Analysts Set Corebridge Financial, Inc. (NYSE:CRBG) Target Price at $35.17

Shares of Corebridge Financial, Inc. (NYSE:CRBG) have been given a consensus recommendation of “Moderate Buy” by the fourteen research firms that are presently covering the company, MarketBeat reports. Six analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $34.3636.

A number of brokerages have commented on CRBG. Keefe, Bruyette & Woods upped their target price on shares of Corebridge Financial from $31.00 to $38.00 and gave the company an “outperform” rating in a report on Wednesday, May 6th. Wells Fargo & Company raised their price objective on Corebridge Financial from $32.00 to $35.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. Morgan Stanley decreased their price objective on Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 3rd. Mizuho raised their price objective on Corebridge Financial from $31.00 to $35.00 and gave the stock an “outperform” rating in a research note on Thursday, May 7th. Finally, TD Cowen decreased their price objective on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday, March 10th.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Redwood Investment Management LLC lifted its stake in shares of Corebridge Financial by 9.6% during the 1st quarter. Redwood Investment Management LLC now owns 45,362 shares of the company’s stock valued at $1,082,000 after buying an additional 3,982 shares in the last quarter. Glenmede Trust Co. NA lifted its stake in shares of Corebridge Financial by 11.2% during the 1st quarter. Glenmede Trust Co. NA now owns 8,742 shares of the company’s stock valued at $209,000 after buying an additional 884 shares in the last quarter. Sonoma Allocations LLC purchased a new position in shares of Corebridge Financial during the 1st quarter valued at $30,000. Janus Henderson Group PLC lifted its stake in shares of Corebridge Financial by 414.3% during the 1st quarter. Janus Henderson Group PLC now owns 56,229 shares of the company’s stock valued at $1,342,000 after buying an additional 45,295 shares in the last quarter. Finally, Sunbelt Securities Inc. lifted its stake in shares of Corebridge Financial by 7.4% during the 1st quarter. Sunbelt Securities Inc. now owns 28,907 shares of the company’s stock valued at $690,000 after buying an additional 2,003 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Performance

Shares of CRBG opened at $28.63 on Friday. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12. Corebridge Financial has a one year low of $22.19 and a one year high of $36.57. The firm has a market capitalization of $12.76 billion, a P/E ratio of 52.06, a PEG ratio of 0.32 and a beta of 1.14. The business has a fifty day moving average of $27.46 and a 200 day moving average of $27.97.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The business had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $5.06 billion. During the same period in the prior year, the company posted $1.16 earnings per share. As a group, sell-side analysts anticipate that Corebridge Financial will post 4.75 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $1.00 annualized dividend and a dividend yield of 3.5%. Corebridge Financial’s dividend payout ratio (DPR) is 181.82%.

About Corebridge Financial

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.