Corebridge Financial, Inc. (NYSE:CRBG) Receives Average Recommendation of "Moderate Buy" from Analysts

Key Points

• Analysts give Corebridge Financial a “Moderate Buy” consensus: Nine of 15 analysts rate the stock a buy, while six recommend holding it. The average 12-month price target is $37.42.
• Corebridge reported quarterly EPS of $1.12, exceeding the $1.08 consensus estimate, though revenue of $4.30 billion fell short of expectations. The stock recently traded near its 52-week high at $34.79.
• The company declared a quarterly dividend of $0.25 per share, equivalent to $1.00 annually and a 2.9% yield. Insiders sold 24,409 shares worth approximately $805,626 over the past 90 days, while institutional investors own 98.25% of the stock.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) has received an average recommendation of "Moderate Buy" from the fifteen ratings firms that are covering the stock, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $37.4167.

Several research firms have recently commented on CRBG. Mizuho boosted their price target on Corebridge Financial from $35.00 to $36.00 and gave the stock an "outperform" rating in a research report on Thursday, July 9th. UBS Group raised their price objective on Corebridge Financial from $29.00 to $32.00 and gave the company a "neutral" rating in a research report on Wednesday, July 8th. Weiss Ratings upgraded shares of Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a report on Thursday, August 6th. Wells Fargo & Company increased their price target on shares of Corebridge Financial from $36.00 to $39.00 and gave the company an "overweight" rating in a research report on Wednesday, August 19th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Corebridge Financial from $40.00 to $43.00 and gave the company an "outperform" rating in a report on Tuesday, August 11th.

Insider Activity at Corebridge Financial

In other Corebridge Financial news, EVP Elizabeth Cropper sold 7,745 shares of the firm's stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $33.06, for a total value of $256,049.70. Following the completion of the sale, the executive vice president directly owned 46,473 shares in the company, valued at $1,536,397.38. This trade represents a 14.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David Ditillo sold 12,414 shares of Corebridge Financial stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $34.00, for a total transaction of $422,076.00. Following the completion of the transaction, the insider directly owned 111,153 shares in the company, valued at $3,779,202. This represents a 10.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 24,409 shares of company stock valued at $805,626. 0.32% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CRBG. Bank of Nova Scotia grew its stake in shares of Corebridge Financial by 3.8% during the second quarter. Bank of Nova Scotia now owns 9,328 shares of the company's stock worth $331,000 after acquiring an additional 340 shares during the last quarter. Integrated Wealth Concepts LLC raised its position in shares of Corebridge Financial by 2.5% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 15,424 shares of the company's stock valued at $494,000 after purchasing an additional 383 shares during the last quarter. Van ECK Associates Corp raised its position in shares of Corebridge Financial by 10.2% in the 4th quarter. Van ECK Associates Corp now owns 4,684 shares of the company's stock valued at $141,000 after purchasing an additional 435 shares during the last quarter. Empowered Funds LLC boosted its stake in Corebridge Financial by 7.1% in the 4th quarter. Empowered Funds LLC now owns 7,042 shares of the company's stock worth $212,000 after purchasing an additional 465 shares in the last quarter. Finally, Rothschild Investment LLC boosted its stake in Corebridge Financial by 133.3% in the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company's stock worth $27,000 after purchasing an additional 520 shares in the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Stock Performance

Corebridge Financial stock opened at $34.79 on Friday. The company has a 50 day moving average price of $31.81 and a 200-day moving average price of $28.36. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. Corebridge Financial has a fifty-two week low of $22.19 and a fifty-two week high of $34.81. The company has a market capitalization of $15.51 billion, a PE ratio of 20.35, a P/E/G ratio of 0.43 and a beta of 1.08.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.The business had revenue of $4.30 billion during the quarter, compared to analysts' expectations of $4.66 billion. During the same period in the prior year, the business earned $1.36 EPS. As a group, equities analysts forecast that Corebridge Financial will post 4.58 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a yield of 2.9%. Corebridge Financial's dividend payout ratio is presently 58.48%.

About Corebridge Financial

Corebridge Financial NYSE: CRBG is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.

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