Corebridge Financial (NYSE:CRBG) Given New $34.00 Price Target at Barclays

Corebridge Financial (NYSE:CRBGFree Report) had its target price upped by Barclays from $33.00 to $34.00 in a report released on Tuesday morning, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Several other research firms have also recently issued reports on CRBG. Bank of America reduced their target price on Corebridge Financial from $40.00 to $38.00 and set a buy rating on the stock in a research note on Thursday, July 11th. Morgan Stanley dropped their target price on shares of Corebridge Financial from $33.00 to $31.00 and set an equal weight rating for the company in a research report on Monday, August 19th. JPMorgan Chase & Co. boosted their price target on shares of Corebridge Financial from $26.00 to $34.00 and gave the company a neutral rating in a research report on Tuesday, July 2nd. Jefferies Financial Group raised their price objective on shares of Corebridge Financial from $35.00 to $40.00 and gave the stock a buy rating in a report on Friday, June 28th. Finally, Royal Bank of Canada reduced their target price on Corebridge Financial from $33.00 to $32.00 and set an outperform rating on the stock in a report on Friday, August 2nd. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $34.46.

Read Our Latest Research Report on CRBG

Corebridge Financial Trading Up 0.5 %

NYSE:CRBG opened at $29.96 on Tuesday. The firm has a market capitalization of $18.23 billion, a P/E ratio of 7.88, a P/E/G ratio of 0.39 and a beta of 0.97. Corebridge Financial has a 52 week low of $18.83 and a 52 week high of $34.66. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.97. The company has a fifty day moving average of $27.89 and a 200 day moving average of $28.59.

Corebridge Financial (NYSE:CRBGGet Free Report) last posted its earnings results on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. The company had revenue of $4.18 billion during the quarter, compared to analyst estimates of $5.73 billion. During the same period in the prior year, the business posted $1.04 earnings per share. On average, research analysts predict that Corebridge Financial will post 4.73 earnings per share for the current year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date of this dividend was Monday, September 16th. Corebridge Financial’s payout ratio is 24.21%.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 5,000,000 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the completion of the transaction, the insider now directly owns 279,238,898 shares in the company, valued at $8,058,834,596.28. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.09% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Riverview Trust Co purchased a new stake in shares of Corebridge Financial during the first quarter valued at approximately $25,000. LRI Investments LLC bought a new position in Corebridge Financial in the 2nd quarter valued at approximately $30,000. ORG Partners LLC purchased a new stake in Corebridge Financial during the 2nd quarter valued at $32,000. Fifth Third Bancorp bought a new stake in shares of Corebridge Financial in the 2nd quarter worth $54,000. Finally, Deseret Mutual Benefit Administrators raised its stake in shares of Corebridge Financial by 73.2% in the second quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company’s stock worth $60,000 after purchasing an additional 877 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Company Profile

(Get Free Report)

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.

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