Jefferies Financial Group Boosts Corebridge Financial (NYSE:CRBG) Price Target to $40.00

Corebridge Financial (NYSE:CRBG) had its target price raised by Jefferies Financial Group from $35.00 to $40.00 in a research report sent to investors on Friday morning, Benzinga reports. Jefferies Financial Group currently has a buy rating on the stock.

CRBG has been the topic of several other research reports. Morgan Stanley boosted their price objective on shares of Corebridge Financial from $26.00 to $28.00 and gave the stock an equal weight rating in a report on Monday, April 15th. Piper Sandler boosted their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an overweight rating in a report on Monday, May 6th. Wells Fargo & Company boosted their price objective on shares of Corebridge Financial from $33.00 to $34.00 and gave the stock an overweight rating in a report on Friday, May 10th. Royal Bank of Canada restated an outperform rating and set a $33.00 price objective on shares of Corebridge Financial in a report on Friday. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an outperform rating in a report on Wednesday, April 10th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $31.18.

Corebridge Financial Stock Performance

Shares of CRBG opened at $29.12 on Friday. The company has a market capitalization of $17.72 billion, a PE ratio of 7.66, a price-to-earnings-growth ratio of 0.32 and a beta of 0.99. Corebridge Financial has a one year low of $17.37 and a one year high of $34.66. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.14 and a quick ratio of 0.14. The company’s fifty day moving average price is $29.21 and its 200 day moving average price is $26.31.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Friday, May 3rd. The company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.05 by $0.05. The firm had revenue of $5.85 billion for the quarter, compared to the consensus estimate of $5.50 billion. Corebridge Financial had a net margin of 11.25% and a return on equity of 23.64%. During the same quarter last year, the firm posted $0.97 EPS. As a group, analysts expect that Corebridge Financial will post 4.95 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a $0.23 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.92 dividend on an annualized basis and a yield of 3.16%. Corebridge Financial’s dividend payout ratio (DPR) is presently 24.21%.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $29.20, for a total value of $876,000,000.00. Following the transaction, the insider now directly owns 294,203,636 shares in the company, valued at $8,590,746,171.20. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.09% of the company’s stock.

Hedge Funds Weigh In On Corebridge Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale lifted its position in shares of Corebridge Financial by 134.3% during the first quarter. DekaBank Deutsche Girozentrale now owns 20,565 shares of the company’s stock worth $578,000 after purchasing an additional 11,786 shares in the last quarter. Algebris UK Ltd acquired a new position in shares of Corebridge Financial during the first quarter worth approximately $7,187,000. Plato Investment Management Ltd acquired a new position in shares of Corebridge Financial during the first quarter worth approximately $100,000. Tidal Investments LLC lifted its position in shares of Corebridge Financial by 154.6% during the first quarter. Tidal Investments LLC now owns 25,647 shares of the company’s stock worth $737,000 after purchasing an additional 15,574 shares in the last quarter. Finally, California State Teachers Retirement System lifted its position in shares of Corebridge Financial by 772.7% during the first quarter. California State Teachers Retirement System now owns 331,471 shares of the company’s stock worth $9,523,000 after purchasing an additional 293,487 shares in the last quarter. 98.25% of the stock is currently 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.