Corebridge Financial, Inc. (NYSE:CRBG) Receives Consensus Rating of “Hold” from Analysts

Shares of Corebridge Financial, Inc. (NYSE:CRBG) have been assigned a consensus recommendation of “Hold” from the thirteen brokerages that are covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, five have given a hold recommendation and seven have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $37.60.

A number of brokerages recently issued reports on CRBG. 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. Wells Fargo & Company lowered their target price on shares of Corebridge Financial from $43.00 to $37.00 and set an “overweight” rating for the company in a research note on Tuesday, January 13th. Mizuho initiated coverage on shares of Corebridge Financial in a research report on Tuesday, December 16th. They set an “outperform” rating and a $38.00 price target for the company. Evercore 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. Finally, 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 report on Monday, November 17th.

Institutional Trading of Corebridge Financial

Several hedge funds have recently added to or reduced their stakes in the company. Bank of Nova Scotia boosted its holdings in shares of Corebridge Financial by 3.8% in the second quarter. Bank of Nova Scotia now owns 9,328 shares of the company’s stock valued at $331,000 after acquiring an additional 340 shares during the period. Severin Investments LLC boosted its stake in Corebridge Financial by 1.4% during the 3rd quarter. Severin Investments LLC now owns 24,778 shares of the company’s stock worth $794,000 after purchasing an additional 350 shares during the period. Assetmark Inc. grew its position in Corebridge Financial by 60.9% during the 2nd quarter. Assetmark Inc. now owns 941 shares of the company’s stock worth $33,000 after purchasing an additional 356 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in 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, Integrated Wealth Concepts LLC raised 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 buying an additional 383 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Trading Up 2.1%

CRBG stock opened at $31.06 on Monday. Corebridge Financial has a 52-week low of $23.69 and a 52-week high of $36.57. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.11. The firm has a market cap of $14.96 billion, a P/E ratio of -58.59, a PEG ratio of 0.41 and a beta of 1.04. The company’s 50-day simple moving average is $30.68 and its 200-day simple moving average is $31.63.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Monday, February 9th. The company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.11. Corebridge Financial had a negative net margin of 1.73% and a positive return on equity of 18.92%. The firm had revenue of $6.34 billion during the quarter, compared to the consensus estimate of $5.02 billion. During the same quarter in the prior year, the firm earned $1.06 EPS. As a group, equities analysts forecast that Corebridge Financial will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be given a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $1.00 annualized dividend and a yield of 3.2%. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.24. Corebridge Financial’s dividend payout ratio is -181.13%.

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.