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

Key Points

• Corebridge Financial, Inc. has received a consensus rating of "Moderate Buy" from eleven ratings firms, with three holding and eight buying recommendations.
• The average one-year price target for Corebridge Financial stock is currently $40.80, reflecting optimism from analysts following various upgrades.
• Corebridge recently declared a quarterly dividend of $0.24 per share, translating to an annual yield of 3.0%, despite a negative dividend payout ratio.

Shares of Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the eleven brokerages that are covering the company, MarketBeat reports. Three analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $40.80.

Several equities research analysts have commented on CRBG shares. Wall Street Zen raised Corebridge Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. JPMorgan Chase & Co. boosted their target price on Corebridge Financial from $34.00 to $40.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Morgan Stanley boosted their target price on Corebridge Financial from $37.00 to $40.00 and gave the stock an "overweight" rating in a report on Friday, June 27th. BMO Capital Markets boosted their target price on Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a report on Friday, June 27th. Finally, Keefe, Bruyette & Woods upped their price target on Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th.

Corebridge Financial Trading Up 0.7%

Shares of CRBG traded up $0.22 during mid-day trading on Friday, hitting $32.75. 7,185,561 shares of the company's stock traded hands, compared to its average volume of 2,915,387. The company has a quick ratio of 0.12, a current 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. The firm has a market capitalization of $17.63 billion, a P/E ratio of -53.68, a PEG ratio of 0.54 and a beta of 1.06. The business's 50-day moving average price is $34.22 and its 200-day moving average price is $32.49.

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, beating the consensus estimate of $1.15 by $0.21. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.The company had revenue of $4.42 billion for the quarter, compared to analyst estimates of $4.85 billion. During the same period in the previous year, the company posted $1.13 earnings per share. As a group, sell-side analysts forecast that Corebridge Financial will post 5.43 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Tuesday, September 16th. Corebridge Financial's dividend payout ratio is presently -157.38%.

Insider Activity

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

Institutional Trading of Corebridge Financial

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Corebridge Financial by 1.4% during the first quarter. Vanguard Group Inc. now owns 24,249,948 shares of the company's stock valued at $765,571,000 after acquiring an additional 324,692 shares during the last quarter. Pzena Investment Management LLC increased its position in Corebridge Financial by 132.6% in the second quarter. Pzena Investment Management LLC now owns 18,723,701 shares of the company's stock worth $664,691,000 after buying an additional 10,673,099 shares in the last quarter. AQR Capital Management LLC grew its position in shares of Corebridge Financial by 50.0% during the first quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company's stock worth $258,880,000 after purchasing an additional 2,780,764 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Corebridge Financial by 6.8% during the first quarter. Dimensional Fund Advisors LP now owns 5,829,711 shares of the company's stock worth $184,034,000 after purchasing an additional 372,270 shares in the last quarter. Finally, LSV Asset Management grew its position in shares of Corebridge Financial by 5.8% during the second quarter. LSV Asset Management now owns 4,587,100 shares of the company's stock worth $162,842,000 after purchasing an additional 250,066 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company's stock.

Corebridge Financial Company Profile

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.