Corebridge Financial, Inc. (NYSE:CRBG) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Corebridge Financial, Inc. (NYSE:CRBG) have been given a consensus recommendation of “Moderate Buy” by the fourteen analysts that are covering the company, MarketBeat.com reports. Six analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $36.2727.

CRBG has been the subject of a number of research analyst reports. JPMorgan Chase & Co. cut their price target on Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating for the company in a report on Monday, January 5th. Zacks Research raised Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. Morgan Stanley cut their price target on Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating for the company in a report on Tuesday, March 3rd. Keefe, Bruyette & Woods reaffirmed a “moderate buy” rating and issued a $32.00 price target on shares of Corebridge Financial in a report on Thursday, March 26th. Finally, Mizuho initiated coverage on Corebridge Financial in a research report on Tuesday, December 16th. They issued an “outperform” rating and a $38.00 price objective for the company.

Corebridge Financial Stock Performance

Corebridge Financial stock opened at $24.51 on Tuesday. The stock has a 50-day simple moving average of $26.96 and a 200 day simple moving average of $29.48. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.11. Corebridge Financial has a 12-month low of $22.19 and a 12-month high of $36.57. The stock has a market capitalization of $11.80 billion, a price-to-earnings ratio of -46.23, a P/E/G ratio of 0.38 and a beta of 1.12.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Wednesday, February 11th. The company reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.11. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.The business had revenue of $6.34 billion during the quarter, compared to analysts’ expectations of $5.02 billion. During the same period in the previous year, the business posted $1.06 earnings per share. On average, research analysts anticipate that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th were given a $0.25 dividend. The ex-dividend date was Tuesday, March 17th. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a yield of 4.1%. Corebridge Financial’s dividend payout ratio is -188.68%.

Institutional Trading of Corebridge Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. increased its position in Corebridge Financial by 82.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 2,921 shares of the company’s stock worth $88,000 after purchasing an additional 1,316 shares during the period. Pacer Advisors Inc. increased its position in Corebridge Financial by 448,585.7% in the fourth quarter. Pacer Advisors Inc. now owns 31,408 shares of the company’s stock worth $948,000 after purchasing an additional 31,401 shares during the period. T. Rowe Price Investment Management Inc. acquired a new stake in Corebridge Financial in the fourth quarter worth about $3,672,000. Invesco Ltd. increased its position in Corebridge Financial by 80.8% in the fourth quarter. Invesco Ltd. now owns 1,213,379 shares of the company’s stock worth $36,608,000 after purchasing an additional 542,199 shares during the period. Finally, Mercer Global Advisors Inc. ADV increased its position in Corebridge Financial by 21.8% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 71,827 shares of the company’s stock worth $2,167,000 after purchasing an additional 12,838 shares during the period. 98.25% of the stock is currently owned by institutional investors and hedge funds.

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.