Corebridge Financial (NYSE:CRBG) Price Target Raised to $34.00 at JPMorgan Chase & Co.

Corebridge Financial (NYSE:CRBG) had its target price boosted by JPMorgan Chase & Co. from $26.00 to $34.00 in a report published on Tuesday morning, Benzinga reports. They currently have a neutral rating on the stock.

Other research analysts also recently issued reports about the company. Piper Sandler upped their price target on Corebridge Financial from $34.00 to $35.00 and gave the stock an overweight rating in a research note on Monday, May 6th. Jefferies Financial Group upped their price target on Corebridge Financial from $35.00 to $40.00 and gave the stock a buy rating in a research note on Friday, June 28th. Evercore ISI upped their price target on Corebridge Financial from $30.00 to $32.00 and gave the stock an outperform rating in a research note on Thursday, April 11th. Morgan Stanley increased their price objective on Corebridge Financial from $26.00 to $28.00 and gave the stock an equal weight rating in a research note on Monday, April 15th. Finally, Royal Bank of Canada reissued an outperform rating and issued a $33.00 price objective on shares of Corebridge Financial in a research note on Friday, June 28th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $31.42.

Corebridge Financial Stock Down 2.0 %

Shares of NYSE:CRBG opened at $28.75 on Tuesday. The company has a market capitalization of $17.49 billion, a price-to-earnings ratio of 7.57, a P/E/G ratio of 0.32 and a beta of 0.97. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.14 and a quick ratio of 0.14. The business’s 50-day moving average is $29.43 and its 200-day moving average is $26.54. Corebridge Financial has a 1 year low of $17.40 and a 1 year high of $34.66.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Friday, May 3rd. The company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.05. The company had revenue of $5.85 billion for the quarter, compared to the consensus estimate of $5.50 billion. Corebridge Financial had a return on equity of 23.64% and a net margin of 11.25%. During the same period in the previous year, the business earned $0.97 EPS. Equities research analysts predict that Corebridge Financial will post 4.88 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 3.20%. The ex-dividend date was Friday, June 14th. Corebridge Financial’s dividend payout ratio is presently 24.21%.

Insider Activity

In other news, major shareholder International Group American sold 1,932,609 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $29.20, for a total value of $56,432,182.80. Following the completion of the transaction, the insider now directly owns 292,271,027 shares of the company’s stock, valued at $8,534,313,988.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.09% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors and hedge funds have recently bought and sold shares of CRBG. American International Group Inc. grew its holdings in Corebridge Financial by 25,998,738.6% during the fourth quarter. American International Group Inc. now owns 324,205,517 shares of the company’s stock valued at $7,022,291,000 after purchasing an additional 324,204,270 shares during the period. Norges Bank bought a new position in shares of Corebridge Financial in the fourth quarter worth $225,561,000. Vanguard Group Inc. boosted its holdings in shares of Corebridge Financial by 39.0% in the fourth quarter. Vanguard Group Inc. now owns 23,713,102 shares of the company’s stock worth $513,626,000 after acquiring an additional 6,648,673 shares during the period. Hotchkis & Wiley Capital Management LLC boosted its holdings in shares of Corebridge Financial by 106.3% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 10,010,679 shares of the company’s stock worth $216,831,000 after acquiring an additional 5,157,570 shares during the period. Finally, Balyasny Asset Management L.P. bought a new position in shares of Corebridge Financial in the fourth quarter worth $105,728,000. 98.25% of the stock is owned by institutional investors.

Corebridge Financial Company Profile

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.