Corebridge Financial, Inc. (NYSE:CRBG) Given Average Recommendation of “Moderate Buy” by Brokerages

Corebridge Financial, Inc. (NYSE:CRBG) has received a consensus recommendation of “Moderate Buy” from the thirteen ratings firms that are presently covering the company, Marketbeat.com reports. Three investment analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $35.00.

A number of equities research analysts recently issued reports on CRBG shares. TD Cowen increased their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday. Morgan Stanley lifted their target price on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Barclays increased their price target on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Piper Sandler cut their price objective on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. Finally, Royal Bank of Canada decreased their target price on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd.

Corebridge Financial Trading Up 1.1 %

Shares of Corebridge Financial stock opened at $32.42 on Friday. Corebridge Financial has a 52-week low of $20.07 and a 52-week high of $34.66. The firm has a market capitalization of $18.44 billion, a PE ratio of -15.51, a price-to-earnings-growth ratio of 0.41 and a beta of 0.90. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14. The company’s fifty day moving average price is $30.57 and its two-hundred day moving average price is $29.42.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The business had revenue of $5.53 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same period in the prior year, the firm posted $1.05 EPS. Corebridge Financial’s quarterly revenue was up 39.5% compared to the same quarter last year. On average, analysts expect that Corebridge Financial will post 4.78 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be given a dividend of $0.23 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a yield of 2.84%. Corebridge Financial’s payout ratio is presently -44.02%.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $31.20, for a total value of $936,000,000.00. Following the transaction, the insider now directly owns 249,238,898 shares in the company, valued at $7,776,253,617.60. This trade represents a 10.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Corebridge Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Corebridge Financial in the 3rd quarter valued at approximately $27,000. Capital Performance Advisors LLP bought a new stake in Corebridge Financial in the third quarter valued at approximately $28,000. HM Payson & Co. acquired a new stake in Corebridge Financial in the third quarter worth $29,000. ORG Wealth Partners LLC bought a new position in shares of Corebridge Financial during the third quarter worth $29,000. Finally, LRI Investments LLC acquired a new position in shares of Corebridge Financial in the 2nd quarter valued at $30,000. Institutional investors own 98.25% of the company’s stock.

About Corebridge Financial

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.