Corebridge Financial (NYSE:CRBG) Given New $38.00 Price Target at TD Cowen

Corebridge Financial (NYSE:CRBG) had its target price hoisted by TD Cowen from $35.00 to $38.00 in a report published on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities analysts have also recently issued reports on the stock. UBS Group raised their target price on shares of Corebridge Financial from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, July 8th. Piper Sandler lifted their price target on Corebridge Financial from $31.00 to $36.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Zacks Research upgraded shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Keefe, Bruyette & Woods raised their price target on Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Monday, July 13th. Finally, Mizuho lifted their price objective on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a research note on Thursday, July 9th. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $36.75.

Corebridge Financial Stock Up 0.6%

Shares of Corebridge Financial stock opened at $31.72 on Wednesday. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99. The firm has a market cap of $14.14 billion, a P/E ratio of 57.67, a P/E/G ratio of 0.39 and a beta of 1.10. Corebridge Financial has a fifty-two week low of $22.19 and a fifty-two week high of $36.57. The business has a 50-day moving average price of $28.76 and a 200 day moving average price of $27.91.

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

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Tuesday, June 16th. Corebridge Financial’s dividend payout ratio is presently 181.82%.

Insider Buying and Selling

In other news, insider David Ditillo sold 4,250 shares of the company’s stock in a transaction that occurred 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 transaction, the insider directly owned 128,153 shares in the company, valued at approximately $3,844,590. This represents a 3.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.29% of the stock is currently owned by corporate insiders.

Institutional Trading of Corebridge Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Salomon & Ludwin LLC increased 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 lifted its holdings in shares of Corebridge Financial by 133.3% in the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock valued at $27,000 after purchasing an additional 520 shares in the last quarter. True Wealth Design LLC lifted its stake in 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 acquiring an additional 412 shares in the last quarter. Sonoma Allocations LLC acquired a new position in Corebridge Financial during the first quarter worth $30,000. Finally, Versant Capital Management Inc boosted its stake in shares of Corebridge Financial by 1,124.2% during the 2nd quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock worth $46,000 after buying an additional 1,484 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

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.