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

Key Points

• Analysts give Corebridge an average “Moderate Buy” consensus from 15 brokerages (6 hold, 8 buy, 1 strong buy) with a mean 12‑month target of $35, though several firms have trimmed targets recently.
• Institutional ownership is very high at 98.25%, with major position increases by Vanguard, Pzena, State Street and a new Norges Bank stake representing several hundred million dollars each.
• Corebridge raised its quarterly dividend to $0.25 (annualized $1.00, ~3.6% yield), recently beat quarterly EPS expectations ($1.22 vs. $1.11) while trading near $27.53 and carrying a negative P/E.

Shares of Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) have received an average rating of "Moderate Buy" from the fifteen brokerages that are currently covering the firm, MarketBeat.com reports. Six equities research analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $35.00.

CRBG has been the topic of several recent analyst reports. TD Cowen cut their price objective on shares of Corebridge Financial from $38.00 to $35.00 and set a "buy" rating on the stock in a research report on Tuesday, March 10th. Keefe, Bruyette & Woods lowered their target price on shares of Corebridge Financial from $32.00 to $31.00 and set an "outperform" rating on the stock in a research note on Friday, April 10th. Piper Sandler upgraded shares of Corebridge Financial to a "strong-buy" rating in a research note on Thursday, April 2nd. UBS Group lowered their target price on shares of Corebridge Financial from $33.00 to $29.00 and set a "neutral" rating on the stock in a research note on Tuesday. Finally, Barclays lowered their target price on shares of Corebridge Financial from $33.00 to $30.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 8th.

Hedge Funds Weigh In On Corebridge Financial

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Corebridge Financial by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company's stock valued at $818,906,000 after acquiring an additional 311,133 shares during the period. Pzena Investment Management LLC lifted its stake in Corebridge Financial by 14.4% during the 1st quarter. Pzena Investment Management LLC now owns 27,045,794 shares of the company's stock valued at $645,313,000 after acquiring an additional 3,413,384 shares during the period. Norges Bank bought a new position in Corebridge Financial during the 4th quarter valued at about $611,550,000. State Street Corp lifted its stake in Corebridge Financial by 44.3% during the 4th quarter. State Street Corp now owns 11,295,692 shares of the company's stock valued at $340,791,000 after acquiring an additional 3,465,371 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in Corebridge Financial by 6.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 6,686,747 shares of the company's stock valued at $214,372,000 after acquiring an additional 430,308 shares during the period. Institutional investors own 98.25% of the company's stock.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $27.53 on Friday. Corebridge Financial has a one year low of $22.19 and a one year high of $36.57. The company's 50-day moving average is $25.28 and its 200 day moving average is $28.72. The company has a market capitalization of $13.26 billion, a price-to-earnings ratio of -51.95, a price-to-earnings-growth ratio of 0.39 and a beta of 1.18. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.12 and a current ratio of 0.12.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings data on Wednesday, February 11th. The company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.11 by $0.11. Corebridge Financial had a negative net margin of 1.73% and a positive return on equity of 18.92%. The company had revenue of $6.34 billion for the quarter, compared to the consensus estimate of $5.02 billion. During the same period in the prior year, the firm posted $1.06 EPS. Sell-side analysts expect that Corebridge Financial will post 4.91 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th were paid a dividend of $0.25 per share. The ex-dividend date was Tuesday, March 17th. This represents a $1.00 annualized dividend and a yield of 3.6%. This is an increase from Corebridge Financial's previous quarterly dividend of $0.24. Corebridge Financial's dividend payout ratio (DPR) is currently -188.68%.

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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