Evercore ISI Cuts Corebridge Financial (NYSE:CRBG) Price Target to $37.00

Corebridge Financial (NYSE:CRBG) had its price target decreased by Evercore ISI from $38.00 to $37.00 in a research report report published on Wednesday,Benzinga reports. Evercore ISI currently has an outperform rating on the stock.

CRBG has been the topic of several other research reports. Morgan Stanley lowered their price objective on shares of Corebridge Financial from $40.00 to $39.00 and set an “overweight” rating on the stock in a report on Tuesday, October 7th. Wolfe Research started coverage on shares of Corebridge Financial in a research report on Friday, October 10th. They set a “peer perform” rating for the company. Wells Fargo & Company raised their price target on shares of Corebridge Financial from $42.00 to $44.00 and gave the company an “overweight” rating in a research report on Wednesday, October 8th. Barclays decreased their price objective on Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating for the company in a report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. increased their price objective on Corebridge Financial from $34.00 to $40.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 8th. Nine investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Corebridge Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.73.

Corebridge Financial Stock Down 0.0%

CRBG stock traded down $0.01 during trading on Wednesday, reaching $29.90. 6,955,912 shares of the stock were exchanged, compared to its average volume of 4,628,524. The firm’s 50 day moving average is $32.34 and its 200 day moving average is $32.98. The firm has a market cap of $15.56 billion, a P/E ratio of 17.80, a price-to-earnings-growth ratio of 0.43 and a beta of 1.02. The company has a current ratio of 0.13, a quick ratio of 0.12 and a debt-to-equity ratio of 0.77. Corebridge Financial has a twelve month low of $23.69 and a twelve month high of $36.57.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Monday, November 3rd. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.12). Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. The firm had revenue of $5.63 billion during the quarter, compared to analyst estimates of $4.85 billion. During the same period last year, the business posted $1.23 EPS. The company’s revenue was up 34.2% on a year-over-year basis. As a group, research analysts forecast that Corebridge Financial will post 5.43 EPS for the current year.

Corebridge Financial Announces Dividend

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

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 1,184,160 shares of the company’s stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $33.65, for a total value of $39,846,984.00. Following the completion of the transaction, the insider directly owned 82,711,853 shares of the company’s stock, valued at $2,783,253,853.45. This represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.29% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CRBG. Bank of New York Mellon Corp increased its position in shares of Corebridge Financial by 14.7% during the 1st quarter. Bank of New York Mellon Corp now owns 1,343,025 shares of the company’s stock valued at $42,399,000 after purchasing an additional 172,475 shares during the last quarter. Envestnet Asset Management Inc. grew its position in Corebridge Financial by 227.6% during the first quarter. Envestnet Asset Management Inc. now owns 1,458,517 shares of the company’s stock valued at $46,045,000 after buying an additional 1,013,259 shares during the period. Atlas Capital Advisors Inc. increased its holdings in Corebridge Financial by 1,178.9% during the first quarter. Atlas Capital Advisors Inc. now owns 25,386 shares of the company’s stock worth $801,000 after buying an additional 23,401 shares during the last quarter. iA Global Asset Management Inc. bought a new stake in Corebridge Financial in the first quarter worth about $358,000. Finally, Strs Ohio purchased a new position in Corebridge Financial in the first quarter valued at about $1,823,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

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.