Barclays Boosts Corebridge Financial (NYSE:CRBG) Price Target to $36.00

Corebridge Financial (NYSE:CRBG) had its price objective hoisted by Barclays from $34.00 to $36.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other research firms have also commented on CRBG. Royal Bank of Canada decreased their price objective on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. UBS Group lifted their price target on shares of Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Piper Sandler reduced their price target on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 2nd. Morgan Stanley boosted their target price on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday. Finally, Bank of America cut their price target on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $34.85.

Corebridge Financial Trading Down 3.2 %

Shares of Corebridge Financial stock opened at $30.82 on Tuesday. The company has a 50-day moving average of $29.61 and a two-hundred day moving average of $29.12. 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 cap of $18.25 billion, a PE ratio of -14.75, a price-to-earnings-growth ratio of 0.43 and a beta of 0.90. Corebridge Financial has a 12-month low of $18.83 and a 12-month high of $34.66.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data 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 23.22%. The firm had revenue of $5.53 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same period in the prior year, the company earned $1.05 EPS. The firm’s revenue was up 39.5% on a year-over-year basis. On average, research analysts anticipate that Corebridge Financial will post 4.65 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.99%. The ex-dividend date is Tuesday, December 17th. Corebridge Financial’s dividend payout ratio (DPR) is -44.02%.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 5,000,000 shares of the firm’s stock in a transaction that occurred 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 owns 279,238,898 shares in the company, valued at $8,058,834,596.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.08% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Corebridge Financial

Several large investors have recently modified their holdings of CRBG. Covestor Ltd boosted its holdings in shares of Corebridge Financial by 118.8% in the 3rd quarter. Covestor Ltd now owns 1,050 shares of the company’s stock valued at $31,000 after buying an additional 570 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Corebridge Financial by 2.8% in the second quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock valued at $625,000 after acquiring an additional 585 shares during the period. Commonwealth Equity Services LLC grew its holdings in shares of Corebridge Financial by 2.7% during the second quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock valued at $650,000 after purchasing an additional 597 shares during the last quarter. Xponance Inc. raised its position in shares of Corebridge Financial by 3.0% during the 2nd quarter. Xponance Inc. now owns 21,037 shares of the company’s stock worth $613,000 after purchasing an additional 612 shares during the period. Finally, Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Corebridge Financial by 3.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 25,403 shares of the company’s stock worth $740,000 after purchasing an additional 770 shares during the last quarter. Institutional investors own 98.25% of the company’s stock.

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.