Corebridge Financial (NYSE:CRBG) Hits New 52-Week High – Here’s Why

Corebridge Financial, Inc. (NYSE:CRBG) reached a new 52-week high on Friday . The stock traded as high as $34.82 and last traded at $34.7050, with a volume of 1004014 shares traded. The stock had previously closed at $34.75.

Analysts Set New Price Targets

CRBG has been the subject of a number of recent analyst reports. Wells Fargo & Company upped their target price on Corebridge Financial from $36.00 to $39.00 and gave the company an “overweight” rating in a report on Wednesday, August 19th. UBS Group boosted their price objective on shares of Corebridge Financial from $29.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, July 8th. JPMorgan Chase & Co. decreased their price objective on shares of Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating for the company in a report on Tuesday, May 12th. Jefferies Financial Group raised their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. Finally, TD Cowen lifted their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Nine equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.42.

Corebridge Financial Stock Down 0.4%

The company has a market capitalization of $15.43 billion, a P/E ratio of 20.23, a price-to-earnings-growth ratio of 0.43 and a beta of 1.08. The company has a 50-day moving average of $31.81 and a two-hundred day moving average of $28.36. 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 posted its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.04. The business had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.During the same quarter in the prior year, the company earned $1.36 earnings per share. On average, research analysts predict that Corebridge Financial, Inc. will post 4.58 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.00 annualized dividend and a yield of 2.9%. Corebridge Financial’s payout ratio is presently 58.48%.

Insider Activity at Corebridge Financial

In other news, EVP Elizabeth B. 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 owned 46,473 shares of the company’s stock, valued at $1,536,397.38. The trade was a 14.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 completion of the transaction, the insider owned 111,153 shares in the company, valued at approximately $3,779,202. The trade was a 10.05% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 24,409 shares of company stock valued at $805,626 over the last quarter. Company insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Corebridge Financial

Several hedge funds and other institutional investors have recently bought and sold shares of CRBG. Bank of Nova Scotia raised its stake in Corebridge Financial by 3.8% during the 2nd quarter. Bank of Nova Scotia now owns 9,328 shares of the company’s stock valued at $331,000 after buying an additional 340 shares during the last quarter. Integrated Wealth Concepts LLC grew its holdings in shares of Corebridge Financial by 2.5% in the third quarter. Integrated Wealth Concepts LLC now owns 15,424 shares of the company’s stock worth $494,000 after acquiring an additional 383 shares during the period. Van ECK Associates Corp increased its position in Corebridge Financial by 10.2% during the fourth quarter. Van ECK Associates Corp now owns 4,684 shares of the company’s stock valued at $141,000 after acquiring an additional 435 shares during the last quarter. Empowered Funds LLC lifted its holdings in Corebridge Financial by 7.1% in the fourth quarter. Empowered Funds LLC now owns 7,042 shares of the company’s stock valued at $212,000 after acquiring an additional 465 shares during the period. Finally, Rothschild Investment LLC lifted its holdings in Corebridge Financial by 133.3% in the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock valued at $27,000 after acquiring an additional 520 shares during the period. 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.