Corebridge Financial (NYSE:CRBG) Now Covered by Analysts at BMO Capital Markets

BMO Capital Markets began coverage on shares of Corebridge Financial (NYSE:CRBG) in a research report report published on Thursday morning, Marketbeat reports. The brokerage issued an outperform rating and a $43.00 price objective on the stock.

CRBG has been the topic of several other reports. Barclays raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price on the stock in a report on Monday, January 6th. TD Cowen upped their target price on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. DOWLING & PARTN lowered shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. Wells Fargo & Company reduced their price objective on shares of Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 14th. Finally, Piper Sandler lifted their target price on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. Three equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $36.43.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $32.71 on Thursday. The stock’s 50-day moving average is $30.92 and its 200-day moving average is $29.77. Corebridge Financial has a 1-year low of $23.01 and a 1-year high of $34.66. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. The stock has a market cap of $18.61 billion, a P/E ratio of -15.65, a price-to-earnings-growth ratio of 0.36 and a beta of 0.92.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. The firm had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The company’s revenue for the quarter was up 39.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.05 EPS. Equities research analysts anticipate that Corebridge Financial will post 4.8 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th were issued a dividend of $0.23 per share. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $0.92 annualized dividend and a dividend yield of 2.81%. Corebridge Financial’s dividend payout ratio is -44.02%.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the transaction, the insider now owns 249,238,898 shares in the company, valued at approximately $7,776,253,617.60. This represents a 10.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.08% of the stock is owned by insiders.

Institutional Investors Weigh In On Corebridge Financial

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Point72 Asia Singapore Pte. Ltd. bought a new position in Corebridge Financial in the 3rd quarter valued at about $27,000. Fortitude Family Office LLC bought a new position in shares of Corebridge Financial in the fourth quarter valued at approximately $27,000. FNY Investment Advisers LLC bought a new position in shares of Corebridge Financial in the fourth quarter valued at approximately $27,000. Capital Performance Advisors LLP purchased a new position in shares of Corebridge Financial during the third quarter valued at approximately $28,000. Finally, ORG Wealth Partners LLC bought a new stake in Corebridge Financial during the third quarter worth $29,000. 98.25% of the stock is owned by institutional investors.

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.