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

Corebridge Financial, Inc. (NYSE:CRBG) has been assigned an average rating of “Moderate Buy” from the twelve analysts that are presently covering the firm, MarketBeat Ratings reports. Five research analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $37.70.

A number of analysts have recently commented on the company. UBS Group cut their price objective on Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating for the company in a research report on Thursday, January 8th. Wolfe Research assumed coverage on shares of Corebridge Financial in a report on Friday, October 10th. They issued a “peer perform” rating for the company. Evercore ISI decreased their price objective on shares of Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating on the stock in a report on Wednesday, November 5th. Morgan Stanley reiterated an “equal weight” rating and issued a $33.00 target price (down previously from $39.00) on shares of Corebridge Financial in a research report on Monday, November 17th. Finally, Weiss Ratings downgraded shares of Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, January 15th.

Corebridge Financial Stock Up 2.1%

CRBG stock opened at $30.05 on Thursday. Corebridge Financial has a one year low of $23.69 and a one year high of $36.57. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.13 and a current ratio of 0.13. The firm’s fifty day moving average is $30.13 and its 200 day moving average is $32.17. The firm has a market cap of $15.64 billion, a PE ratio of 17.88, a P/E/G ratio of 0.42 and a beta of 1.04.

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

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Wednesday, December 17th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.2%. Corebridge Financial’s dividend payout ratio is presently 57.14%.

Institutional Trading of Corebridge Financial

Large investors have recently made changes to their positions in the company. IFP Advisors Inc grew its holdings in Corebridge Financial by 1,223.6% in the 2nd quarter. IFP Advisors Inc now owns 728 shares of the company’s stock valued at $26,000 after buying an additional 673 shares in the last quarter. Allworth Financial LP acquired a new position in shares of Corebridge Financial during the 2nd quarter valued at about $26,000. Community Bank N.A. purchased a new stake in shares of Corebridge Financial in the third quarter valued at about $26,000. Smartleaf Asset Management LLC grew its holdings in shares of Corebridge Financial by 83.6% in the third quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock valued at $27,000 after purchasing an additional 377 shares during the period. Finally, Root Financial Partners LLC acquired a new stake in Corebridge Financial during the third quarter worth about $32,000. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Company Profile

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.