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

Key Points

• Analysts give Corebridge an average recommendation of Moderate Buy from 14 covering firms (8 buys, 6 holds) with an average 12‑month price target of $37.09.
• Institutional ownership is very high at 98.25%, with large recent buys from Norges Bank, Pzena, State Street, AQR and Amundi, signaling strong institutional accumulation.
• Corebridge beat the quarter (EPS $1.22 vs. $1.11 consensus; revenue $6.34B vs. $5.02B) and raised its quarterly dividend to $0.25 (annualized $1.00, ~4.4% yield).

Shares of Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) have earned an average recommendation of "Moderate Buy" from the fourteen analysts that are presently covering the company, Marketbeat.com reports. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $37.0909.

A number of brokerages have commented on CRBG. Mizuho assumed coverage on shares of Corebridge Financial in a report on Tuesday, December 16th. They set an "outperform" rating and a $38.00 price objective on the stock. Weiss Ratings cut shares of Corebridge Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, January 15th. UBS Group lowered their price target on shares of Corebridge Financial from $35.00 to $33.00 and set a "neutral" rating for the company in a report on Thursday, January 8th. JPMorgan Chase & Co. dropped their price objective on shares of Corebridge Financial from $40.00 to $39.00 and set a "neutral" rating for the company in a research report on Monday, January 5th. Finally, TD Cowen reduced their price objective on Corebridge Financial from $38.00 to $35.00 and set a "buy" rating on the stock in a report on Tuesday.

Institutional Investors Weigh In On Corebridge Financial

Large investors have recently bought and sold shares of the company. Norges Bank bought a new position in shares of Corebridge Financial during the 4th quarter worth approximately $611,550,000. Pzena Investment Management LLC lifted its position in shares of Corebridge Financial by 19.3% in the third quarter. Pzena Investment Management LLC now owns 22,329,199 shares of the company's stock worth $715,651,000 after purchasing an additional 3,605,498 shares in the last quarter. State Street Corp boosted its holdings in Corebridge Financial by 44.3% during the fourth quarter. State Street Corp now owns 11,295,692 shares of the company's stock worth $340,791,000 after purchasing an additional 3,465,371 shares during the last quarter. AQR Capital Management LLC grew its position in Corebridge Financial by 91.5% in the fourth quarter. AQR Capital Management LLC now owns 5,911,164 shares of the company's stock valued at $178,340,000 after purchasing an additional 2,823,801 shares in the last quarter. Finally, Amundi grew its position in Corebridge Financial by 227.7% in the fourth quarter. Amundi now owns 3,551,944 shares of the company's stock valued at $107,162,000 after purchasing an additional 2,467,981 shares in the last quarter. Institutional investors own 98.25% of the company's stock.

Corebridge Financial Stock Down 2.6%

Shares of Corebridge Financial stock opened at $22.86 on Friday. Corebridge Financial has a 12-month low of $22.32 and a 12-month high of $36.57. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.11. The stock has a 50 day moving average price of $29.25 and a two-hundred day moving average price of $30.72. The stock has a market capitalization of $11.01 billion, a P/E ratio of -43.13, a PEG ratio of 0.36 and a beta of 1.11.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings results on Wednesday, February 11th. The company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.11. The company had revenue of $6.34 billion for the quarter, compared to the consensus estimate of $5.02 billion. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.During the same period last year, the business posted $1.06 earnings per share. Equities analysts expect that Corebridge Financial will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be paid a $0.25 dividend. This is an increase from Corebridge Financial's previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.4%. Corebridge Financial's dividend payout ratio (DPR) is currently -181.13%.

About Corebridge Financial

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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