Corebridge Financial, Inc. (NYSE:CRBG) Receives $37.42 Average Target Price from Analysts

Corebridge Financial, Inc. (NYSE:CRBG) has been given a consensus recommendation of “Moderate Buy” by the fifteen ratings firms that are covering the company, Marketbeat.com reports. Six equities research analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $37.4167.

A number of research analysts have recently issued reports on CRBG shares. Zacks Research upgraded shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Jefferies Financial Group increased their price target on Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. Piper Sandler raised their price target on Corebridge Financial from $36.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, August 12th. Mizuho lifted their price objective on Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a research report on Thursday, July 9th. Finally, TD Cowen boosted their price objective on Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd.

Insider Transactions at Corebridge Financial

In related news, EVP Elizabeth Cropper sold 7,745 shares of Corebridge Financial stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $33.06, for a total value of $256,049.70. Following the completion of the transaction, the executive vice president directly owned 46,473 shares of the company’s stock, valued at $1,536,397.38. The trade was a 14.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider David Ditillo sold 12,414 shares of the company’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $34.00, for a total transaction of $422,076.00. Following the transaction, the insider owned 111,153 shares in the company, valued at approximately $3,779,202. This trade represents a 10.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 24,409 shares of company stock valued at $805,626 over the last ninety days. 0.32% of the stock is currently owned by company insiders.

Institutional Trading of Corebridge Financial

Several hedge funds have recently modified their holdings of CRBG. Rothschild Investment LLC raised its position in Corebridge Financial by 133.3% in the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after purchasing an additional 520 shares during the last quarter. Bell Investment Advisors Inc bought a new position in Corebridge Financial in the 2nd quarter valued at $27,000. Sonoma Allocations LLC acquired a new stake in shares of Corebridge Financial in the 1st quarter valued at $30,000. Allworth Financial LP acquired a new stake in shares of Corebridge Financial in the 2nd quarter valued at $41,000. Finally, Versant Capital Management Inc raised its position in shares of Corebridge Financial by 1,124.2% during the second quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock worth $46,000 after acquiring an additional 1,484 shares during the last quarter. 98.25% of the stock is owned by institutional investors.

Corebridge Financial Trading Down 0.1%

Shares of Corebridge Financial stock opened at $34.45 on Friday. Corebridge Financial has a 12-month low of $22.19 and a 12-month high of $34.82. The stock has a market capitalization of $15.36 billion, a P/E ratio of 20.15, a price-to-earnings-growth ratio of 0.44 and a beta of 1.08. The company has a 50-day simple moving average of $31.93 and a 200 day simple moving average of $28.39. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.04. The firm had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. During the same period in the previous year, the business earned $1.36 earnings per share. Research analysts expect that Corebridge Financial will post 4.58 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be paid a $0.25 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.9%. Corebridge Financial’s dividend payout ratio (DPR) is 58.48%.

About Corebridge Financial

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.