Corebridge Financial (NYSE:CRBG) Price Target Raised to $43.00

Corebridge Financial (NYSE:CRBG) had its target price boosted by Keefe, Bruyette & Woods from $40.00 to $43.00 in a report published on Tuesday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other research analysts also recently issued reports on CRBG. Weiss Ratings raised shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. TD Cowen increased their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Wells Fargo & Company raised their target price on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. UBS Group lifted their price target on shares of Corebridge Financial from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, July 8th. Finally, Zacks Research upgraded Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. Nine research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.17.

Corebridge Financial Price Performance

Shares of CRBG stock opened at $34.27 on Tuesday. Corebridge Financial has a 1-year low of $22.19 and a 1-year high of $35.22. The stock’s 50-day moving average is $30.50 and its 200 day moving average is $28.15. The company has a market cap of $15.28 billion, a P/E ratio of 20.04, a PEG ratio of 0.43 and a beta of 1.08. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Tuesday, August 4th. The company reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.04. The business had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.66 billion. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. During the same period in the previous year, the company posted $1.36 earnings per share. Research analysts predict that Corebridge Financial will post 4.58 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently announced 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 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 58.48%.

Insiders Place Their Bets

In other Corebridge Financial news, insider David Ditillo sold 12,414 shares of the company’s stock in a transaction that occurred 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 owned 111,153 shares in the company, valued at approximately $3,779,202. This represents a 10.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.32% of the company’s stock.

Institutional Investors Weigh In On Corebridge Financial

Institutional investors and hedge funds have recently made changes to their positions in the stock. State of Michigan Retirement System acquired a new position in Corebridge Financial during the fourth quarter valued at $2,130,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund acquired a new stake in Corebridge Financial during the 4th quarter worth about $5,358,000. Vanguard Group Inc. raised its stake in shares of Corebridge Financial by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company’s stock valued at $818,906,000 after buying an additional 311,133 shares during the last quarter. New York State Teachers Retirement System purchased a new position in shares of Corebridge Financial during the 4th quarter valued at about $2,072,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH lifted its holdings in shares of Corebridge Financial by 76.0% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 233,992 shares of the company’s stock valued at $7,065,000 after buying an additional 101,077 shares during the period. 98.25% of the stock is currently owned by institutional investors and hedge funds.

About Corebridge Financial

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.