Corebridge Financial, Inc. (NYSE:CRBG) Given Average Rating of “Moderate Buy” by Brokerages

Corebridge Financial, Inc. (NYSE:CRBG) has earned an average rating of “Moderate Buy” from the twelve analysts that are presently covering the stock, MarketBeat reports. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $39.91.

Several equities analysts recently issued reports on the stock. JPMorgan Chase & Co. lifted their price target on shares of Corebridge Financial from $34.00 to $40.00 and gave the company a “neutral” rating in a report on Tuesday, July 8th. Wells Fargo & Company lifted their target price on shares of Corebridge Financial from $37.00 to $42.00 and gave the company an “overweight” rating in a research note on Wednesday, July 2nd. Morgan Stanley boosted their target price on Corebridge Financial from $37.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, June 27th. UBS Group upgraded Corebridge Financial from a “sell” rating to a “neutral” rating and increased their price target for the stock from $28.00 to $37.00 in a research report on Friday, July 11th. Finally, Keefe, Bruyette & Woods lifted their price objective on Corebridge Financial from $39.00 to $42.00 and gave the company an “outperform” rating in a research report on Wednesday, July 9th.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Pzena Investment Management LLC increased its holdings in Corebridge Financial by 132.6% in the second quarter. Pzena Investment Management LLC now owns 18,723,701 shares of the company’s stock valued at $664,691,000 after purchasing an additional 10,673,099 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Corebridge Financial by 31.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,961,533 shares of the company’s stock worth $986,539,000 after buying an additional 7,828,929 shares during the period. Wellington Management Group LLP increased its stake in shares of Corebridge Financial by 4,624.2% in the 4th quarter. Wellington Management Group LLP now owns 3,707,960 shares of the company’s stock valued at $110,979,000 after acquiring an additional 3,629,472 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Corebridge Financial in the 1st quarter valued at approximately $100,404,000. Finally, LSV Asset Management bought a new position in Corebridge Financial during the 4th quarter worth approximately $85,786,000. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG opened at $35.16 on Thursday. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.14 and a quick ratio of 0.14. The business’s fifty day moving average price is $33.88 and its two-hundred day moving average price is $32.20. Corebridge Financial has a fifty-two week low of $23.69 and a fifty-two week high of $36.41. The stock has a market capitalization of $19.33 billion, a price-to-earnings ratio of 29.80, a price-to-earnings-growth ratio of 0.59 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Monday, May 5th. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.15 by $0.01. Corebridge Financial had a net margin of 3.73% and a return on equity of 22.19%. The company had revenue of $4.74 billion for the quarter, compared to the consensus estimate of $5.28 billion. During the same quarter in the previous year, the company earned $1.10 EPS. As a group, analysts predict that Corebridge Financial will post 5.43 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were issued a dividend of $0.24 per share. The ex-dividend date was Monday, June 16th. This represents a $0.96 annualized dividend and a yield of 2.73%. Corebridge Financial’s dividend payout ratio is currently 81.36%.

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.