Morgan Stanley Boosts Corebridge Financial (NYSE:CRBG) Price Target to $28.00

Corebridge Financial (NYSE:CRBG) had its target price increased by Morgan Stanley from $26.00 to $28.00 in a research report released on Monday morning, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Several other research firms have also commented on CRBG. Evercore ISI increased their price objective on shares of Corebridge Financial from $30.00 to $32.00 and gave the company an outperform rating in a research report on Thursday, April 11th. Wells Fargo & Company increased their price objective on shares of Corebridge Financial from $30.00 to $33.00 and gave the company an overweight rating in a research report on Thursday, April 11th. 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 report on Tuesday, January 9th. UBS Group increased their price objective on shares of Corebridge Financial from $22.00 to $28.00 and gave the company a buy rating in a research report on Wednesday, January 10th. Finally, 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 report on Wednesday, April 10th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $29.08.

Corebridge Financial Stock Performance

Shares of NYSE CRBG opened at $26.54 on Monday. The firm has a fifty day moving average price of $26.08 and a 200-day moving average price of $23.15. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.14 and a quick ratio of 0.14. The stock has a market cap of $16.52 billion, a PE ratio of 15.70, a price-to-earnings-growth ratio of 0.32 and a beta of 0.86. Corebridge Financial has a 1 year low of $14.91 and a 1 year high of $29.40.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Thursday, February 15th. The company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.05. The company had revenue of $5.92 billion during the quarter, compared to analysts’ expectations of $5.65 billion. Corebridge Financial had a net margin of 5.92% and a return on equity of 23.11%. Corebridge Financial’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period last year, the company posted $0.88 earnings per share. Equities analysts anticipate that Corebridge Financial will post 4.84 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date was Thursday, March 14th. Corebridge Financial’s dividend payout ratio (DPR) is 54.44%.

Institutional Investors Weigh In On Corebridge Financial

A number of hedge funds have recently modified their holdings of CRBG. UBS Group AG acquired a new stake in Corebridge Financial during the third quarter worth about $186,000. Cubist Systematic Strategies LLC acquired a new stake in Corebridge Financial during the third quarter worth about $85,000. Vanguard Group Inc. purchased a new position in Corebridge Financial during the third quarter worth about $95,736,000. Two Sigma Investments LP purchased a new position in Corebridge Financial during the third quarter worth about $473,000. Finally, Advisor Group Holdings Inc. purchased a new position in Corebridge Financial during the fourth quarter worth about $35,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

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.