Brokerages Set Corebridge Financial, Inc. (NYSE:CRBG) PT at $37.09

Shares of Corebridge Financial, Inc. (NYSE:CRBG) have received an average rating of “Moderate Buy” from the fourteen brokerages that are covering the company, Marketbeat Ratings reports. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $37.0909.

A number of equities research analysts have recently commented on the company. Weiss Ratings lowered Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, January 15th. Morgan Stanley decreased their price objective on Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 3rd. Mizuho began coverage on Corebridge Financial in a research note on Tuesday, December 16th. They set an “outperform” rating and a $38.00 target price for the company. UBS Group dropped their target price on shares of Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating on the stock in a report on Thursday, January 8th. Finally, Wells Fargo & Company cut their price target on shares of Corebridge Financial from $37.00 to $36.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 25th.

Hedge Funds Weigh In On Corebridge Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRBG. Vanguard Group Inc. boosted its position in shares of Corebridge Financial by 7.2% during the third quarter. Vanguard Group Inc. now owns 26,831,915 shares of the company’s stock worth $859,963,000 after buying an additional 1,805,819 shares during the period. Algebris UK Ltd. grew its holdings in shares of Corebridge Financial by 31.4% during the third quarter. Algebris UK Ltd. now owns 1,393,378 shares of the company’s stock worth $44,624,000 after buying an additional 333,245 shares in the last quarter. Machina Capital S.A.S. acquired a new stake in Corebridge Financial in the 3rd quarter valued at approximately $1,182,000. Dimensional Fund Advisors LP raised its position in Corebridge Financial by 6.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 6,686,747 shares of the company’s stock valued at $214,372,000 after buying an additional 430,308 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in Corebridge Financial by 928.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 68,226 shares of the company’s stock valued at $2,187,000 after acquiring an additional 61,595 shares in the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Price Performance

CRBG opened at $23.48 on Friday. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.11. Corebridge Financial has a 12 month low of $22.32 and a 12 month high of $36.57. The company has a fifty day simple moving average of $29.11 and a 200 day simple moving average of $30.59. The stock has a market cap of $11.31 billion, a P/E ratio of -44.29, a P/E/G ratio of 0.36 and a beta of 1.12.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Wednesday, February 11th. The company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.11 by $0.11. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.The business had revenue of $6.34 billion for the quarter, compared to the consensus estimate of $5.02 billion. During the same quarter last year, the business posted $1.06 EPS. On average, research analysts expect that Corebridge Financial will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be issued a dividend of $0.25 per share. The ex-dividend date is Tuesday, March 17th. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.3%. Corebridge Financial’s dividend payout ratio (DPR) is -181.13%.

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.