Corebridge Financial (NYSE:CRBG) Price Target Raised to $35.00

Corebridge Financial (NYSE:CRBG) had its price target increased by Piper Sandler from $34.00 to $35.00 in a research report released on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

CRBG has been the subject of several other research reports. TD Cowen boosted their price objective on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Barclays lifted their price target on shares of Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Morgan Stanley increased their price objective on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Finally, DOWLING & PARTN downgraded Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.08.

Corebridge Financial Trading Up 2.0 %

Shares of NYSE:CRBG opened at $29.66 on Wednesday. The company has a market capitalization of $16.87 billion, a PE ratio of -14.19, a P/E/G ratio of 0.39 and a beta of 0.86. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. Corebridge Financial has a 12-month low of $21.40 and a 12-month high of $34.66. The business’s fifty day simple moving average is $31.24 and its 200-day simple moving average is $29.51.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.21. The company had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The firm’s revenue for the quarter was up 39.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.05 earnings per share. As a group, equities research analysts predict that Corebridge Financial will post 4.81 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

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

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of the company’s stock in a transaction on 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 sale, the insider now directly owns 127,282,642 shares of the company’s stock, valued at approximately $4,005,584,743.74. This represents a 48.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.08% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Corebridge Financial

Institutional investors and hedge funds have recently modified their holdings of the stock. Point72 Asia Singapore Pte. Ltd. acquired a new position in Corebridge Financial in the third quarter valued at approximately $27,000. Capital Performance Advisors LLP acquired a new position in shares of Corebridge Financial in the 3rd quarter valued at $28,000. ORG Wealth Partners LLC purchased a new stake in Corebridge Financial during the third quarter worth $29,000. HM Payson & Co. acquired a new stake in Corebridge Financial during the third quarter valued at $29,000. Finally, LRI Investments LLC purchased a new position in Corebridge Financial in the second quarter valued at $30,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

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.