Piper Sandler Raises Corebridge Financial (NYSE:CRBG) Price Target to $35.00

Corebridge Financial (NYSE:CRBG) had its target price hoisted by Piper Sandler from $34.00 to $35.00 in a research note issued to investors on Monday morning, Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

CRBG has been the subject of several other research reports. Evercore ISI increased their price objective on Corebridge Financial from $30.00 to $32.00 and gave the company an outperform rating in a report on Thursday, April 11th. Keefe, Bruyette & Woods boosted their price target on Corebridge Financial from $35.00 to $38.00 and gave the stock an outperform rating in a research note on Wednesday, April 10th. UBS Group increased their price objective on shares of Corebridge Financial from $22.00 to $28.00 and gave the company a buy rating in a research report on Wednesday, January 10th. The Goldman Sachs Group boosted their target price on shares of Corebridge Financial from $27.00 to $31.00 and gave the stock a buy rating in a research report on Tuesday, January 9th. Finally, Wells Fargo & Company raised their price target on shares of Corebridge Financial from $30.00 to $33.00 and gave the stock an overweight rating in a report on Thursday, April 11th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $29.17.

Corebridge Financial Trading Up 2.6 %

CRBG opened at $30.82 on Monday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.14 and a current ratio of 0.14. The stock’s 50 day moving average price is $26.81 and its 200-day moving average price is $23.84. Corebridge Financial has a one year low of $16.13 and a one year high of $30.85. The stock has a market cap of $19.19 billion, a price-to-earnings ratio of 8.11, a P/E/G ratio of 0.33 and a beta of 0.96.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Friday, May 3rd. The company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.05. Corebridge Financial had a return on equity of 24.31% and a net margin of 11.25%. The firm had revenue of $5.85 billion during the quarter, compared to analyst estimates of $5.50 billion. During the same quarter in the previous year, the business earned $0.97 earnings per share. On average, equities analysts forecast that Corebridge Financial will post 4.82 EPS for the current year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be given a $0.23 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.92 dividend on an annualized basis and a yield of 2.99%. Corebridge Financial’s payout ratio is currently 24.21%.

Institutional Investors Weigh In On Corebridge Financial

Several institutional investors have recently modified their holdings of the company. American International Group Inc. grew its position in shares of Corebridge Financial by 25,998,738.6% in the fourth quarter. American International Group Inc. now owns 324,205,517 shares of the company’s stock valued at $7,022,291,000 after purchasing an additional 324,204,270 shares during the last quarter. Norges Bank purchased a new position in Corebridge Financial during the fourth quarter worth $225,561,000. Vanguard Group Inc. raised its holdings in shares of Corebridge Financial by 39.0% in the fourth quarter. Vanguard Group Inc. now owns 23,713,102 shares of the company’s stock worth $513,626,000 after acquiring an additional 6,648,673 shares during the last quarter. Hotchkis & Wiley Capital Management LLC lifted its position in shares of Corebridge Financial by 106.3% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 10,010,679 shares of the company’s stock valued at $216,831,000 after acquiring an additional 5,157,570 shares in the last quarter. Finally, Balyasny Asset Management L.P. acquired a new stake in shares of Corebridge Financial during the fourth quarter valued at $105,728,000. 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.