Corebridge Financial, Inc. (NYSE:CRBG) Raises Dividend to $0.24 Per Share

Corebridge Financial, Inc. (NYSE:CRBG) announced a quarterly dividend on Thursday, February 13th,Wall Street Journal reports. Investors of record on Monday, March 17th will be paid a dividend of 0.24 per share on Monday, March 31st. This represents a $0.96 annualized dividend and a dividend yield of 2.99%. The ex-dividend date is Monday, March 17th. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.23.

Corebridge Financial has a dividend payout ratio of 14.7% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Corebridge Financial to earn $5.50 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 16.7%.

Corebridge Financial Trading Down 2.1 %

Shares of NYSE:CRBG traded down $0.69 during mid-day trading on Thursday, hitting $32.07. The stock had a trading volume of 6,059,933 shares, compared to its average volume of 3,262,340. 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 market cap of $18.24 billion, a PE ratio of -15.34, a P/E/G ratio of 0.37 and a beta of 0.94. Corebridge Financial has a 12-month low of $23.77 and a 12-month high of $34.66. The company’s 50 day moving average is $31.41 and its 200-day moving average is $30.15.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.04). Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. On average, sell-side analysts predict that Corebridge Financial will post 4.8 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Wells Fargo & Company cut their price target 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. BMO Capital Markets assumed coverage on shares of Corebridge Financial in a report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price target on the stock. DOWLING & PARTN downgraded shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. Piper Sandler raised their price target on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Finally, TD Cowen raised their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $36.43.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 121,956,256 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 127,282,642 shares in the company, valued at approximately $4,005,584,743.74. The trade was a 48.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.08% 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.