Corebridge Financial, Inc. (NYSE:CRBG) Receives $39.27 Average Target Price from Analysts

Shares of Corebridge Financial, Inc. (NYSE:CRBG) have received a consensus recommendation of “Moderate Buy” from the thirteen analysts that are covering the firm, MarketBeat.com reports. Four research analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is $39.2727.

Several equities research analysts recently issued reports on the stock. Wells Fargo & Company dropped their price target on shares of Corebridge Financial from $44.00 to $43.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 5th. Wolfe Research initiated coverage on shares of Corebridge Financial in a report on Friday, October 10th. They issued a “peer perform” rating on the stock. Keefe, Bruyette & Woods reduced their price target on shares of Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating for the company in a research note on Thursday, October 9th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Corebridge Financial in a report on Monday. Finally, Morgan Stanley reissued an “equal weight” rating and set a $33.00 target price (down from $39.00) on shares of Corebridge Financial in a research note on Monday, November 17th.

Institutional Trading of Corebridge Financial

Several hedge funds have recently modified their holdings of CRBG. HighTower Advisors LLC acquired a new stake in shares of Corebridge Financial in the 1st quarter valued at $218,000. Caisse DE Depot ET Placement DU Quebec bought a new stake in Corebridge Financial during the first quarter worth about $1,620,000. OMERS ADMINISTRATION Corp increased its holdings in Corebridge Financial by 467.1% during the first quarter. OMERS ADMINISTRATION Corp now owns 60,342 shares of the company’s stock worth $1,905,000 after buying an additional 49,702 shares during the last quarter. State of Wyoming increased its stake in shares of Corebridge Financial by 9.7% during the 1st quarter. State of Wyoming now owns 18,729 shares of the company’s stock worth $591,000 after purchasing an additional 1,662 shares during the last quarter. Finally, Vident Advisory LLC bought a new stake in Corebridge Financial in the 1st quarter valued at $762,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $30.29 on Friday. The firm has a 50-day moving average price of $30.37 and a two-hundred day moving average price of $32.55. Corebridge Financial has a twelve month low of $23.69 and a twelve month high of $36.57. The company has a market capitalization of $15.76 billion, a P/E ratio of 18.03, a price-to-earnings-growth ratio of 0.43 and a beta of 1.04. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.77.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Tuesday, November 4th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.12). The company had revenue of $5.63 billion for the quarter, compared to analysts’ expectations of $4.85 billion. Corebridge Financial had a return on equity of 19.90% and a net margin of 5.01%.The company’s revenue was up 34.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.23 earnings per share. As a group, research analysts expect that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Wednesday, December 17th. Corebridge Financial’s payout ratio is currently 57.14%.

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.