Corebridge Financial (NYSE:CRBG) Price Target Raised to $39.00

Corebridge Financial (NYSE:CRBG) had its target price increased by Barclays from $33.00 to $39.00 in a research note released on Wednesday,Benzinga reports. Barclays currently has an overweight rating on the stock.

Several other equities research analysts have also recently weighed in on the stock. TD Cowen upped their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Weiss Ratings upgraded Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. Piper Sandler increased their price objective on shares of Corebridge Financial from $36.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday, August 12th. Keefe, Bruyette & Woods lifted their target price on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 11th. Finally, Zacks Research raised shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Nine equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.58.

Corebridge Financial Price Performance

Shares of CRBG stock opened at $34.10 on Wednesday. Corebridge Financial has a one year low of $22.19 and a one year high of $35.64. The company has a market capitalization of $15.20 billion, a P/E ratio of 19.94, a P/E/G ratio of 0.44 and a beta of 1.07. The company’s 50-day simple moving average is $33.68 and its two-hundred day simple moving average is $29.82. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.04. The business had revenue of $4.30 billion during the quarter, compared to analyst estimates of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%. During the same period in the previous year, the company posted $1.36 EPS. As a group, equities analysts anticipate that Corebridge Financial will post 4.63 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were given a dividend of $0.25 per share. The ex-dividend date was Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a yield of 2.9%. Corebridge Financial’s payout ratio is currently 58.48%.

Insider Buying and Selling

In related news, major shareholder Life Insurance Co Nippon purchased 606,912 shares of the business’s stock in a transaction on Wednesday, October 7th. The shares were bought at an average cost of $34.40 per share, with a total value of $20,877,772.80. Following the transaction, the insider owned 127,393,018 shares of the company’s stock, valued at approximately $4,382,319,819.20. This trade represents a 0.48% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last 90 days, insiders have acquired 5,232,347 shares of company stock valued at $179,558,204 and have sold 28,895 shares valued at $983,886. Insiders own 0.32% of the company’s stock.

Institutional Trading of Corebridge Financial

A number of hedge funds have recently modified their holdings of CRBG. Pzena Investment Management LLC purchased a new position in Corebridge Financial during the second quarter valued at approximately $967,400,000. BlackRock Inc. purchased a new stake in Corebridge Financial during the second quarter worth $726,494,000. Dimensional Fund Advisors LP grew its position in shares of Corebridge Financial by 43.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company’s stock valued at $211,575,000 after acquiring an additional 2,689,611 shares during the period. Donald Smith & CO. Inc. purchased a new stake in shares of Corebridge Financial in the second quarter valued at approximately $168,134,000. Finally, Davis Asset Management L.P. acquired a new position in shares of Corebridge Financial during the 2nd quarter worth approximately $166,054,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

About Corebridge Financial

Corebridge Financial, Inc (NYSE: CRBG) is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers and institutional clients through businesses focused on retirement services, life insurance and institutional markets.

Its offerings include fixed, variable and registered index-linked annuities; individual life insurance; employer-sponsored retirement plans; and investment, funding and risk-management solutions for institutions.