Corebridge Financial, Inc. (NYSE:CRBG) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Corebridge Financial, Inc. (NYSE:CRBG) has been assigned an average rating of “Moderate Buy” from the fourteen brokerages that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $36.62.

CRBG has been the subject of a number of recent research reports. Morgan Stanley lowered their price objective on Corebridge Financial from $43.00 to $32.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. Piper Sandler increased their price objective on Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday, April 2nd. Wells Fargo & Company lifted their target price on Corebridge Financial from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Wednesday, May 7th. Keefe, Bruyette & Woods lifted their price target on Corebridge Financial from $37.00 to $39.00 and gave the company an “outperform” rating in a research note on Wednesday, May 7th. Finally, UBS Group downgraded Corebridge Financial from a “buy” rating to a “sell” rating and dropped their price target for the company from $40.00 to $28.00 in a research note on Wednesday, April 2nd.

Institutional Trading of Corebridge Financial

A number of institutional investors and hedge funds have recently bought and sold shares of CRBG. Smartleaf Asset Management LLC boosted its position in Corebridge Financial by 112.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock valued at $27,000 after acquiring an additional 480 shares during the last quarter. Oarsman Capital Inc. purchased a new position in Corebridge Financial in the 4th quarter valued at approximately $30,000. Sunbelt Securities Inc. purchased a new position in Corebridge Financial in the 4th quarter valued at approximately $30,000. Blue Trust Inc. grew its stake in Corebridge Financial by 183.2% in the 4th quarter. Blue Trust Inc. now owns 1,127 shares of the company’s stock valued at $33,000 after buying an additional 729 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. boosted its holdings in Corebridge Financial by 58.4% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 1,147 shares of the company’s stock valued at $34,000 after purchasing an additional 423 shares during the period. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Price Performance

Shares of NYSE CRBG opened at $32.79 on Friday. The stock has a 50 day moving average of $30.11 and a two-hundred day moving average of $31.17. The stock has a market cap of $18.04 billion, a P/E ratio of 8.67, a P/E/G ratio of 0.43 and a beta of 1.01. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.16. Corebridge Financial has a twelve month low of $23.69 and a twelve month high of $35.36.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Monday, May 5th. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.01. The firm had revenue of $4.74 billion for the quarter, compared to analyst estimates of $5.28 billion. Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. During the same period last year, the company earned $1.10 EPS. On average, research analysts forecast that Corebridge Financial will post 5.43 earnings per share for the current year.

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.96 annualized dividend and a dividend yield of 2.93%. Corebridge Financial’s dividend payout ratio (DPR) is presently 81.36%.

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.