Corebridge Financial, Inc. (NYSE:CRBG) Stock Has Average Target Price of $39.00

Shares of Corebridge Financial, Inc. (NYSE:CRBG) have received a consensus recommendation of “Moderate Buy” from the fourteen analysts that are presently covering the company, MarketBeat.com reports. Five research analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $39.00.

A number of brokerages recently weighed in on CRBG. Jefferies Financial Group raised their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Keefe, Bruyette & Woods lifted their target price on shares of Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a research report on Tuesday, August 11th. 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. TD Cowen boosted their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, October 21st. Finally, Mizuho increased their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, October 7th.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $34.68 on Friday. The business’s 50-day moving average price is $33.92 and its two-hundred day moving average price is $29.73. Corebridge Financial has a twelve month low of $22.19 and a twelve month high of $35.64. The stock has a market cap of $15.46 billion, a P/E ratio of 7.85, a PEG ratio of 0.49 and a beta of 1.07. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%. The firm had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter last year, the company posted $1.36 EPS. As a group, equities analysts predict that Corebridge Financial will post 4.59 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were given a dividend of $0.25 per share. The ex-dividend date was Wednesday, September 16th. This represents a $1.00 annualized dividend 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 acquired 805,782 shares of the firm’s stock in a transaction that occurred on Monday, September 28th. The shares were bought at an average cost of $34.15 per share, with a total value of $27,517,455.30. Following the acquisition, the insider owned 125,579,654 shares in the company, valued at approximately $4,288,545,184.10. This represents a 0.65% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders bought 8,506,435 shares of company stock worth $292,056,272 and sold 28,895 shares worth $983,886. Corporate insiders own 0.32% of the company’s stock.

Institutional Investors Weigh In On Corebridge Financial

A number of hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP bought a new stake in Corebridge Financial in the second quarter worth $99,469,000. WINTON GROUP Ltd purchased a new stake in Corebridge Financial during the second quarter valued at about $1,729,000. Nykredit A S purchased a new stake in Corebridge Financial during the second quarter valued at about $1,347,000. Man Group plc purchased a new stake in Corebridge Financial during the second quarter valued at about $1,089,000. Finally, Public Employees Retirement System of Ohio bought a new position in shares of Corebridge Financial during the second quarter valued at about $2,744,000. 98.25% of the stock is currently owned by institutional investors.

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 institutions through offerings designed to support retirement savings, income planning and financial protection.

Its products and services include individual and group retirement plans, annuities, life insurance and institutional retirement solutions. Corebridge also provides investment and administrative services associated with retirement plans, helping employers and employees manage long-term savings and retirement income needs.

Corebridge was established through the separation of American International Group’s (AIG) Life and Retirement business and began operating as an independent publicly traded company in 2022.