Corebridge Financial, Inc. (NYSE:CRBG) Plans Dividend Increase – $0.24 Per Share

Corebridge Financial, Inc. (NYSE:CRBG) declared a quarterly dividend on Thursday, February 13th,Wall Street Journal reports. Stockholders of record on Monday, March 17th will be paid a dividend of 0.24 per share on Monday, March 31st. This represents a $0.96 annualized dividend and a dividend yield of 2.99%. The ex-dividend date is Monday, March 17th. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.23.

Corebridge Financial has a dividend payout ratio of 14.7% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Corebridge Financial to earn $5.50 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 16.7%.

Corebridge Financial Stock Performance

Shares of NYSE CRBG opened at $32.07 on Friday. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83. The stock has a market capitalization of $18.24 billion, a price-to-earnings ratio of -15.34, a PEG ratio of 0.37 and a beta of 0.94. The stock’s fifty day simple moving average is $31.41 and its 200 day simple moving average is $30.15. Corebridge Financial has a 52-week low of $23.77 and a 52-week high of $34.66.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.04). Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. As a group, sell-side analysts forecast that Corebridge Financial will post 4.8 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on CRBG shares. Barclays upgraded Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price on the stock in a report on Monday, January 6th. Piper Sandler lifted their target price on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. TD Cowen lifted their target price on Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a “hold” rating to a “buy” rating and raised their target price for the stock from $33.00 to $40.00 in a research report on Friday, January 10th. Finally, Wells Fargo & Company decreased their target price on Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating for the company in a research report on Tuesday, January 14th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $36.43.

Insider Activity at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of the firm’s stock in a transaction dated 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 transaction, the insider now directly owns 127,282,642 shares in the company, valued at $4,005,584,743.74. This trade represents a 48.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.08% of the company’s stock.

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.