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

Shares of Corebridge Financial, Inc. (NYSE:CRBG) have received a consensus recommendation of “Moderate Buy” from the fifteen ratings firms that are presently covering the stock, MarketBeat reports. Six research analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $36.50.

Several equities analysts have issued reports on CRBG shares. Mizuho boosted their target price on Corebridge Financial from $35.00 to $36.00 and gave the stock an “outperform” rating in a research report on Thursday, July 9th. Bank of America reduced their price target on Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, April 14th. JPMorgan Chase & Co. decreased their price target on Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 12th. Barclays upped their price objective on Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. Finally, UBS Group increased their price objective on Corebridge Financial from $29.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 8th.

Corebridge Financial Stock Up 3.9%

Shares of NYSE:CRBG opened at $31.88 on Thursday. Corebridge Financial has a fifty-two week low of $22.19 and a fifty-two week high of $36.57. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99. The firm’s 50-day simple moving average is $28.27 and its 200-day simple moving average is $27.87. The company has a market cap of $14.21 billion, a price-to-earnings ratio of 57.97, a PEG ratio of 0.35 and a beta of 1.10.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.02). The firm had revenue of $4.08 billion for 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 in the prior year, the company earned $1.16 earnings per share. As a group, equities research analysts predict that Corebridge Financial will post 4.69 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were paid 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 3.1%. Corebridge Financial’s dividend payout ratio is 181.82%.

Insider Activity

In other news, insider David Ditillo sold 4,250 shares of the stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $30.00, for a total value of $127,500.00. Following the completion of 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.29% of the stock is owned by corporate insiders.

Institutional Trading of Corebridge Financial

Institutional investors have recently added to or reduced their stakes in the stock. State of Michigan Retirement System purchased a new position in shares of Corebridge Financial during the 4th quarter worth approximately $2,130,000. Yousif Capital Management LLC lifted its stake in Corebridge Financial by 873.3% in the 4th quarter. Yousif Capital Management LLC now owns 88,066 shares of the company’s stock valued at $2,591,000 after buying an additional 79,018 shares in the last quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund purchased a new stake in Corebridge Financial in the 4th quarter valued at approximately $5,358,000. Retirement Systems of Alabama grew its holdings in Corebridge Financial by 241.4% during the 4th quarter. Retirement Systems of Alabama now owns 453,751 shares of the company’s stock valued at $13,690,000 after buying an additional 320,851 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in Corebridge Financial by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company’s stock valued at $818,906,000 after buying an additional 311,133 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

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.