Corebridge Financial (NYSE:CRBG) Upgraded by Barclays to Overweight Rating

Barclays upgraded shares of Corebridge Financial (NYSE:CRBG) from an equal weight rating to an overweight rating in a research note issued to investors on Monday, Marketbeat.com reports. Barclays currently has $37.00 price target on the stock.

A number of other brokerages have also commented on CRBG. DOWLING & PARTN lowered Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Piper Sandler upped their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Morgan Stanley raised their target price on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Finally, TD Cowen upped their price target on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $35.15.

Corebridge Financial Trading Up 0.2 %

Shares of Corebridge Financial stock opened at $31.35 on Monday. Corebridge Financial has a 12-month low of $23.01 and a 12-month high of $34.66. The firm’s 50 day simple moving average is $30.95 and its two-hundred day simple moving average is $29.63. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $17.83 billion, a price-to-earnings ratio of -15.00, a PEG ratio of 0.39 and a beta of 0.92.

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 company had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter last year, the business posted $1.05 EPS. The firm’s quarterly revenue was up 39.5% on a year-over-year basis. Analysts predict that Corebridge Financial will post 4.81 EPS for the current year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th were paid a dividend of $0.23 per share. The ex-dividend date was Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.93%. Corebridge Financial’s dividend payout ratio is currently -44.02%.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the completion of the sale, the insider now directly owns 127,282,642 shares in the company, valued at approximately $4,005,584,743.74. The trade was a 48.93 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.08% of the company’s stock.

Institutional Trading of Corebridge Financial

A number of institutional investors have recently made changes to their positions in the company. Covestor Ltd raised its stake in Corebridge Financial by 118.8% in the 3rd quarter. Covestor Ltd now owns 1,050 shares of the company’s stock valued at $31,000 after purchasing an additional 570 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Corebridge Financial by 2.8% in the second quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock valued at $625,000 after buying an additional 585 shares during the last quarter. Commonwealth Equity Services LLC lifted its stake in shares of Corebridge Financial by 2.7% in the second quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock worth $650,000 after buying an additional 597 shares in the last quarter. Xponance Inc. boosted its position in Corebridge Financial by 3.0% during the second quarter. Xponance Inc. now owns 21,037 shares of the company’s stock worth $613,000 after acquiring an additional 612 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC grew its stake in Corebridge Financial by 3.1% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 25,403 shares of the company’s stock valued at $740,000 after acquiring an additional 770 shares in the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

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.