Wells Fargo & Company Issues Positive Forecast for Corebridge Financial (NYSE:CRBG) Stock Price

Corebridge Financial (NYSE:CRBG) had its price objective increased by Wells Fargo & Company from $35.00 to $37.00 in a report released on Wednesday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Several other equities analysts have also recently weighed in on CRBG. Morgan Stanley cut their price objective on Corebridge Financial from $43.00 to $32.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a “hold” rating to a “buy” rating and increased their price objective for the company from $33.00 to $40.00 in a research report on Friday, January 10th. BMO Capital Markets began coverage on shares of Corebridge Financial in a research report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 target price on the stock. Piper Sandler increased their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, April 2nd. Finally, Barclays boosted their price objective on shares of Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $36.62.

Corebridge Financial Stock Down 0.4 %

Shares of Corebridge Financial stock opened at $31.17 on Wednesday. Corebridge Financial has a 12-month low of $23.69 and a 12-month high of $35.36. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16. The stock has a 50 day moving average price of $30.04 and a two-hundred day moving average price of $31.14. The stock has a market capitalization of $17.22 billion, a P/E ratio of 8.25, a PEG ratio of 0.43 and a beta of 1.01.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Monday, May 5th. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.01. The business had revenue of $4.74 billion for the quarter, compared to analyst estimates of $5.28 billion. Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. During the same period last year, the business posted $1.10 EPS. Equities analysts expect that Corebridge Financial will post 5.43 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be issued a dividend of $0.24 per share. The ex-dividend date is Monday, June 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.08%. Corebridge Financial’s payout ratio is presently 25.40%.

Institutional Investors Weigh In On Corebridge Financial

Several large investors have recently made changes to their positions in the company. Headlands Technologies LLC acquired a new position in Corebridge Financial in the first quarter valued at about $156,000. Ontario Teachers Pension Plan Board boosted its holdings in shares of Corebridge Financial by 30.8% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 38,054 shares of the company’s stock worth $1,201,000 after acquiring an additional 8,950 shares in the last quarter. Deutsche Bank AG grew its position in Corebridge Financial by 12.6% during the 1st quarter. Deutsche Bank AG now owns 363,108 shares of the company’s stock worth $11,463,000 after acquiring an additional 40,745 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Corebridge Financial by 1.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,952,708 shares of the company’s stock valued at $61,647,000 after purchasing an additional 21,100 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in Corebridge Financial by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 24,249,948 shares of the company’s stock valued at $765,571,000 after purchasing an additional 324,692 shares during the last quarter. Institutional investors own 98.25% of the company’s stock.

About Corebridge Financial

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.