Corebridge Financial (NYSE:CRBG) Upgraded at Barclays

Barclays upgraded shares of Corebridge Financial (NYSE:CRBG) from an equal weight rating to an overweight rating in a report released on Monday, Marketbeat Ratings reports. The firm currently has $37.00 target price on the stock.

Other equities research analysts also recently issued research reports about the stock. Morgan Stanley upped their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. DOWLING & PARTN cut Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. TD Cowen raised their price objective on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Finally, Piper Sandler increased their price target on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $35.15.

Corebridge Financial Stock Up 0.2 %

CRBG stock opened at $31.35 on Monday. The business’s 50-day moving average price is $30.95 and its 200-day moving average price is $29.63. The stock has a market cap of $17.83 billion, a P/E ratio of -15.00, a PEG ratio of 0.39 and a beta of 0.92. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83. Corebridge Financial has a twelve month low of $23.01 and a twelve month high of $34.66.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Monday, November 4th. The company reported $1.38 EPS for the quarter, beating the consensus estimate of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The business had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the previous year, the business earned $1.05 earnings per share. The business’s revenue was up 39.5% on a year-over-year basis. On average, equities research analysts forecast that Corebridge Financial will post 4.81 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date was Tuesday, December 17th. Corebridge Financial’s dividend payout ratio (DPR) is presently -44.02%.

Insider Activity

In other news, major shareholder International Group American sold 121,956,256 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the transaction, the insider now owns 127,282,642 shares in the company, valued at approximately $4,005,584,743.74. This trade represents a 48.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.08% of the company’s stock.

Hedge Funds Weigh In On Corebridge Financial

A number of large investors have recently bought and sold shares of CRBG. Canada Pension Plan Investment Board boosted its holdings in shares of Corebridge Financial by 249.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock valued at $183,894,000 after buying an additional 4,507,322 shares in the last quarter. Marshall Wace LLP grew its holdings in Corebridge Financial by 201.1% in the second quarter. Marshall Wace LLP now owns 4,008,341 shares of the company’s stock worth $116,723,000 after purchasing an additional 2,677,105 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Corebridge Financial by 150.1% in the second quarter. Dimensional Fund Advisors LP now owns 3,561,382 shares of the company’s stock worth $103,707,000 after purchasing an additional 2,137,594 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Corebridge Financial by 40.3% during the second quarter. AQR Capital Management LLC now owns 4,462,933 shares of the company’s stock worth $129,961,000 after purchasing an additional 1,282,154 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in shares of Corebridge Financial by 34.5% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 3,567,637 shares of the company’s stock valued at $104,032,000 after purchasing an additional 915,848 shares during the last quarter. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Company Profile

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.