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

Key Points

• Analysts maintain a “Moderate Buy” consensus on Corebridge Financial, with nine buy ratings and six holds among 15 firms. The average 12-month price target is $36.75, above the stock’s reported $33.65 price.
• Corebridge reported quarterly EPS of $1.12, beating estimates of $1.08, although revenue of $4.30 billion fell short of the $4.66 billion forecast. Analysts expect full-year EPS of approximately $4.55.
• The company declared a quarterly dividend of $0.25 per share, equivalent to $1.00 annually and a 3.0% yield. Institutional investors own 98.25% of the shares, while an insider recently sold 12,414 shares under a pre-arranged trading plan.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) has been given an average rating of "Moderate Buy" by the fifteen research firms that are presently covering the company, 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 1-year target price among brokerages that have covered the stock in the last year is $36.75.

CRBG has been the subject of a number of recent research reports. JPMorgan Chase & Co. cut their price objective on Corebridge Financial from $37.00 to $36.00 and set a "neutral" rating for the company in a research report on Tuesday, May 12th. Jefferies Financial Group lifted their target price on Corebridge Financial from $43.00 to $45.00 and gave the stock a "buy" rating in a report on Friday, July 10th. Bank of America cut their target price on Corebridge Financial from $42.00 to $40.00 and set a "buy" rating on the stock in a research report on Tuesday, April 14th. Weiss Ratings raised Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a report on Thursday. Finally, Mizuho increased their price target on Corebridge Financial from $35.00 to $36.00 and gave the company an "outperform" rating in a research report on Thursday, July 9th.

Insider Buying and Selling

In related news, insider David Ditillo sold 12,414 shares of the stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $34.00, for a total value of $422,076.00. Following the completion of the sale, the insider directly owned 111,153 shares of the company's stock, valued at approximately $3,779,202. This represents a 10.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.32% of the company's stock.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors and hedge funds have recently bought and sold shares of the business. Wealthfront Advisers LLC purchased a new stake in shares of Corebridge Financial in the second quarter worth approximately $679,000. Pzena Investment Management LLC acquired a new stake in shares of Corebridge Financial during the second quarter worth approximately $967,400,000. BlackRock Inc. purchased a new position in Corebridge Financial during the second quarter valued at approximately $726,494,000. Deutsche Bank AG purchased a new position in Corebridge Financial during the second quarter valued at approximately $10,936,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Corebridge Financial in the 2nd quarter valued at approximately $8,803,000. Hedge funds and other institutional investors own 98.25% of the company's stock.

Corebridge Financial Stock Down 0.1%

CRBG stock opened at $33.65 on Monday. Corebridge Financial has a 12 month low of $22.19 and a 12 month high of $35.22. The firm has a market cap of $15.00 billion, a PE ratio of 19.68, a P/E/G ratio of 0.44 and a beta of 1.08. The firm has a 50 day simple moving average of $29.91 and a 200 day simple moving average of $28.04. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported $1.12 earnings per share for the quarter, topping analysts' consensus estimates of $1.08 by $0.04. The firm had revenue of $4.30 billion during the quarter, compared to analysts' expectations of $4.66 billion. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. During the same period last year, the firm posted $1.36 earnings per share. Equities research analysts forecast that Corebridge Financial will post 4.55 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

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

Corebridge Financial Company Profile

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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