Brokerages Set Corebridge Financial, Inc. (NYSE:CRBG) Target Price at $37.29

Shares of Corebridge Financial, Inc. (NYSE:CRBG) have received an average rating of “Moderate Buy” from the fifteen ratings firms that are presently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $37.29.

A number of brokerages have recently commented on CRBG. Morgan Stanley upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $35.00 to $43.00 in a research note on Friday, February 28th. Wells Fargo & Company upped their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. BMO Capital Markets assumed coverage on Corebridge Financial in a report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 target price for the company. Piper Sandler boosted their target price on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Corebridge Financial from a “hold” rating to a “buy” rating and upped their price objective for the stock from $33.00 to $40.00 in a research note on Friday, January 10th.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC lifted its stake in Corebridge Financial by 25.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,642 shares of the company’s stock valued at $49,000 after buying an additional 329 shares during the period. Whittier Trust Co. of Nevada Inc. lifted its holdings in Corebridge Financial by 58.4% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 1,147 shares of the company’s stock worth $34,000 after acquiring an additional 423 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of Corebridge Financial by 112.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock worth $27,000 after acquiring an additional 480 shares in the last quarter. Sanctuary Advisors LLC grew its position in shares of Corebridge Financial by 3.1% in the 4th quarter. Sanctuary Advisors LLC now owns 22,182 shares of the company’s stock valued at $664,000 after purchasing an additional 660 shares during the period. Finally, MetLife Investment Management LLC raised its holdings in Corebridge Financial by 16.0% during the 4th quarter. MetLife Investment Management LLC now owns 5,193 shares of the company’s stock worth $155,000 after buying an additional 715 shares during the period. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Stock Down 2.8 %

Corebridge Financial stock opened at $31.34 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13. The firm has a fifty day moving average price of $32.74 and a two-hundred day moving average price of $31.26. The firm has a market cap of $17.42 billion, a price-to-earnings ratio of 8.29, a P/E/G ratio of 0.43 and a beta of 0.92. Corebridge Financial has a fifty-two week low of $23.97 and a fifty-two week high of $35.36.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $1.23 EPS for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.04). Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. As a group, analysts forecast that Corebridge Financial will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.06%. The ex-dividend date of this dividend is Monday, March 17th. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s dividend payout ratio is 25.40%.

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.