Corebridge Financial (NYSE:CRBG) Earns Outperform Rating from Analysts at Mizuho

Mizuho started coverage on shares of Corebridge Financial (NYSE:CRBG) in a research report released on Monday, Marketbeat Ratings reports. The brokerage issued an outperform rating and a $38.00 price target on the stock.

A number of other analysts also recently issued reports on CRBG. Evercore ISI cut their target price on Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating for the company in a research note on Wednesday, November 5th. Wells Fargo & Company cut their price objective on shares of Corebridge Financial from $44.00 to $43.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Corebridge Financial in a report on Monday. Keefe, Bruyette & Woods dropped their price target on shares of Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating for the company in a research note on Thursday, October 9th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $33.00 price target (down previously from $39.00) on shares of Corebridge Financial in a research report on Monday, November 17th. Nine analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $39.27.

Corebridge Financial Stock Down 4.7%

CRBG stock opened at $30.51 on Monday. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.77. The firm has a 50-day moving average of $30.57 and a two-hundred day moving average of $32.70. Corebridge Financial has a 12 month low of $23.69 and a 12 month high of $36.57. The company has a market cap of $15.88 billion, a price-to-earnings ratio of 18.16, a PEG ratio of 0.44 and a beta of 1.04.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.12). Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. The company had revenue of $5.63 billion during the quarter, compared to analyst estimates of $4.85 billion. During the same period in the prior year, the business posted $1.23 EPS. Corebridge Financial’s revenue for the quarter was up 34.2% compared to the same quarter last year. As a group, analysts forecast that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The business 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 dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, December 17th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.1%. Corebridge Financial’s dividend payout ratio (DPR) is presently 57.14%.

Institutional Trading of Corebridge Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Pzena Investment Management LLC raised its holdings in shares of Corebridge Financial by 132.6% in the 2nd quarter. Pzena Investment Management LLC now owns 18,723,701 shares of the company’s stock valued at $664,691,000 after buying an additional 10,673,099 shares during the period. Norges Bank acquired a new position in Corebridge Financial in the 2nd quarter valued at about $145,632,000. AQR Capital Management LLC increased its stake in Corebridge Financial by 50.0% during the first quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company’s stock worth $258,880,000 after purchasing an additional 2,780,764 shares during the period. Alyeska Investment Group L.P. acquired a new stake in shares of Corebridge Financial during the third quarter worth about $69,738,000. Finally, Vanguard Group Inc. boosted its stake in shares of Corebridge Financial by 7.2% in the third quarter. Vanguard Group Inc. now owns 26,831,915 shares of the company’s stock valued at $859,963,000 after purchasing an additional 1,805,819 shares during the period. Hedge funds and other 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.