Corebridge Financial (NYSE:CRBG) Earns Outperform Rating from Analysts at Mizuho

Mizuho began coverage on shares of Corebridge Financial (NYSE:CRBG) in a report released on Tuesday morning, Marketbeat reports. The brokerage issued an outperform rating and a $38.00 target price on the stock.

CRBG has been the subject of several other research reports. Wells Fargo & Company lowered their target price on Corebridge Financial from $44.00 to $43.00 and set an “overweight” rating for the company in a research note on Wednesday, November 5th. Weiss Ratings restated a “buy (b-)” rating on shares of Corebridge Financial in a research report on Monday, December 8th. Evercore ISI dropped their price target on Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating for the company in a research note on Wednesday, November 5th. Keefe, Bruyette & Woods reduced their price objective on Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating on the stock in a research report on Thursday, October 9th. Finally, Wolfe Research started coverage on Corebridge Financial in a research report on Friday, October 10th. They issued a “peer perform” rating for the company. Nine analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Corebridge Financial currently has an average rating of “Moderate Buy” and a consensus target price of $39.27.

Corebridge Financial Price Performance

CRBG stock opened at $30.61 on Tuesday. The company’s 50-day moving average price is $30.54 and its two-hundred day moving average price is $32.68. Corebridge Financial has a 12 month low of $23.69 and a 12 month high of $36.57. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.77. The firm has a market cap of $15.93 billion, a P/E ratio of 18.22, a P/E/G ratio of 0.42 and a beta of 1.04.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Tuesday, November 4th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.12). Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. The firm had revenue of $5.63 billion for the quarter, compared to analyst estimates of $4.85 billion. During the same quarter in the prior year, the firm earned $1.23 earnings per share. The firm’s revenue for the quarter was up 34.2% on a year-over-year basis. On average, analysts anticipate that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Wednesday, December 17th. Corebridge Financial’s dividend payout ratio (DPR) is currently 57.14%.

Hedge Funds Weigh In On Corebridge Financial

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in Corebridge Financial by 7.2% in the third quarter. Vanguard Group Inc. now owns 26,831,915 shares of the company’s stock valued at $859,963,000 after purchasing an additional 1,805,819 shares in the last quarter. Pzena Investment Management LLC grew its stake in Corebridge Financial by 19.3% in the third quarter. Pzena Investment Management LLC now owns 22,329,199 shares of the company’s stock valued at $715,651,000 after acquiring an additional 3,605,498 shares during the period. AQR Capital Management LLC increased its holdings 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 valued at $258,880,000 after acquiring an additional 2,780,764 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Corebridge Financial by 6.9% during the third quarter. Dimensional Fund Advisors LP now owns 6,686,747 shares of the company’s stock worth $214,372,000 after purchasing an additional 430,308 shares during the period. Finally, LSV Asset Management grew its holdings in shares of Corebridge Financial by 2.1% during the third quarter. LSV Asset Management now owns 4,685,535 shares of the company’s stock valued at $150,171,000 after buying an additional 98,435 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors.

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.