Corebridge Financial, Inc. (NYSE:CRBG) Given Consensus Recommendation of “Moderate Buy” by Analysts

Corebridge Financial, Inc. (NYSE:CRBG) has been assigned a consensus rating of “Moderate Buy” from the fourteen analysts that are covering the stock, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $35.08.

CRBG has been the topic of several recent research reports. 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. Piper Sandler increased 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. DOWLING & PARTN cut Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. Morgan Stanley increased their price target on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Finally, Barclays upped their price objective on Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th.

Corebridge Financial Price Performance

CRBG opened at $29.66 on Wednesday. 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 50-day moving average of $31.24 and a 200-day moving average of $29.52. Corebridge Financial has a 1-year low of $21.40 and a 1-year high of $34.66. The company has a market capitalization of $16.87 billion, a P/E ratio of -14.19, a PEG ratio of 0.39 and a beta of 0.86.

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. The firm had revenue of $5.53 billion for the quarter, compared to analysts’ expectations of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. Corebridge Financial’s revenue was up 39.5% on a year-over-year basis. During the same quarter last year, the company posted $1.05 earnings per share. Equities analysts expect that Corebridge Financial will post 4.81 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial’s payout ratio is -44.02%.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $31.20, for a total value of $936,000,000.00. Following the transaction, the insider now owns 249,238,898 shares in the company, valued at approximately $7,776,253,617.60. This represents a 10.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.08% of the company’s stock.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors and hedge funds have recently modified their holdings of CRBG. Massachusetts Financial Services Co. MA boosted its position in Corebridge Financial by 2.8% during the third quarter. Massachusetts Financial Services Co. MA now owns 10,483,856 shares of the company’s stock valued at $305,709,000 after purchasing an additional 284,781 shares during the last quarter. State Street Corp lifted its holdings in shares of Corebridge Financial by 11.7% during the 3rd quarter. State Street Corp now owns 8,035,438 shares of the company’s stock valued at $234,313,000 after buying an additional 843,559 shares during the last quarter. TD Asset Management Inc grew its stake in shares of Corebridge Financial by 0.5% in the 2nd quarter. TD Asset Management Inc now owns 7,426,483 shares of the company’s stock valued at $216,259,000 after buying an additional 37,269 shares in the last quarter. Canada Pension Plan Investment Board raised its position in Corebridge Financial by 249.3% during the second quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock valued at $183,894,000 after acquiring an additional 4,507,322 shares in the last quarter. Finally, FMR LLC lifted its stake in Corebridge Financial by 13.5% in the third quarter. FMR LLC now owns 5,030,104 shares of the company’s stock valued at $146,678,000 after acquiring an additional 598,373 shares during the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

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.