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

Corebridge Financial, Inc. (NYSE:CRBG) has been given an average recommendation of “Moderate Buy” by the fourteen ratings firms that are covering the company, Marketbeat reports. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $39.7273.

CRBG has been the topic of several research reports. Keefe, Bruyette & Woods lowered their price objective on shares of Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating on the stock in a research report on Thursday, October 9th. Barclays decreased their target price on shares of Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating for the company in a research note on Wednesday, October 8th. Morgan Stanley dropped their price target on Corebridge Financial from $40.00 to $39.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 7th. Wells Fargo & Company reduced their price objective on Corebridge Financial from $44.00 to $43.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Evercore ISI decreased their price objective on Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating for the company in a research report on Wednesday.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $29.90 on Friday. The company has a market cap of $15.56 billion, a P/E ratio of 17.80, a PEG ratio of 0.43 and a beta of 1.02. The firm has a fifty day moving average price of $32.34 and a 200 day moving average price of $32.98. The company has a current ratio of 0.13, a quick ratio of 0.12 and a debt-to-equity ratio of 0.77. Corebridge Financial has a 12 month low of $23.69 and a 12 month high of $36.57.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Monday, November 3rd. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.12). The business had revenue of $5.63 billion for the quarter, compared to analysts’ expectations of $4.85 billion. Corebridge Financial had a return on equity of 19.90% and a net margin of 5.01%.The firm’s quarterly revenue was up 34.2% on a year-over-year basis. During the same period last year, the firm earned $1.23 earnings per share. Sell-side analysts predict that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Wednesday, December 17th. Corebridge Financial’s dividend payout ratio (DPR) is 57.14%.

Insider Buying and Selling

In other news, major shareholder International Group American sold 1,184,160 shares of the firm’s stock in a transaction on Friday, September 5th. The shares were sold at an average price of $33.65, for a total value of $39,846,984.00. Following the completion of the sale, the insider owned 82,711,853 shares in the company, valued at approximately $2,783,253,853.45. This trade represents a 1.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.29% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CRBG. Teacher Retirement System of Texas acquired a new position in Corebridge Financial during the 1st quarter worth approximately $1,177,000. Bank of New York Mellon Corp boosted its stake in shares of Corebridge Financial by 14.7% in the first quarter. Bank of New York Mellon Corp now owns 1,343,025 shares of the company’s stock valued at $42,399,000 after buying an additional 172,475 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Corebridge Financial by 227.6% in the first quarter. Envestnet Asset Management Inc. now owns 1,458,517 shares of the company’s stock valued at $46,045,000 after buying an additional 1,013,259 shares in the last quarter. Alps Advisors Inc. acquired a new position in Corebridge Financial during the first quarter worth $348,000. Finally, Cerity Partners LLC raised its position in Corebridge Financial by 149.2% in the first quarter. Cerity Partners LLC now owns 56,315 shares of the company’s stock worth $1,778,000 after acquiring an additional 33,719 shares in the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

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.