Corebridge Financial (NYSE:CRBG) Price Target Increased to $28.00 by Analysts at Morgan Stanley

Corebridge Financial (NYSE:CRBG) had its target price hoisted by Morgan Stanley from $26.00 to $28.00 in a research note issued to investors on Monday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

Other research analysts have also issued reports about the company. Wells Fargo & Company lifted their target price on Corebridge Financial from $30.00 to $33.00 and gave the company an overweight rating in a report on Thursday, April 11th. Evercore ISI lifted their price target on Corebridge Financial from $30.00 to $32.00 and gave the stock an outperform rating in a report on Thursday, April 11th. The Goldman Sachs Group lifted their price target on Corebridge Financial from $27.00 to $31.00 and gave the stock a buy rating in a report on Tuesday, January 9th. Keefe, Bruyette & Woods lifted their price target on Corebridge Financial from $35.00 to $38.00 and gave the stock an outperform rating in a report on Wednesday, April 10th. Finally, Piper Sandler lifted their price target on Corebridge Financial from $30.00 to $34.00 and gave the stock an overweight rating in a report on Friday, April 5th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Corebridge Financial presently has an average rating of Moderate Buy and a consensus target price of $29.08.

Corebridge Financial Trading Down 0.4 %

NYSE:CRBG opened at $26.66 on Monday. The firm has a market cap of $16.60 billion, a PE ratio of 15.78, a price-to-earnings-growth ratio of 0.31 and a beta of 0.86. The stock has a fifty day moving average price of $25.88 and a 200 day moving average price of $23.06. Corebridge Financial has a 12-month low of $14.91 and a 12-month high of $29.40. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.92.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Thursday, February 15th. The company reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.05. The firm had revenue of $5.92 billion during the quarter, compared to analyst estimates of $5.65 billion. Corebridge Financial had a return on equity of 23.11% and a net margin of 5.92%. Corebridge Financial’s revenue was up 11.3% compared to the same quarter last year. During the same period last year, the business posted $0.88 earnings per share. Sell-side analysts anticipate that Corebridge Financial will post 4.86 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date was Thursday, March 14th. Corebridge Financial’s dividend payout ratio (DPR) is currently 54.44%.

Institutional Trading of Corebridge Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. American International Group Inc. increased its position in shares of Corebridge Financial by 25,998,738.6% during the fourth quarter. American International Group Inc. now owns 324,205,517 shares of the company’s stock worth $7,022,291,000 after purchasing an additional 324,204,270 shares in the last quarter. Capital Research Global Investors increased its position in Corebridge Financial by 6.5% in the 4th quarter. Capital Research Global Investors now owns 30,781,806 shares of the company’s stock valued at $666,734,000 after acquiring an additional 1,865,841 shares during the period. Vanguard Group Inc. increased its position in Corebridge Financial by 39.0% in the 4th quarter. Vanguard Group Inc. now owns 23,713,102 shares of the company’s stock valued at $513,626,000 after acquiring an additional 6,648,673 shares during the period. Price T Rowe Associates Inc. MD increased its position in Corebridge Financial by 16.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 18,725,378 shares of the company’s stock valued at $299,982,000 after acquiring an additional 2,677,024 shares during the period. Finally, Norges Bank acquired a new position in Corebridge Financial in the 4th quarter valued at about $225,561,000. Institutional investors and hedge funds 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.