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

Key Points

• Corebridge Financial has a consensus analyst rating of “Moderate Buy” from 15 brokerages, with an average 12-month price target of $36.50.
• Recent analyst moves were mixed: JPMorgan cut its target to $36 and stayed neutral, while Barclays, Piper Sandler, and Jefferies all raised targets and maintained bullish ratings.
• The stock rose 3.9% to $31.88, while the company also reported a quarterly earnings miss and paid a $0.25 dividend, equal to a 3.1% annualized yield.

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 firm, MarketBeat.com reports. Six analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $36.50.

A number of research firms have recently commented on CRBG. JPMorgan Chase & Co. cut their target price on Corebridge Financial from $37.00 to $36.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 12th. Barclays upped their target price on Corebridge Financial from $30.00 to $33.00 and gave the company an "overweight" rating in a research report on Tuesday, July 7th. Piper Sandler raised their price target on Corebridge Financial from $31.00 to $36.00 and gave the stock an "overweight" rating in a research note on Wednesday. Weiss Ratings lowered Corebridge Financial from a "hold (c)" rating to a "hold (c-)" rating in a research report on Tuesday, May 26th. Finally, Jefferies Financial Group boosted their price objective on Corebridge Financial from $43.00 to $45.00 and gave the company a "buy" rating in a research note on Friday, July 10th.

Insider Buying and Selling

In related news, insider David Ditillo sold 4,250 shares of the stock in a transaction on Monday, July 6th. The shares were sold at an average price of $30.00, for a total transaction of $127,500.00. Following the completion of the sale, the insider owned 128,153 shares in the company, valued at $3,844,590. This represents a 3.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.29% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Norges Bank acquired a new stake in Corebridge Financial during the 4th quarter worth approximately $611,550,000. State Street Corp increased its holdings in shares of Corebridge Financial by 44.3% in the fourth quarter. State Street Corp now owns 11,295,692 shares of the company's stock valued at $340,791,000 after purchasing an additional 3,465,371 shares during the period. Pzena Investment Management LLC raised its stake in shares of Corebridge Financial by 14.4% during the first quarter. Pzena Investment Management LLC now owns 27,045,794 shares of the company's stock worth $645,313,000 after purchasing an additional 3,413,384 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Corebridge Financial by 91.5% during the fourth quarter. AQR Capital Management LLC now owns 5,911,164 shares of the company's stock worth $178,340,000 after purchasing an additional 2,823,801 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Corebridge Financial by 43.5% during the first quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company's stock worth $211,575,000 after purchasing an additional 2,689,611 shares during the period. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Trading Up 3.9%

NYSE CRBG opened at $31.88 on Thursday. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12. The firm's fifty day moving average price is $28.27 and its 200 day moving average price is $27.87. The company has a market capitalization of $14.21 billion, a price-to-earnings ratio of 57.97, a price-to-earnings-growth ratio of 0.35 and a beta of 1.10. Corebridge Financial has a 12 month low of $22.19 and a 12 month high of $36.57.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing analysts' consensus estimates of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The company had revenue of $4.08 billion during the quarter, compared to analysts' expectations of $5.06 billion. During the same period last year, the firm earned $1.16 earnings per share. On average, sell-side analysts expect that Corebridge Financial will post 4.69 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Tuesday, June 16th. Corebridge Financial's payout ratio is presently 181.82%.

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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