Corebridge Financial, Inc. (NYSE:CRBG) Announces Quarterly Dividend of $0.23

Corebridge Financial, Inc. (NYSE:CRBG) declared a quarterly dividend on Monday, November 4th,Zacks Dividends reports. Investors of record on Tuesday, December 17th will be given a dividend of 0.23 per share on Tuesday, December 31st. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date of this dividend is Tuesday, December 17th.

Corebridge Financial has a dividend payout ratio of 16.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Corebridge Financial to earn $5.65 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 16.3%.

Corebridge Financial Stock Up 1.1 %

Corebridge Financial stock opened at $30.69 on Friday. The stock has a 50-day simple moving average of $31.27 and a 200-day simple moving average of $29.50. The company has a market capitalization of $17.46 billion, a P/E ratio of -14.68, a PEG ratio of 0.39 and a beta of 0.86. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14. Corebridge Financial has a fifty-two week low of $21.40 and a fifty-two week high of $34.66.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.21. The business had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The company’s revenue was up 39.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.05 earnings per share. Equities research analysts expect that Corebridge Financial will post 4.81 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 121,956,256 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the completion of the transaction, the insider now directly owns 127,282,642 shares of the company’s stock, valued at $4,005,584,743.74. This trade represents a 48.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last ninety days, insiders have sold 156,956,256 shares of company stock worth $4,918,263,376. 0.08% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on CRBG shares. Morgan Stanley lifted their price objective 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. Piper Sandler reduced their price objective on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. Barclays lifted their target price on Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. DOWLING & PARTN cut Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Finally, TD Cowen lifted their price objective on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $35.00.

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.