Corebridge Financial, Inc. (NYSE:CRBG) Stock Now Rated "Moderate Buy" by Wall Street Analysts

Key Points

• Corebridge Financial has a “Moderate Buy” consensus rating: Nine of 15 analysts recommend buying the stock, while six rate it a hold. The average 12-month price target is $37.42, above the reported share price of $33.76.
• The company beat quarterly earnings expectations, reporting $1.12 in EPS versus the $1.08 consensus, although revenue of $4.30 billion fell short of the $4.66 billion estimate.
• Corebridge declared a quarterly dividend of $0.25 per share, equivalent to a 3.0% annualized yield. Institutional investors own 98.25% of the company, while recent insider activity was led by significant purchases from major shareholder Nippon Life.

Shares of Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) have received an average rating of "Moderate Buy" from the fifteen ratings firms that are currently covering the firm, MarketBeat.com reports. Six 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 $37.42.

A number of equities research analysts have commented on the company. Barclays raised their target price on Corebridge Financial from $30.00 to $33.00 and gave the company an "overweight" rating in a report on Tuesday, July 7th. Mizuho upped their price target on shares of Corebridge Financial from $35.00 to $36.00 and gave the stock an "outperform" rating in a research note on Thursday, July 9th. Piper Sandler increased their price target on shares of Corebridge Financial from $36.00 to $38.00 and gave the company an "overweight" rating in a report on Wednesday, August 12th. Wells Fargo & Company raised their price objective on shares of Corebridge Financial from $36.00 to $39.00 and gave the company an "overweight" rating in a research note on Wednesday, August 19th. Finally, UBS Group boosted their price objective on shares of Corebridge Financial from $29.00 to $32.00 and gave the stock a "neutral" rating in a report on Wednesday, July 8th.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $33.76 on Tuesday. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14. The stock has a 50 day simple moving average of $33.21 and a 200-day simple moving average of $29.19. The company has a market cap of $15.05 billion, a price-to-earnings ratio of 19.74, a price-to-earnings-growth ratio of 0.45 and a beta of 1.08. Corebridge Financial has a 12-month low of $22.19 and a 12-month high of $35.64.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, beating analysts' consensus estimates of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.The firm had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same period in the previous year, the business earned $1.36 earnings per share. On average, equities analysts forecast that Corebridge Financial will post 4.61 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Wednesday, September 16th. Corebridge Financial's dividend payout ratio (DPR) is presently 58.48%.

Insider Buying and Selling

In other news, major shareholder Life Insurance Co Nippon purchased 258,878 shares of the firm's stock in a transaction dated Thursday, September 24th. The shares were acquired at an average price of $33.85 per share, with a total value of $8,763,020.30. Following the purchase, the insider directly owned 124,595,032 shares of the company's stock, valued at $4,217,541,833.20. The trade was a 0.21% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, insider David Ditillo sold 8,736 shares of the company's stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $35.00, for a total value of $305,760.00. Following the completion of the sale, the insider owned 102,417 shares in the company, valued at approximately $3,584,595. This represents a 7.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have bought 2,434,361 shares of company stock valued at $84,173,710 and have sold 33,145 shares valued at $1,111,386. 0.32% of the stock is currently owned by company insiders.

Institutional Trading of Corebridge Financial

Several large investors have recently bought and sold shares of the company. Sequoia Financial Advisors LLC increased its position in shares of Corebridge Financial by 23.7% in the second quarter. Sequoia Financial Advisors LLC now owns 14,676 shares of the company's stock valued at $420,000 after buying an additional 2,814 shares in the last quarter. Tidal Investments LLC boosted its position in shares of Corebridge Financial by 42.8% in the 2nd quarter. Tidal Investments LLC now owns 93,351 shares of the company's stock worth $2,673,000 after buying an additional 27,992 shares in the last quarter. National Pension Service boosted its position in shares of Corebridge Financial by 83.2% in the 2nd quarter. National Pension Service now owns 20,647 shares of the company's stock worth $591,000 after buying an additional 9,375 shares in the last quarter. WINTON GROUP Ltd acquired a new stake in Corebridge Financial in the 2nd quarter valued at about $1,729,000. Finally, Engineers Gate Manager LP acquired a new stake in Corebridge Financial in the 2nd quarter valued at about $4,186,000. Institutional investors and hedge funds own 98.25% of the company's stock.

About Corebridge Financial

Corebridge Financial, Inc NYSE: CRBG is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers, financial professionals and institutional clients through a range of businesses focused on helping customers build, preserve and receive income from their assets.

Its products and services include individual and group annuities, retirement plan solutions, life insurance and institutional insurance offerings. Corebridge also provides investment, recordkeeping and related administrative services for workplace retirement plans, as well as solutions designed to support financial institutions and other institutional customers.

Corebridge was established through the separation of American International Group's life and retirement business and began operating as an independent publicly traded company in 2022.

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