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

Corebridge Financial, Inc. (NYSE:CRBG) has earned a consensus recommendation of “Moderate Buy” from the eleven ratings firms that are currently covering the company, MarketBeat.com reports. Three analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $28.50.

A number of research analysts have commented on CRBG shares. The Goldman Sachs Group increased their price objective on shares of Corebridge Financial from $27.00 to $31.00 and gave the company a “buy” rating in a research note on Tuesday, January 9th. Keefe, Bruyette & Woods increased their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Wednesday. Piper Sandler increased their price objective on shares of Corebridge Financial from $30.00 to $34.00 and gave the company an “overweight” rating in a research note on Friday, April 5th. Royal Bank of Canada raised their price target on shares of Corebridge Financial from $25.00 to $28.00 and gave the stock an “outperform” rating in a research report on Friday, February 16th. Finally, UBS Group raised their price target on shares of Corebridge Financial from $22.00 to $28.00 and gave the stock a “buy” rating in a research report on Wednesday, January 10th.

Corebridge Financial Price Performance

CRBG opened at $27.29 on Friday. The company has a fifty day simple moving average of $25.76 and a 200 day simple moving average of $22.92. The firm has a market cap of $16.99 billion, a price-to-earnings ratio of 16.15, 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.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data 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 net margin of 5.92% and a return on equity of 23.11%. The firm had revenue of $5.92 billion for the quarter, compared to the consensus estimate of $5.65 billion. During the same period in the prior year, the firm posted $0.88 EPS. The firm’s revenue was up 11.3% compared to the same quarter last year. Equities research analysts expect that Corebridge Financial will post 4.87 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a $0.23 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.37%. Corebridge Financial’s dividend payout ratio (DPR) is presently 54.44%.

Hedge Funds Weigh In On Corebridge Financial

Several large investors have recently bought and sold shares of the stock. Gulf International Bank UK Ltd acquired a new position in Corebridge Financial during the 1st quarter valued at about $913,000. Park Avenue Securities LLC acquired a new position in Corebridge Financial during the 1st quarter valued at about $284,000. Renaissance Capital LLC grew its stake in shares of Corebridge Financial by 2.0% in the 1st quarter. Renaissance Capital LLC now owns 148,948 shares of the company’s stock worth $4,279,000 after purchasing an additional 2,865 shares during the last quarter. Quadrature Capital Ltd grew its stake in shares of Corebridge Financial by 89.1% in the 4th quarter. Quadrature Capital Ltd now owns 82,815 shares of the company’s stock worth $1,794,000 after purchasing an additional 39,021 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Corebridge Financial by 39.0% in the 4th quarter. Vanguard Group Inc. now owns 23,713,102 shares of the company’s stock worth $513,626,000 after purchasing an additional 6,648,673 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

About Corebridge Financial

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.