Corebridge Financial (NYSE:CRBG) Earns “Outperform” Rating from Royal Bank of Canada

Royal Bank of Canada reissued their outperform rating on shares of Corebridge Financial (NYSE:CRBG) in a research note released on Friday, Benzinga reports. They currently have a $32.00 price target on the stock.

A number of other research analysts also recently issued reports on the stock. Keefe, Bruyette & Woods boosted their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an outperform rating in a research report on Wednesday, April 10th. The Goldman Sachs Group boosted their price target on shares of Corebridge Financial from $27.00 to $31.00 and gave the stock a buy rating in a research report on Tuesday, January 9th. Wells Fargo & Company boosted their price target on shares of Corebridge Financial from $30.00 to $33.00 and gave the stock an overweight rating in a research report on Thursday. Evercore ISI boosted their target price on shares of Corebridge Financial from $30.00 to $32.00 and gave the company an outperform rating in a research report on Thursday. Finally, UBS Group boosted their target price on shares of Corebridge Financial from $22.00 to $28.00 and gave the company a buy rating in a research report on Wednesday, January 10th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Corebridge Financial presently has a consensus rating of Moderate Buy and a consensus price target of $28.83.

Corebridge Financial Trading Down 1.9 %

Shares of Corebridge Financial stock opened at $26.78 on Friday. The firm has a market capitalization of $16.67 billion, a PE ratio of 15.85, a price-to-earnings-growth ratio of 0.31 and a beta of 0.86. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.92. The firm’s 50 day moving average is $25.82 and its 200 day moving average is $23.01. Corebridge Financial has a 1 year low of $14.91 and a 1 year high of $29.40.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Thursday, February 15th. The company reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.05. Corebridge Financial had a net margin of 5.92% and a return on equity of 23.11%. The firm had revenue of $5.92 billion for the quarter, compared to analyst estimates of $5.65 billion. During the same period in the previous year, the firm posted $0.88 EPS. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. Equities research analysts forecast that Corebridge Financial will post 4.86 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were paid a $0.23 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.92 annualized dividend and a dividend yield of 3.44%. Corebridge Financial’s payout ratio is 54.44%.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors have recently added to or reduced their stakes in the stock. American International Group Inc. grew its position in Corebridge Financial by 25,998,738.6% during the fourth quarter. American International Group Inc. now owns 324,205,517 shares of the company’s stock valued at $7,022,291,000 after buying an additional 324,204,270 shares during the period. Capital Research Global Investors lifted its holdings in Corebridge Financial by 6.5% during the fourth quarter. Capital Research Global Investors now owns 30,781,806 shares of the company’s stock valued at $666,734,000 after purchasing an additional 1,865,841 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Corebridge Financial by 39.0% during the fourth quarter. Vanguard Group Inc. now owns 23,713,102 shares of the company’s stock valued at $513,626,000 after purchasing an additional 6,648,673 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Corebridge Financial by 16.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 18,725,378 shares of the company’s stock valued at $299,982,000 after purchasing an additional 2,677,024 shares during the last quarter. Finally, Norges Bank purchased a new stake in Corebridge Financial during the fourth quarter valued at about $225,561,000. Institutional investors own 98.25% of the company’s stock.

About Corebridge Financial

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.