Corebridge Financial (NYSE:CRBG) Price Target Raised to $40.00

Corebridge Financial (NYSE:CRBG) had its target price hoisted by Wells Fargo & Company from $39.00 to $40.00 in a report issued on Monday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Other research analysts also recently issued research reports about the stock. Barclays upped their price target on shares of Corebridge Financial from $33.00 to $39.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 7th. Piper Sandler raised their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an “overweight” rating in a research report on Monday. UBS Group boosted their target price on shares of Corebridge Financial from $32.00 to $36.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 6th. Weiss Ratings raised shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. Finally, Jefferies Financial Group boosted their price objective on shares of Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. Nine equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.83.

Corebridge Financial Price Performance

Corebridge Financial stock opened at $33.98 on Monday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. The firm has a market cap of $15.15 billion, a P/E ratio of 7.91, a P/E/G ratio of 0.49 and a beta of 1.07. The business’s fifty day moving average is $33.81 and its two-hundred day moving average is $30.08. Corebridge Financial has a 52 week low of $22.19 and a 52 week high of $35.64.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, topping the consensus estimate of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%. The company had revenue of $4.30 billion for the quarter, compared to analysts’ expectations of $4.66 billion. During the same quarter in the prior year, the business earned $1.36 earnings per share. Equities research analysts forecast that Corebridge Financial will post 4.62 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were paid a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.9%. Corebridge Financial’s dividend payout ratio is 58.48%.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder Life Insurance Co Nippon purchased 143,190 shares of the business’s stock in a transaction that occurred on Monday, October 12th. The shares were acquired at an average cost of $34.49 per share, for a total transaction of $4,938,623.10. Following the transaction, the insider directly owned 128,134,156 shares of the company’s stock, valued at approximately $4,419,347,040.44. The trade was a 0.11% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. In the last 90 days, insiders have purchased 5,973,485 shares of company stock valued at $204,928,991 and have sold 28,895 shares valued at $983,886. 0.32% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Corebridge Financial

Several large investors have recently bought and sold shares of CRBG. Pzena Investment Management LLC acquired a new stake in shares of Corebridge Financial during the second quarter worth $967,400,000. BlackRock Inc. acquired a new position in Corebridge Financial in the 2nd quarter worth $726,494,000. Dimensional Fund Advisors LP increased its holdings in Corebridge Financial by 43.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company’s stock worth $211,575,000 after purchasing an additional 2,689,611 shares in the last quarter. Donald Smith & CO. Inc. bought a new position in Corebridge Financial during the 2nd quarter worth about $168,134,000. Finally, Davis Asset Management L.P. bought a new position in Corebridge Financial during the 2nd quarter worth about $166,054,000. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Company Profile

Corebridge Financial, Inc (NYSE: CRBG) is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers and institutional clients through businesses focused on retirement services, life insurance and institutional markets.

Its offerings include fixed, variable and registered index-linked annuities; individual life insurance; employer-sponsored retirement plans; and investment, funding and risk-management solutions for institutions.