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

Corebridge Financial, Inc. (NYSE:CRBG) announced a quarterly dividend on Monday, November 4th, Zacks reports. Shareholders 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 annualized dividend and a yield of 2.78%. The ex-dividend date of this dividend is Tuesday, December 17th.

Corebridge Financial has a dividend payout ratio of 16.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect Corebridge Financial to earn $5.58 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 16.5%.

Corebridge Financial Stock Up 10.5 %

Shares of NYSE CRBG traded up $3.15 during midday trading on Wednesday, reaching $33.15. The company’s stock had a trading volume of 1,990,563 shares, compared to its average volume of 3,858,358. The stock has a 50 day simple moving average of $29.46 and a 200-day simple moving average of $29.07. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.97. The stock has a market capitalization of $19.63 billion, a price-to-earnings ratio of 9.34, a PEG ratio of 0.43 and a beta of 0.90. Corebridge Financial has a fifty-two week low of $18.83 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 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. The company had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the prior year, the business posted $1.05 EPS. The company’s quarterly revenue was up 39.5% on a year-over-year basis. Equities research analysts predict that Corebridge Financial will post 4.65 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Royal Bank of Canada lowered their target price on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. TD Cowen began coverage on shares of Corebridge Financial in a report on Wednesday, October 9th. They issued a “buy” rating and a $35.00 target price on the stock. UBS Group raised their target price on shares of Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Barclays boosted their price target on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Finally, Piper Sandler cut their price objective on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Corebridge Financial has a consensus rating of “Moderate Buy” and an average target price of $34.85.

Insider Activity

In other news, major shareholder International Group American sold 5,000,000 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the completion of the sale, the insider now directly owns 279,238,898 shares in the company, valued at approximately $8,058,834,596.28. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.08% of the stock is owned by company insiders.

Corebridge Financial Company Profile

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.