Brokerages Set Corebridge Financial, Inc. (NYSE:CRBG) PT at $36.50

Shares of Corebridge Financial, Inc. (NYSE:CRBG) have been assigned a consensus rating of “Moderate Buy” from the fifteen brokerages that are currently covering the firm, Marketbeat reports. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $36.50.

Several analysts recently weighed in on CRBG shares. Mizuho raised their target price on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a report on Thursday, July 9th. Jefferies Financial Group increased their price objective on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Piper Sandler raised their price objective on shares of Corebridge Financial from $31.00 to $36.00 and gave the company an “overweight” rating in a report on Wednesday. Bank of America reduced their price objective on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, April 14th. Finally, Weiss Ratings cut shares of Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, May 26th.

Insider Transactions at Corebridge Financial

In other news, insider David Ditillo sold 4,250 shares of the company’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $30.00, for a total transaction of $127,500.00. Following the completion of the transaction, the insider directly owned 128,153 shares of the company’s stock, valued at approximately $3,844,590. This represents a 3.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.29% of the stock is owned by company insiders.

Hedge Funds Weigh In On Corebridge Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRBG. Bank of Nova Scotia boosted its position in shares of Corebridge Financial by 3.8% in the 2nd quarter. Bank of Nova Scotia now owns 9,328 shares of the company’s stock valued at $331,000 after purchasing an additional 340 shares during the period. Severin Investments LLC boosted its holdings in shares of Corebridge Financial by 1.4% in the third quarter. Severin Investments LLC now owns 24,778 shares of the company’s stock valued at $794,000 after acquiring an additional 350 shares during the period. Integrated Wealth Concepts LLC boosted its holdings in shares of Corebridge Financial by 2.5% in the third quarter. Integrated Wealth Concepts LLC now owns 15,424 shares of the company’s stock valued at $494,000 after acquiring an additional 383 shares during the period. True Wealth Design LLC grew its position in shares of Corebridge Financial by 50.2% during the fourth quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock worth $37,000 after acquiring an additional 412 shares during the last quarter. Finally, Van ECK Associates Corp grew its position in shares of Corebridge Financial by 10.2% during the fourth quarter. Van ECK Associates Corp now owns 4,684 shares of the company’s stock worth $141,000 after acquiring an additional 435 shares during the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Price Performance

Shares of NYSE CRBG opened at $31.88 on Thursday. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12. The company has a market cap of $14.21 billion, a price-to-earnings ratio of 57.96, a price-to-earnings-growth ratio of 0.39 and a beta of 1.10. The stock’s 50-day moving average is $28.45 and its two-hundred day moving average is $27.90. Corebridge Financial has a 1-year low of $22.19 and a 1-year high of $36.57.

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

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were paid a $0.25 dividend. The ex-dividend date was Tuesday, June 16th. This represents a $1.00 dividend on an annualized basis and a yield of 3.1%. Corebridge Financial’s dividend payout ratio (DPR) is currently 181.82%.

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.