Corebridge Financial (NYSE:CRBG) Price Target Raised to $36.00

Corebridge Financial (NYSE:CRBG) had its price objective boosted by Piper Sandler from $31.00 to $36.00 in a report issued on Wednesday,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

Several other research firms have also weighed in on CRBG. Mizuho lifted their price objective on shares of Corebridge Financial from $35.00 to $36.00 and gave the stock an “outperform” rating in a research note on Thursday, July 9th. Keefe, Bruyette & Woods upped their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. JPMorgan Chase & Co. cut their target price on shares of Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating on the stock in a report on Tuesday, May 12th. Zacks Research raised shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Finally, Jefferies Financial Group boosted their price target on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a report on Friday, July 10th. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $36.50.

Corebridge Financial Trading Up 0.1%

NYSE CRBG opened at $31.88 on Wednesday. The stock has a 50-day simple moving average of $28.45 and a 200 day simple moving average of $27.90. The company has a market capitalization of $14.21 billion, a PE ratio of 57.96, a P/E/G ratio of 0.39 and a beta of 1.10. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.99. Corebridge Financial has a 12 month low of $22.19 and a 12 month high of $36.57.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). The company had revenue of $4.08 billion for the quarter, compared to the consensus estimate of $5.06 billion. Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.During the same quarter last year, the business posted $1.16 EPS. Research analysts forecast that Corebridge Financial will post 4.63 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $1.00 annualized dividend and a dividend yield of 3.1%. Corebridge Financial’s dividend payout ratio is currently 181.82%.

Insider Activity at Corebridge Financial

In related news, insider David Ditillo sold 4,250 shares of the firm’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $30.00, for a total transaction of $127,500.00. Following the sale, the insider directly owned 128,153 shares in the company, valued at $3,844,590. This trade represents a 3.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.29% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Corebridge Financial

A number of large investors have recently added to or reduced their stakes in the company. Salomon & Ludwin LLC grew its stake in Corebridge Financial by 179.7% in the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock valued at $26,000 after purchasing an additional 532 shares in the last quarter. Rothschild Investment LLC raised its stake in shares of Corebridge Financial by 133.3% during the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after purchasing an additional 520 shares in the last quarter. Sonoma Allocations LLC bought a new stake in shares of Corebridge Financial during the 1st quarter worth approximately $30,000. True Wealth Design LLC boosted its holdings in shares of Corebridge Financial by 50.2% in the 4th quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock valued at $37,000 after buying an additional 412 shares during the last quarter. Finally, Versant Capital Management Inc boosted its holdings in shares of Corebridge Financial by 1,124.2% in the 2nd quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock valued at $46,000 after buying an additional 1,484 shares during the last quarter. Institutional investors own 98.25% of the company’s stock.

About Corebridge Financial

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.