equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $35.09.

Corebridge Financial Stock Performance

Shares of NYSE CRBG opened at $30.31 on Thursday. The business’s 50-day simple moving average is $28.01 and its 200-day simple moving average is $27.86. 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 has a 52 week low of $22.19 and a 52 week high of $36.57. The firm has a market cap of $13.51 billion, a price-to-earnings ratio of 55.12, a P/E/G ratio of 0.33 and a beta of 1.10.

Corebridge Financial (NYSE:CRBG) last posted its 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). The company had revenue of $4.08 billion during the quarter, compared to analyst estimates of $5.06 billion. Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.During the same quarter last year, the firm posted $1.16 earnings per share. As a group, equities research analysts expect that Corebridge Financial will post 4.75 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Tuesday, June 16th. Corebridge Financial’s dividend payout ratio (DPR) is currently 181.82%.

Insider Activity at Corebridge Financial

In related news, insider David Ditillo sold 4,250 shares of the 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 sale, the insider directly owned 128,153 shares in the company, valued at $3,844,590. This represents a 3.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.29% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. PensionDanmark Pensionsforsikringsaktieselskab grew its holdings in Corebridge Financial by 68.3% during the 2nd quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 29,572 shares of the company’s stock worth $847,000 after acquiring an additional 12,000 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Corebridge Financial by 46.0% in the second quarter. GAMMA Investing LLC now owns 5,040 shares of the company’s stock worth $144,000 after acquiring an additional 1,589 shares during the last quarter. Versant Capital Management Inc lifted its position in shares of Corebridge Financial by 1,124.2% during the second quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock worth $46,000 after purchasing an additional 1,484 shares in the last quarter. Redwood Investment Management LLC grew its stake in shares of Corebridge Financial by 9.6% during the first quarter. Redwood Investment Management LLC now owns 45,362 shares of the company’s stock valued at $1,082,000 after purchasing an additional 3,982 shares during the last quarter. Finally, Glenmede Trust Co. NA grew its stake in shares of Corebridge Financial by 11.2% during the first quarter. Glenmede Trust Co. NA now owns 8,742 shares of the company’s stock valued at $209,000 after purchasing an additional 884 shares during the last quarter. 98.25% of the stock is 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.