Corebridge Financial (NYSE:CRBG) Price Target Raised to $38.00

Corebridge Financial (NYSE:CRBG) had its price target raised by TD Cowen from $35.00 to $38.00 in a report published on Wednesday,Benzinga reports. TD Cowen currently has a buy rating on the stock.

Other equities analysts also recently issued reports about the company. Piper Sandler raised their price objective on Corebridge Financial from $31.00 to $36.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Keefe, Bruyette & Woods boosted their target price on Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. Weiss Ratings downgraded shares of Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, May 26th. Bank of America cut their price target on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, April 14th. Finally, Jefferies Financial Group lifted their price target on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $36.75.

Corebridge Financial Trading Up 1.4%

CRBG stock opened at $31.28 on Wednesday. The company has a market cap of $13.95 billion, a price-to-earnings ratio of 56.88, a PEG ratio of 0.38 and a beta of 1.10. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99. The business has a fifty day simple moving average of $28.90 and a 200-day simple moving average of $27.94. Corebridge Financial has a 52 week low of $22.19 and a 52 week high of $36.57.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The firm had revenue of $4.08 billion during the quarter, compared to analyst estimates of $5.06 billion. During the same quarter in the previous year, the business posted $1.16 EPS. On average, equities research analysts expect that Corebridge Financial will post 4.6 EPS for the current year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Tuesday, June 16th. Corebridge Financial’s payout ratio is presently 181.82%.

Insider Buying and Selling

In related news, insider David Ditillo sold 4,250 shares of the stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $30.00, for a total value of $127,500.00. Following the completion of the transaction, the insider owned 128,153 shares of the company’s stock, valued at approximately $3,844,590. This represents a 3.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors and hedge funds have recently made changes to their positions in CRBG. Salomon & Ludwin LLC increased its stake in shares of Corebridge Financial by 179.7% in the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock worth $26,000 after buying an additional 532 shares during the last quarter. Rothschild Investment LLC raised its holdings in Corebridge Financial by 133.3% in the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock valued at $27,000 after acquiring an additional 520 shares in the last quarter. True Wealth Design LLC boosted its stake in Corebridge Financial by 50.2% during the 4th quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock valued at $37,000 after acquiring an additional 412 shares during the last quarter. Sonoma Allocations LLC bought a new position in Corebridge Financial during the 1st quarter valued at $30,000. Finally, Versant Capital Management Inc grew its holdings in Corebridge Financial by 1,124.2% during the 2nd quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock worth $46,000 after acquiring an additional 1,484 shares in the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

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.