Corebridge Financial, Inc. (NYSE:CRBG) Announces Quarterly Dividend of $0.24

Key Points

• Corebridge Financial, Inc. announced a quarterly dividend of $0.24 per share, with an annualized dividend yield of 2.8%, payable on September 30th to investors of record on September 16th.
• The company reported a net margin of 3.73% with earnings of $1.36 per share, exceeding analyst estimates, despite revenues of $4.42 billion falling short of expectations.
• Equity analysts have raised their price targets for Corebridge Financial, with a consensus price target of $40.70 and a rating of "Moderate Buy", indicating positive outlook on the stock's performance.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) announced a quarterly dividend on Tuesday, August 5th, Wall Street Journal reports. Investors of record on Tuesday, September 16th will be paid a dividend of 0.24 per share on Tuesday, September 30th. This represents a c) annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 16th.

Corebridge Financial has a dividend payout ratio of 16.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Corebridge Financial to earn $6.29 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 15.3%.

Corebridge Financial Trading Down 1.5%

NYSE CRBG traded down $0.53 on Tuesday, hitting $34.26. The company's stock had a trading volume of 4,905,035 shares, compared to its average volume of 3,086,528. The firm has a market cap of $18.83 billion, a PE ratio of 29.03, a PEG ratio of 0.56 and a beta of 1.06. The company's 50-day moving average is $34.07 and its 200 day moving average is $32.31. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.96. Corebridge Financial has a 1-year low of $23.69 and a 1-year high of $36.57.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its earnings results on Monday, August 4th. The company reported $1.36 EPS for the quarter, topping the consensus estimate of $1.15 by $0.21. Corebridge Financial had a return on equity of 22.19% and a net margin of 3.73%. The business had revenue of $4.42 billion during the quarter, compared to analysts' expectations of $4.85 billion. During the same quarter last year, the firm posted $1.13 earnings per share. As a group, analysts predict that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. JPMorgan Chase & Co. lifted their price target on Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. BMO Capital Markets upped their price objective on Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a report on Friday, June 27th. Wells Fargo & Company boosted their target price on 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 upped their price target on Corebridge Financial from $37.00 to $40.00 and gave the company an "overweight" rating in a research report on Friday, June 27th. Finally, Wall Street Zen upgraded Corebridge Financial from a "sell" rating to a "hold" rating in a report on Saturday. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $40.70.

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.

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