Corebridge Financial (NYSE:CRBG) Given New $38.00 Price Target at Keefe, Bruyette & Woods

Corebridge Financial (NYSE:CRBG) had its price target hoisted by Keefe, Bruyette & Woods from $35.00 to $38.00 in a report published on Wednesday, Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other equities research analysts have also recently commented on the company. Royal Bank of Canada increased their price target on Corebridge Financial from $25.00 to $28.00 and gave the company an outperform rating in a report on Friday, February 16th. The Goldman Sachs Group increased their price target on Corebridge Financial from $27.00 to $31.00 and gave the company a buy rating in a report on Tuesday, January 9th. UBS Group increased their price target on Corebridge Financial from $22.00 to $28.00 and gave the company a buy rating in a report on Wednesday, January 10th. Wells Fargo & Company increased their price objective on Corebridge Financial from $28.00 to $30.00 and gave the stock an overweight rating in a research report on Friday, February 16th. Finally, Piper Sandler increased their price objective on Corebridge Financial from $30.00 to $34.00 and gave the stock an overweight rating in a research report on Friday, April 5th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $27.91.

Corebridge Financial Stock Performance

NYSE CRBG opened at $27.36 on Wednesday. The stock has a market capitalization of $17.03 billion, a price-to-earnings ratio of 16.19, a PEG ratio of 0.33 and a beta of 0.86. Corebridge Financial has a twelve month low of $14.91 and a twelve month high of $29.40. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.92. The stock has a 50-day moving average of $25.68 and a 200 day moving average of $22.89.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Thursday, February 15th. The company reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.05. Corebridge Financial had a return on equity of 23.11% and a net margin of 5.92%. The business had revenue of $5.92 billion during the quarter, compared to analysts’ expectations of $5.65 billion. During the same quarter in the prior year, the firm earned $0.88 earnings per share. The business’s revenue was up 11.3% compared to the same quarter last year. Sell-side analysts anticipate that Corebridge Financial will post 4.87 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.92 annualized dividend and a dividend yield of 3.36%. Corebridge Financial’s dividend payout ratio is currently 54.44%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC acquired a new stake in shares of Corebridge Financial in the third quarter valued at $28,000. Nomura Asset Management Co. Ltd. acquired a new stake in shares of Corebridge Financial in the first quarter valued at $30,000. MetLife Investment Management LLC acquired a new stake in shares of Corebridge Financial in the fourth quarter valued at $33,000. Advisor Group Holdings Inc. acquired a new stake in shares of Corebridge Financial in the fourth quarter valued at $35,000. Finally, American International Group Inc. raised its stake in shares of Corebridge Financial by 50.8% in the fourth quarter. American International Group Inc. now owns 1,881 shares of the company’s stock valued at $41,000 after acquiring an additional 634 shares in the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Company Profile

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.