Corebridge Financial, Inc. (NYSE:CRBG) Stock Rated “Moderate Buy” by Wall Street Brokerages

Corebridge Financial, Inc. (NYSE:CRBG) has earned a consensus recommendation of “Moderate Buy” from the fourteen analysts that are presently covering the firm, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $39.00.

CRBG has been the subject of a number of recent research reports. UBS Group boosted their target price on shares of Corebridge Financial from $32.00 to $36.00 and gave the stock a “neutral” rating in a report on Tuesday, October 6th. Wells Fargo & Company boosted their price objective on shares of Corebridge Financial from $39.00 to $40.00 and gave the stock an “overweight” rating in a research note on Monday, October 12th. Piper Sandler boosted their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a research note on Monday, October 12th. Jefferies Financial Group increased their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Finally, Mizuho raised their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an “outperform” rating in a research note on Wednesday, October 7th.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder Life Insurance Co Nippon bought 245,898 shares of the company’s stock in a transaction that occurred on Wednesday, October 28th. The shares were purchased at an average cost of $35.26 per share, for a total transaction of $8,670,363.48. Following the purchase, the insider directly owned 131,869,568 shares in the company, valued at $4,649,720,967.68. This represents a 0.19% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders acquired 9,708,897 shares of company stock valued at $333,608,695 and sold 28,895 shares valued at $983,886. 0.32% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CRBG. ProShare Advisors LLC lifted its stake in shares of Corebridge Financial by 4.7% in the 3rd quarter. ProShare Advisors LLC now owns 9,994 shares of the company’s stock valued at $331,000 after purchasing an additional 445 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Corebridge Financial by 11.8% during the 3rd quarter. Farther Finance Advisors LLC now owns 5,583 shares of the company’s stock worth $185,000 after purchasing an additional 590 shares during the period. Allworth Financial LP grew its holdings in shares of Corebridge Financial by 100.6% during the 2nd quarter. Allworth Financial LP now owns 1,444 shares of the company’s stock worth $41,000 after purchasing an additional 724 shares during the period. GAMMA Investing LLC increased its position in Corebridge Financial by 15.8% during the 3rd quarter. GAMMA Investing LLC now owns 5,836 shares of the company’s stock worth $193,000 after purchasing an additional 796 shares in the last quarter. Finally, State of Wyoming increased its position in Corebridge Financial by 16.1% during the 1st quarter. State of Wyoming now owns 5,919 shares of the company’s stock worth $141,000 after purchasing an additional 823 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Down 1.4%

Corebridge Financial stock opened at $34.79 on Friday. The business has a fifty day moving average of $34.12 and a two-hundred day moving average of $29.84. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14. The firm has a market cap of $15.51 billion, a P/E ratio of 20.35, a P/E/G ratio of 0.50 and a beta of 1.07. Corebridge Financial has a twelve month low of $22.19 and a twelve month high of $36.00.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.04. The business had revenue of $4.30 billion for 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 period last year, the business posted $1.36 EPS. On average, analysts forecast that Corebridge Financial will post 4.59 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

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

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 institutions through offerings designed to support retirement savings, income planning and financial protection.

Its products and services include individual and group retirement plans, annuities, life insurance and institutional retirement solutions. Corebridge also provides investment and administrative services associated with retirement plans, helping employers and employees manage long-term savings and retirement income needs.

Corebridge was established through the separation of American International Group’s (AIG) Life and Retirement business and began operating as an independent publicly traded company in 2022.