Brokerages Set Corebridge Financial, Inc. (NYSE:CRBG) Target Price at $32.46

Corebridge Financial, Inc. (NYSE:CRBG) has been given an average rating of “Moderate Buy” by the thirteen ratings firms that are covering the firm, MarketBeat reports. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $32.46.

CRBG has been the topic of a number of research reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $33.00 price target on shares of Corebridge Financial in a research note on Friday, June 28th. Keefe, Bruyette & Woods lifted their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Wednesday, April 10th. Evercore ISI boosted their target price on shares of Corebridge Financial from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, April 11th. Bank of America decreased their price objective on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Thursday, July 11th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Corebridge Financial from $26.00 to $34.00 and gave the company a “neutral” rating in a report on Tuesday, July 2nd.

Corebridge Financial Trading Up 1.7 %

CRBG opened at $29.80 on Friday. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.94. The stock has a market capitalization of $18.13 billion, a PE ratio of 7.84, a PEG ratio of 0.39 and a beta of 0.97. Corebridge Financial has a 1-year low of $17.40 and a 1-year high of $34.66. The firm has a 50-day moving average price of $29.51 and a two-hundred day moving average price of $27.35.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Friday, May 3rd. The company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.05 by $0.05. Corebridge Financial had a net margin of 11.25% and a return on equity of 23.64%. The company had revenue of $5.85 billion during the quarter, compared to analysts’ expectations of $5.50 billion. During the same quarter in the previous year, the company earned $0.97 EPS. As a group, equities analysts anticipate that Corebridge Financial will post 4.73 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were issued a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 3.09%. The ex-dividend date of this dividend was Friday, June 14th. Corebridge Financial’s dividend payout ratio (DPR) is currently 24.21%.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 1,932,609 shares of Corebridge Financial stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $29.20, for a total transaction of $56,432,182.80. Following the completion of the transaction, the insider now owns 292,271,027 shares of the company’s stock, valued at approximately $8,534,313,988.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.09% of the company’s stock.

Institutional Trading of Corebridge Financial

Hedge funds have recently bought and sold shares of the company. Factory Mutual Insurance Co. increased its stake in shares of Corebridge Financial by 47.1% during the fourth quarter. Factory Mutual Insurance Co. now owns 1,028,200 shares of the company’s stock valued at $22,271,000 after buying an additional 329,200 shares during the period. Junto Capital Management LP bought a new position in Corebridge Financial in the fourth quarter valued at about $26,232,000. Pzena Investment Management LLC lifted its holdings in Corebridge Financial by 793.0% in the fourth quarter. Pzena Investment Management LLC now owns 1,590,098 shares of the company’s stock valued at $34,442,000 after acquiring an additional 1,412,040 shares during the period. Vanguard Group Inc. lifted its holdings in Corebridge Financial by 10.1% in the third quarter. Vanguard Group Inc. now owns 17,064,429 shares of the company’s stock valued at $337,022,000 after acquiring an additional 1,566,275 shares during the period. Finally, Seven Grand Managers LLC bought a new position in Corebridge Financial in the fourth quarter valued at about $4,332,000. 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.