Corebridge Financial, Inc. (NYSE:CRBG) Receives $37.42 Consensus PT from Brokerages

Shares of Corebridge Financial, Inc. (NYSE:CRBG) have been assigned an average rating of “Moderate Buy” from the fifteen brokerages that are currently covering the firm, Marketbeat.com reports. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $37.4167.

Several brokerages have recently commented on CRBG. Wells Fargo & Company upped their price objective on shares of Corebridge Financial from $36.00 to $39.00 and gave the company an “overweight” rating in a research note on Wednesday, August 19th. Jefferies Financial Group boosted their price target on Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a report on Friday, July 10th. Weiss Ratings raised Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. Barclays increased their price objective on Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. Finally, Keefe, Bruyette & Woods lifted their price objective on Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 11th.

Corebridge Financial Stock Up 1.0%

Shares of Corebridge Financial stock opened at $34.15 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. Corebridge Financial has a 52-week low of $22.19 and a 52-week high of $34.82. The company’s 50 day moving average price is $32.33 and its 200-day moving average price is $28.49. The stock has a market capitalization of $15.22 billion, a price-to-earnings ratio of 19.97, a P/E/G ratio of 0.44 and a beta of 1.08.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.04. The business had revenue of $4.30 billion during the quarter, compared to analysts’ expectations of $4.66 billion. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. During the same quarter in the prior year, the company posted $1.36 EPS. Equities research analysts forecast that Corebridge Financial will post 4.58 EPS for the current year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a yield of 2.9%. Corebridge Financial’s dividend payout ratio (DPR) is presently 58.48%.

Insider Buying and Selling at Corebridge Financial

In related news, EVP Elizabeth Cropper sold 7,745 shares of Corebridge Financial stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $33.06, for a total value of $256,049.70. Following the sale, the executive vice president owned 46,473 shares in the company, valued at $1,536,397.38. The trade was a 14.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider David Ditillo sold 12,414 shares of the business’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $34.00, for a total transaction of $422,076.00. Following the transaction, the insider directly owned 111,153 shares in the company, valued at approximately $3,779,202. The trade was a 10.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 24,409 shares of company stock worth $805,626. 0.32% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Corebridge Financial

Large investors have recently modified their holdings of the stock. Rothschild Investment LLC lifted its holdings in Corebridge Financial by 133.3% in the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after buying an additional 520 shares during the period. Bell Investment Advisors Inc purchased a new position in shares of Corebridge Financial in the 2nd quarter valued at approximately $27,000. Sonoma Allocations LLC bought a new stake in shares of Corebridge Financial during the first quarter valued at approximately $30,000. Allworth Financial LP bought a new stake in shares of Corebridge Financial during the second quarter valued at approximately $41,000. Finally, Versant Capital Management Inc grew its stake in Corebridge Financial by 1,124.2% in the second quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock worth $46,000 after purchasing an additional 1,484 shares during the period. Institutional investors own 98.25% of the company’s stock.

About Corebridge Financial

Corebridge Financial, Inc (NYSE: CRBG) is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers, financial professionals and institutional clients through a range of businesses focused on helping customers build, preserve and receive income from their assets.

Its products and services include individual and group annuities, retirement plan solutions, life insurance and institutional insurance offerings. Corebridge also provides investment, recordkeeping and related administrative services for workplace retirement plans, as well as solutions designed to support financial institutions and other institutional customers.

Corebridge was established through the separation of American International Group’s life and retirement business and began operating as an independent publicly traded company in 2022.