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

Shares of Corebridge Financial, Inc. (NYSE:CRBG) have received a consensus recommendation of “Moderate Buy” from the fourteen research firms that are covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation and eleven have assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $36.15.

A number of equities research analysts recently commented on CRBG shares. Wells Fargo & Company decreased their target price on shares of Corebridge Financial from $38.00 to $35.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. Barclays decreased their target price on shares of Corebridge Financial from $37.00 to $36.00 and set an “overweight” rating for the company in a research report on Friday, April 11th. Piper Sandler increased their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday, April 2nd. Keefe, Bruyette & Woods decreased their target price on shares of Corebridge Financial from $40.00 to $37.00 and set an “outperform” rating for the company in a research report on Wednesday, April 9th. Finally, BMO Capital Markets started coverage on shares of Corebridge Financial in a research report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 target price for the company.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors and hedge funds have recently modified their holdings of the business. Teacher Retirement System of Texas purchased a new position in shares of Corebridge Financial in the 1st quarter valued at about $1,177,000. 3Chopt Investment Partners LLC purchased a new position in shares of Corebridge Financial in the 1st quarter valued at about $291,000. Diversified Trust Co increased its stake in shares of Corebridge Financial by 5.1% in the 1st quarter. Diversified Trust Co now owns 68,503 shares of the company’s stock valued at $2,163,000 after purchasing an additional 3,336 shares in the last quarter. Perpetual Ltd increased its stake in shares of Corebridge Financial by 343.5% in the 1st quarter. Perpetual Ltd now owns 44,225 shares of the company’s stock valued at $1,396,000 after purchasing an additional 34,253 shares in the last quarter. Finally, Golden State Wealth Management LLC acquired a new stake in Corebridge Financial in the 1st quarter worth about $75,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Price Performance

Shares of CRBG opened at $29.90 on Tuesday. The company has a 50 day moving average price of $30.49 and a 200-day moving average price of $31.17. Corebridge Financial has a fifty-two week low of $23.69 and a fifty-two week high of $35.36. The stock has a market capitalization of $16.52 billion, a PE ratio of 7.91, a PEG ratio of 0.43 and a beta of 0.98. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. Equities analysts predict that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 3.21%. The ex-dividend date of this dividend was Monday, March 17th. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s payout ratio is currently 25.40%.

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.