Corebridge Financial (NYSE:CRBG) Price Target Raised to $32.00

Corebridge Financial (NYSE:CRBG) had its price target upped by UBS Group from $29.00 to $32.00 in a research note issued to investors on Wednesday morning,Benzinga reports. UBS Group currently has a neutral rating on the stock.

A number of other equities analysts also recently issued reports on CRBG. Zacks Research upgraded shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. Piper Sandler dropped their target price on shares of Corebridge Financial from $35.00 to $31.00 and set an “overweight” rating for the company in a report on Tuesday, May 26th. JPMorgan Chase & Co. reduced their price target on shares of Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating for the company in a research report on Tuesday, May 12th. TD Cowen decreased their price target on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday, March 10th. Finally, Mizuho upped their price target on Corebridge Financial from $31.00 to $35.00 and gave the stock an “outperform” rating in a report on Thursday, May 7th. Nine equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $35.92.

Corebridge Financial Trading Up 0.7%

Shares of Corebridge Financial stock opened at $30.52 on Wednesday. The firm has a market cap of $13.61 billion, a price-to-earnings ratio of 55.49, a price-to-earnings-growth ratio of 0.34 and a beta of 1.10. Corebridge Financial has a 52-week low of $22.19 and a 52-week high of $36.57. The company’s 50-day simple moving average is $28.08 and its 200-day simple moving average is $27.88. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The business had revenue of $4.08 billion during the quarter, compared to analysts’ expectations of $5.06 billion. During the same period in the prior year, the firm posted $1.16 EPS. As a group, equities research analysts anticipate that Corebridge Financial will post 4.75 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Tuesday, June 16th. Corebridge Financial’s dividend payout ratio is presently 181.82%.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, insider David Ditillo sold 4,250 shares of the company’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $30.00, for a total value of $127,500.00. Following the sale, the insider owned 128,153 shares of the company’s stock, valued at $3,844,590. This represents a 3.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On Corebridge Financial

A number of hedge funds have recently made changes to their positions in the stock. Community Bank N.A. purchased a new stake in Corebridge Financial during the third quarter valued at about $26,000. Salomon & Ludwin LLC increased its position in Corebridge Financial by 179.7% during the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock worth $26,000 after purchasing an additional 532 shares in the last quarter. Rothschild Investment LLC lifted its position in Corebridge Financial by 133.3% during the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock valued at $27,000 after buying an additional 520 shares in the last quarter. Sonoma Allocations LLC purchased a new stake in Corebridge Financial during the first quarter worth approximately $30,000. Finally, True Wealth Design LLC increased its holdings in Corebridge Financial by 50.2% in the 4th quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock valued at $37,000 after purchasing an additional 412 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

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.