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

Key Points

• Corebridge Financial has received an average rating of "Moderate Buy" from 11 brokerages, with a twelve-month target price of $40.70.
• The company recently announced a quarterly dividend of $0.24 per share, with a dividend yield of 2.7%.
• Major shareholder International Group American sold 30 million shares at an average price of $33.65, reducing their ownership stake by 26.34%.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the eleven brokerages that are covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $40.70.

Several equities analysts recently issued reports on CRBG shares. BMO Capital Markets upped their price objective on shares of Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a research note on Friday, June 27th. Wall Street Zen raised shares of Corebridge Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Piper Sandler upped their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a research note on Thursday, July 3rd. UBS Group raised shares of Corebridge Financial from a "sell" rating to a "neutral" rating and upped their price objective for the company from $28.00 to $37.00 in a research note on Friday, July 11th. Finally, Morgan Stanley upped their price objective on shares of Corebridge Financial from $37.00 to $40.00 and gave the company an "overweight" rating in a research note on Friday, June 27th.

Corebridge Financial Stock Up 2.4%

CRBG stock opened at $34.9140 on Monday. The company's 50 day simple moving average is $34.43 and its 200-day simple moving average is $32.41. The firm has a market capitalization of $18.80 billion, a PE ratio of -57.24, a P/E/G ratio of 0.59 and a beta of 1.06. Corebridge Financial has a 12 month low of $23.69 and a 12 month high of $36.57. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.12 and a quick ratio of 0.12.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.21. The business had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.85 billion. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. During the same quarter in the prior year, the firm posted $1.13 earnings per share. Equities analysts expect that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.96 dividend on an annualized basis and a yield of 2.7%. Corebridge Financial's dividend payout ratio (DPR) is currently -157.38%.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the transaction, the insider owned 83,896,013 shares of the company's stock, valued at $2,823,100,837.45. This trade represents a 26.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.29% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Corebridge Financial

A number of large investors have recently bought and sold shares of CRBG. MetLife Investment Management LLC raised its stake in Corebridge Financial by 16.0% during the fourth quarter. MetLife Investment Management LLC now owns 5,193 shares of the company's stock worth $155,000 after purchasing an additional 715 shares during the period. MGO One Seven LLC purchased a new position in Corebridge Financial during the fourth quarter worth approximately $883,000. Voya Investment Management LLC raised its stake in Corebridge Financial by 8.1% during the fourth quarter. Voya Investment Management LLC now owns 35,945 shares of the company's stock worth $1,076,000 after purchasing an additional 2,686 shares during the period. Boothbay Fund Management LLC purchased a new position in Corebridge Financial during the fourth quarter worth approximately $3,373,000. Finally, Quarry LP purchased a new position in Corebridge Financial during the fourth quarter worth approximately $63,000. Hedge funds and other institutional investors own 98.25% of the company's stock.

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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