Corebridge Financial, Inc. (NYSE:CRBG) Shareholders to Receive $0.25 Quarterly Dividend

Corebridge Financial, Inc. (NYSE:CRBG) announced a quarterly dividend on Monday, November 2nd. Shareholders of record on Thursday, December 17th will be given a dividend of $0.25 per share on Thursday, December 31st. This represents a $1.00 annualized dividend and a yield of 2.8%. The ex-dividend date is Thursday, December 17th.

Corebridge Financial has a payout ratio of 17.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect Corebridge Financial to earn $5.74 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 17.4%.

Corebridge Financial Trading Up 2.7%

Shares of NYSE:CRBG traded up $0.95 on Tuesday, reaching $35.99. 4,427,938 shares of the company traded hands, compared to its average volume of 4,977,058. The stock has a market capitalization of $16.05 billion, a P/E ratio of 21.07, a price-to-earnings-growth ratio of 0.50 and a beta of 1.07. The business’s 50-day simple moving average is $34.19 and its 200 day simple moving average is $29.87. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14. Corebridge Financial has a 52 week low of $22.19 and a 52 week high of $36.56.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Monday, November 2nd. The company reported $1.22 earnings per share for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.01). The company had revenue of $4.50 billion during the quarter, compared to the consensus estimate of $5.36 billion. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The company’s revenue was down 20.0% on a year-over-year basis. During the same period last year, the firm posted $0.96 EPS. As a group, equities analysts anticipate that Corebridge Financial will post 4.59 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have weighed in on CRBG shares. TD Cowen boosted their price objective on Corebridge Financial from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, October 21st. Weiss Ratings upgraded shares of Corebridge Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday. Mizuho lifted their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 7th. UBS Group increased their price target on shares of Corebridge Financial from $32.00 to $36.00 and gave the company a “neutral” rating in a research report on Tuesday, October 6th. Finally, Piper Sandler raised their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a report on Monday, October 12th. Ten analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $39.00.

Corebridge Financial Company Profile

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.