Corebridge Financial (NYSE:CRBG) Price Target Raised to $38.00

Corebridge Financial (NYSE:CRBG) had its price target hoisted by Keefe, Bruyette & Woods from $31.00 to $38.00 in a report published on Wednesday,Benzinga reports. They currently have an outperform rating on the stock.

A number of other research firms have also recently commented on CRBG. Wells Fargo & Company lowered their price target on Corebridge Financial from $36.00 to $32.00 and set an “overweight” rating for the company in a report on Friday, April 10th. Morgan Stanley reduced their price objective on Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 3rd. Weiss Ratings lowered Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, January 15th. Mizuho reduced their price objective on Corebridge Financial from $39.00 to $31.00 and set an “outperform” rating on the stock in a research report on Monday, April 13th. Finally, Bank of America reduced their price objective on Corebridge Financial from $42.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, April 14th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $35.92.

Corebridge Financial Price Performance

Corebridge Financial stock opened at $27.27 on Wednesday. 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 has a 52 week low of $22.19 and a 52 week high of $36.57. The stock has a market capitalization of $13.14 billion, a P/E ratio of 49.59, a price-to-earnings-growth ratio of 0.38 and a beta of 1.18. The stock has a fifty day moving average of $25.27 and a 200-day moving average of $28.61.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Monday, May 4th. The company reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.The business had revenue of $4.09 billion for the quarter, compared to analyst estimates of $5.06 billion. During the same period last year, the firm posted $1.16 EPS. On average, sell-side analysts expect that Corebridge Financial will post 4.92 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be given a dividend of $0.25 per share. The ex-dividend date is Tuesday, June 16th. This represents a $1.00 dividend on an annualized basis and a yield of 3.7%. Corebridge Financial’s payout ratio is currently 181.82%.

Institutional Investors Weigh In On Corebridge Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Oslo Pensjonsforsikring AS bought a new stake in shares of Corebridge Financial in the 1st quarter valued at about $259,000. Dimensional Fund Advisors LP grew its position in shares of Corebridge Financial by 43.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company’s stock valued at $211,575,000 after buying an additional 2,689,611 shares during the last quarter. KBC Group NV grew its position in shares of Corebridge Financial by 54.4% in the 1st quarter. KBC Group NV now owns 558,759 shares of the company’s stock valued at $13,332,000 after buying an additional 196,950 shares during the last quarter. SEB Asset Management AB bought a new stake in shares of Corebridge Financial in the 1st quarter valued at about $1,388,000. Finally, Swiss National Bank grew its position in shares of Corebridge Financial by 4.3% in the 1st quarter. Swiss National Bank now owns 814,165 shares of the company’s stock valued at $19,426,000 after buying an additional 33,700 shares during the last quarter. Institutional investors 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.