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

Key Points

• Corebridge Financial, Inc. has received a consensus rating of "Moderate Buy" from analysts, with five holding ratings and nine buy ratings, and an average 1-year price target of $39.91.
• Major shareholder International Group American sold 30 million shares at an average price of $33.65, reducing their stake by 26.34% in a transaction valued at over $1 billion.
• The company recently announced a $0.24 quarterly dividend, resulting in an annual yield of 3.0%, although it has a negative payout ratio of -157.38%.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) has been given a consensus rating of "Moderate Buy" by the fourteen research firms that are covering the stock, MarketBeat reports. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $39.9091.

Several analysts recently weighed in on the company. Wall Street Zen raised Corebridge Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Barclays dropped their price target on Corebridge Financial from $46.00 to $39.00 and set an "overweight" rating for the company in a report on Wednesday, October 8th. Morgan Stanley dropped their price objective on Corebridge Financial from $40.00 to $39.00 and set an "overweight" rating for the company in a report on Tuesday, October 7th. UBS Group raised Corebridge Financial from a "sell" rating to a "neutral" rating and lifted their price objective for the company from $28.00 to $37.00 in a report on Friday, July 11th. Finally, Evercore ISI dropped their price objective on Corebridge Financial from $39.00 to $38.00 and set an "outperform" rating for the company in a report on Thursday, October 9th.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $33.65, for a total value of $1,009,500,000.00. Following the completion of the transaction, the insider directly owned 83,896,013 shares of the company's stock, valued at $2,823,100,837.45. The trade was a 26.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Corebridge Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRBG. IFP Advisors Inc increased its stake in shares of Corebridge Financial by 1,223.6% in the 2nd quarter. IFP Advisors Inc now owns 728 shares of the company's stock valued at $26,000 after purchasing an additional 673 shares during the last quarter. Allworth Financial LP bought a new position in shares of Corebridge Financial in the 2nd quarter valued at $26,000. Assetmark Inc. increased its stake in shares of Corebridge Financial by 60.9% in the 2nd quarter. Assetmark Inc. now owns 941 shares of the company's stock valued at $33,000 after purchasing an additional 356 shares during the last quarter. Brooklyn Investment Group increased its stake in shares of Corebridge Financial by 66.7% in the 1st quarter. Brooklyn Investment Group now owns 1,452 shares of the company's stock valued at $46,000 after purchasing an additional 581 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its stake in shares of Corebridge Financial by 86.1% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,303 shares of the company's stock valued at $46,000 after purchasing an additional 603 shares during the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $31.58 on Tuesday. The stock has a market cap of $17.01 billion, a P/E ratio of -51.77, a PEG ratio of 0.55 and a beta of 1.02. The stock has a 50 day simple moving average of $33.38 and a 200 day simple moving average of $32.53. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.86. 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 quarterly earnings results on Monday, August 4th. The company reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.21. The business had revenue of $4.42 billion during the quarter, compared to analysts' expectations of $4.85 billion. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.During the same period last year, the firm posted $1.13 EPS. Research analysts anticipate that Corebridge Financial will post 5.43 earnings per share for the current year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were issued a $0.24 dividend. The ex-dividend date of this dividend was Tuesday, September 16th. This represents a $0.96 annualized dividend and a yield of 3.0%. Corebridge Financial's payout ratio is currently -157.38%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.