Corebridge Financial (NYSE:CRBG) Rating Increased to Buy at Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial (NYSE:CRBG) from a hold rating to a buy rating in a research note released on Friday, Marketbeat reports. Deutsche Bank Aktiengesellschaft currently has $40.00 target price on the stock, up from their prior target price of $33.00.

A number of other brokerages have also issued reports on CRBG. Morgan Stanley upped their target price on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. TD Cowen lifted their target price on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. DOWLING & PARTN lowered Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Piper Sandler lifted their price objective on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Finally, Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price on the stock in a research report on Monday, January 6th. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $35.85.

Corebridge Financial Stock Performance

NYSE CRBG opened at $30.10 on Friday. The firm has a market cap of $17.12 billion, a price-to-earnings ratio of -14.40, a PEG ratio of 0.39 and a beta of 0.92. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. Corebridge Financial has a 1-year low of $23.01 and a 1-year high of $34.66. The company has a 50 day moving average of $30.91 and a 200-day moving average of $29.65.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The firm had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the previous year, the company posted $1.05 EPS. The business’s revenue for the quarter was up 39.5% compared to the same quarter last year. On average, equities analysts forecast that Corebridge Financial will post 4.81 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date was Tuesday, December 17th. Corebridge Financial’s payout ratio is currently -44.02%.

Insider Transactions at Corebridge Financial

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

Institutional Trading of Corebridge Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Fortitude Family Office LLC bought a new position in Corebridge Financial in the fourth quarter valued at $27,000. First Hawaiian Bank bought a new stake in Corebridge Financial during the fourth quarter worth about $1,168,000. Legend Financial Advisors Inc. boosted its position in Corebridge Financial by 3.8% during the fourth quarter. Legend Financial Advisors Inc. now owns 25,764 shares of the company’s stock valued at $771,000 after purchasing an additional 951 shares during the last quarter. Diversified Trust Co grew its stake in Corebridge Financial by 128.5% in the fourth quarter. Diversified Trust Co now owns 65,167 shares of the company’s stock valued at $1,950,000 after purchasing an additional 36,651 shares in the last quarter. Finally, Everence Capital Management Inc. acquired a new position in shares of Corebridge Financial during the 4th quarter worth approximately $437,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

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.