Piper Sandler Forecasts Strong Price Appreciation for Corebridge Financial (NYSE:CRBG) Stock

Corebridge Financial (NYSE:CRBG) had its target price lifted by Piper Sandler from $34.00 to $35.00 in a research note released on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

CRBG has been the topic of several other research reports. Morgan Stanley raised their price target on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. TD Cowen raised their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. DOWLING & PARTN cut shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Finally, Barclays raised their price objective on shares of Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $35.08.

Corebridge Financial Price Performance

Shares of NYSE:CRBG opened at $28.79 on Wednesday. The company has a 50 day moving average of $31.27 and a 200 day moving average of $29.51. 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 stock has a market cap of $16.38 billion, a P/E ratio of -13.78, a P/E/G ratio of 0.39 and a beta of 0.86. Corebridge Financial has a 12 month low of $21.40 and a 12 month high of $34.66.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.21. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The firm had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same period in the previous year, the business earned $1.05 EPS. The business’s revenue for the quarter was up 39.5% on a year-over-year basis. As a group, sell-side analysts forecast that Corebridge Financial will post 4.81 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be paid a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 3.20%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial’s dividend payout ratio is presently -44.02%.

Insider Buying and Selling at Corebridge Financial

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 value of $3,837,963,376.32. Following the transaction, the insider now owns 127,282,642 shares in the company, valued at approximately $4,005,584,743.74. This trade represents a 48.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.08% of the company’s stock.

Institutional Investors Weigh In On Corebridge Financial

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