Corebridge Financial (NYSE:CRBG) Given New $36.00 Price Target at Piper Sandler

Corebridge Financial (NYSE:CRBG) had its price objective lifted by Piper Sandler from $31.00 to $36.00 in a research report released on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other research firms have also recently issued reports on CRBG. Mizuho boosted their price objective on Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a research report on Thursday, July 9th. Zacks Research raised Corebridge Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Weiss Ratings downgraded shares of Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Jefferies Financial Group boosted their price target on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a report on Friday, July 10th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an “outperform” rating in a research note on Monday. Nine equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.50.

Corebridge Financial Stock Up 3.9%

NYSE CRBG opened at $31.88 on Wednesday. Corebridge Financial has a twelve month low of $22.19 and a twelve month high of $36.57. The stock has a market cap of $14.21 billion, a PE ratio of 57.97, a PEG ratio of 0.35 and a beta of 1.10. The firm has a 50-day simple moving average of $28.27 and a 200 day simple moving average of $27.87. 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 issued 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). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The firm had revenue of $4.08 billion for the quarter, compared to the consensus estimate of $5.06 billion. During the same quarter in the prior year, the firm earned $1.16 earnings per share. On average, research analysts forecast that Corebridge Financial will post 4.69 EPS for the current year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors 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 3.1%. The ex-dividend date was Tuesday, June 16th. Corebridge Financial’s dividend payout ratio (DPR) is 181.82%.

Insider Buying and Selling

In related news, insider David Ditillo sold 4,250 shares of the business’s stock in a transaction 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 sale, the insider owned 128,153 shares of the company’s stock, valued at $3,844,590. The trade was a 3.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 currently owned by corporate insiders.

Institutional Investors Weigh In On Corebridge Financial

Several institutional investors and hedge funds have recently made changes to their positions in CRBG. Salomon & Ludwin LLC increased its position in shares of Corebridge Financial by 179.7% during the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock worth $26,000 after purchasing an additional 532 shares in the last quarter. Rothschild Investment LLC boosted its position in Corebridge Financial by 133.3% in the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock valued at $27,000 after buying an additional 520 shares in the last quarter. Sonoma Allocations LLC acquired a new position in Corebridge Financial in the first quarter valued at about $30,000. True Wealth Design LLC grew its stake in Corebridge Financial by 50.2% during the fourth quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock worth $37,000 after buying an additional 412 shares during the last quarter. Finally, Versant Capital Management Inc grew its stake in 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 buying an additional 1,484 shares during the last quarter. Institutional investors and hedge funds 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.