Corebridge Financial (NYSE:CRBG) Shares Gap Up on Analyst Upgrade

Corebridge Financial, Inc. (NYSE:CRBG) gapped up before the market opened on Monday after Mizuho upgraded the stock to a strong-buy rating. The stock had previously closed at $31.54, but opened at $32.82. Corebridge Financial shares last traded at $32.8060, with a volume of 1,411,421 shares.

A number of other equities research analysts also recently weighed in on the company. Wolfe Research initiated coverage on Corebridge Financial in a research report on Friday, October 10th. They issued a “peer perform” rating for the company. Barclays cut their price target on shares of Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating for the company in a report on Wednesday, October 8th. Wells Fargo & Company lowered their price objective 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. Morgan Stanley reiterated an “equal weight” rating and issued a $33.00 target price (down from $39.00) on shares of Corebridge Financial in a report on Monday, November 17th. Finally, Evercore ISI cut their target price on shares of Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating for the company in a research note on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Corebridge Financial currently has a consensus rating of “Moderate Buy” and an average target price of $39.27.

Institutional Investors Weigh In On Corebridge Financial

Hedge funds have recently made changes to their positions in the company. Tudor Investment Corp ET AL raised its stake in Corebridge Financial by 1,626.9% during the 3rd quarter. Tudor Investment Corp ET AL now owns 524,760 shares of the company’s stock valued at $16,819,000 after purchasing an additional 494,373 shares during the period. Severin Investments LLC grew its holdings in shares of Corebridge Financial by 1.4% during the third quarter. Severin Investments LLC now owns 24,778 shares of the company’s stock valued at $794,000 after buying an additional 350 shares in the last quarter. Cambria Investment Management L.P. raised its position in Corebridge Financial by 1,706.2% during the third quarter. Cambria Investment Management L.P. now owns 295,624 shares of the company’s stock valued at $9,475,000 after buying an additional 279,257 shares during the period. Prana Capital Management LP purchased a new stake in Corebridge Financial in the 3rd quarter worth about $16,668,000. Finally, CIBC Bancorp USA Inc. purchased a new stake in Corebridge Financial in the 3rd quarter worth about $309,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Price Performance

The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.77. The stock has a 50-day simple moving average of $30.60 and a 200 day simple moving average of $32.71. The stock has a market capitalization of $16.68 billion, a price-to-earnings ratio of 19.08, a price-to-earnings-growth ratio of 0.44 and a beta of 1.05.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.12). The company had revenue of $5.63 billion during 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%.Corebridge Financial’s revenue for the quarter was up 34.2% compared to the same quarter last year. During the same period last year, the company earned $1.23 earnings per share. On average, equities research analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Wednesday, December 17th. Corebridge Financial’s dividend payout ratio (DPR) is currently 57.14%.

Corebridge Financial Company Profile

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.