Corebridge Financial, Inc. (NYSE:CRBG) Receives Average Recommendation of “Moderate Buy” from Analysts

Corebridge Financial, Inc. (NYSE:CRBG) has been assigned an average recommendation of “Moderate Buy” from the fourteen ratings firms that are covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $35.92.

CRBG has been the topic of several research reports. Morgan Stanley raised their price objective on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a “hold” rating to a “buy” rating and boosted their price target for the stock from $33.00 to $40.00 in a research report on Friday, January 10th. DOWLING & PARTN downgraded shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Wells Fargo & Company reduced their target price on shares of Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 14th. Finally, Piper Sandler raised their price target 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.

Corebridge Financial Stock Up 0.9 %

CRBG opened at $31.99 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14. The company has a market cap of $18.20 billion, a price-to-earnings ratio of -15.31, a PEG ratio of 0.33 and a beta of 0.92. Corebridge Financial has a one year low of $23.01 and a one year high of $34.66. The business’s fifty day moving average is $30.84 and its two-hundred day moving average is $29.70.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Monday, November 4th. The company reported $1.38 EPS for the quarter, topping the consensus estimate of $1.17 by $0.21. The business had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The business’s revenue for the quarter was up 39.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.05 EPS. Analysts anticipate that Corebridge Financial will post 4.83 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th were issued a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 2.88%. The ex-dividend date of this dividend was Tuesday, December 17th. Corebridge Financial’s dividend payout ratio is currently -44.02%.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 121,956,256 shares of Corebridge Financial stock in a transaction dated 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 completion of the transaction, the insider now directly owns 127,282,642 shares of the company’s stock, 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 SEC, which is accessible through this hyperlink. 0.08% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Corebridge Financial

Several large investors have recently added to or reduced their stakes in the stock. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Corebridge Financial during the third quarter worth approximately $27,000. Fortitude Family Office LLC bought a new stake in Corebridge Financial during the 4th quarter valued at $27,000. FNY Investment Advisers LLC acquired a new position in Corebridge Financial during the 4th quarter worth $27,000. Capital Performance Advisors LLP bought a new position in shares of Corebridge Financial in the third quarter worth $28,000. Finally, ORG Wealth Partners LLC acquired a new position in shares of Corebridge Financial during the third quarter valued at $29,000. 98.25% of the stock is owned by institutional investors and hedge funds.

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.