Brokerages Set Corebridge Financial, Inc. (NYSE:CRBG) Price Target at $40.80

Corebridge Financial, Inc. (NYSE:CRBG) has been given a consensus rating of “Moderate Buy” by the eleven ratings firms that are presently covering the firm, MarketBeat.com reports. Three investment analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $40.80.

CRBG has been the topic of several research analyst reports. Wells Fargo & Company boosted their price objective on shares of Corebridge Financial from $37.00 to $42.00 and gave the company an “overweight” rating in a report on Wednesday, July 2nd. BMO Capital Markets boosted their price objective on shares of Corebridge Financial from $43.00 to $44.00 and gave the company an “outperform” rating in a report on Friday, June 27th. Keefe, Bruyette & Woods boosted their price objective on shares of Corebridge Financial from $39.00 to $42.00 and gave the company an “outperform” rating in a report on Wednesday, July 9th. Piper Sandler lifted their target price on Corebridge Financial from $38.00 to $40.00 and gave the company an “overweight” rating in a research report on Thursday, July 3rd. Finally, UBS Group raised Corebridge Financial from a “sell” rating to a “neutral” rating and lifted their target price for the company from $28.00 to $37.00 in a research report on Friday, July 11th.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $33.65, for a total value of $1,009,500,000.00. Following the completion of the transaction, the insider directly owned 83,896,013 shares of the company’s stock, valued at $2,823,100,837.45. The trade was a 26.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.29% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors have recently bought and sold shares of CRBG. Pzena Investment Management LLC grew its position in Corebridge Financial by 132.6% in the 2nd quarter. Pzena Investment Management LLC now owns 18,723,701 shares of the company’s stock valued at $664,691,000 after acquiring an additional 10,673,099 shares in the last quarter. Norges Bank acquired a new position in shares of Corebridge Financial during the second quarter worth about $145,632,000. Nuveen LLC acquired a new position in shares of Corebridge Financial during the first quarter worth about $100,404,000. AQR Capital Management LLC grew its position in shares of Corebridge Financial by 50.0% during the first quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company’s stock worth $258,880,000 after buying an additional 2,780,764 shares in the last quarter. Finally, Truist Financial Corp grew its position in shares of Corebridge Financial by 2,686.2% during the first quarter. Truist Financial Corp now owns 1,555,564 shares of the company’s stock worth $49,109,000 after buying an additional 1,499,733 shares in the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Stock Down 0.6%

Shares of CRBG opened at $32.61 on Friday. The firm has a market cap of $17.56 billion, a P/E ratio of -53.46, a price-to-earnings-growth ratio of 0.56 and a beta of 1.06. Corebridge Financial has a 12-month low of $23.69 and a 12-month high of $36.57. The company’s 50-day moving average price is $34.08 and its 200 day moving average price is $32.52. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.86.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.21. The firm had revenue of $4.42 billion for the quarter, compared to analyst estimates of $4.85 billion. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. During the same period in the previous year, the firm earned $1.13 EPS. On average, sell-side analysts forecast that Corebridge Financial will post 5.43 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Tuesday, September 16th. Corebridge Financial’s payout ratio is currently -157.38%.

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.