Corebridge Financial, Inc. (NYSE:CRBG) Receives Average Recommendation of “Moderate Buy” from Brokerages

Corebridge Financial, Inc. (NYSE:CRBG) has been given a consensus rating of “Moderate Buy” by the fourteen analysts that are presently covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $35.92.

A number of equities research analysts have issued reports on the company. Barclays raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target on the stock in a research report on Monday, January 6th. Wells Fargo & Company reduced their target price on shares of Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating on the stock in a report on Tuesday, January 14th. Morgan Stanley boosted their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and raised their price objective for the company from $33.00 to $40.00 in a report on Friday, January 10th. Finally, Piper Sandler boosted their target price on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the transaction, the insider now directly owns 127,282,642 shares of the company’s stock, valued at approximately $4,005,584,743.74. This trade represents a 48.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.08% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of CRBG. Fortitude Family Office LLC purchased a new position in Corebridge Financial in the 4th quarter valued at $27,000. FNY Investment Advisers LLC purchased a new stake in Corebridge Financial in the 4th quarter valued at approximately $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Corebridge Financial in the third quarter valued at approximately $27,000. Capital Performance Advisors LLP acquired a new position in shares of Corebridge Financial during the 3rd quarter worth $28,000. Finally, HM Payson & Co. purchased a new position in shares of Corebridge Financial in the 3rd quarter valued at about $29,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Trading Up 0.9 %

Shares of CRBG stock opened at $31.99 on Friday. The stock has a market capitalization of $18.20 billion, a P/E ratio of -15.31, a price-to-earnings-growth ratio of 0.33 and a beta of 0.92. Corebridge Financial has a fifty-two week low of $23.01 and a fifty-two week high of $34.66. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14. The company has a 50 day moving average price of $30.84 and a 200 day moving average price of $29.70.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. The business had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The company’s revenue was up 39.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.05 earnings per share. Equities research analysts predict that Corebridge Financial will post 4.83 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th were given a $0.23 dividend. The ex-dividend date was Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.88%. Corebridge Financial’s dividend payout ratio (DPR) is presently -44.02%.

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.