Wells Fargo & Company Boosts Corebridge Financial (NYSE:CRBG) Price Target to $42.00

Corebridge Financial (NYSE:CRBG - Free Report) had its price objective increased by Wells Fargo & Company from $37.00 to $42.00 in a report released on Wednesday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Other equities analysts have also recently issued research reports about the company. UBS Group cut Corebridge Financial from a "buy" rating to a "sell" rating and cut their price objective for the stock from $40.00 to $28.00 in a research report on Wednesday, April 2nd. BMO Capital Markets lifted their price target on Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a research report on Friday, June 27th. Wall Street Zen upgraded Corebridge Financial from a "sell" rating to a "hold" rating in a report on Friday, June 6th. Barclays increased their price objective on Corebridge Financial from $38.00 to $45.00 and gave the company an "overweight" rating in a research report on Thursday, June 26th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Corebridge Financial from $37.00 to $39.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $38.64.

Corebridge Financial Stock Performance

CRBG stock traded up $0.43 during midday trading on Wednesday, hitting $35.78. 2,092,831 shares of the company traded hands, compared to its average volume of 3,274,472. Corebridge Financial has a twelve month low of $23.69 and a twelve month high of $36.08. The stock has a market capitalization of $19.67 billion, a price-to-earnings ratio of 30.32, a price-to-earnings-growth ratio of 0.59 and a beta of 1.06. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.96. The business has a 50 day simple moving average of $32.60 and a 200-day simple moving average of $31.61.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its earnings results on Monday, May 5th. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.15 by $0.01. The firm had revenue of $4.74 billion for the quarter, compared to the consensus estimate of $5.28 billion. Corebridge Financial had a net margin of 3.73% and a return on equity of 22.19%. During the same quarter last year, the firm posted $1.10 EPS. As a group, equities research analysts predict that Corebridge Financial will post 5.43 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were paid a $0.24 dividend. The ex-dividend date of this dividend was Monday, June 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.68%. Corebridge Financial's payout ratio is 81.36%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CRBG. EverSource Wealth Advisors LLC raised its stake in shares of Corebridge Financial by 25.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,642 shares of the company's stock valued at $49,000 after buying an additional 329 shares in the last quarter. Whittier Trust Co. of Nevada Inc. increased its stake in Corebridge Financial by 58.4% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 1,147 shares of the company's stock valued at $34,000 after acquiring an additional 423 shares during the period. Smartleaf Asset Management LLC increased its stake in Corebridge Financial by 112.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company's stock valued at $27,000 after acquiring an additional 480 shares during the period. Brooklyn Investment Group raised its position in Corebridge Financial by 66.7% in the first quarter. Brooklyn Investment Group now owns 1,452 shares of the company's stock worth $46,000 after purchasing an additional 581 shares in the last quarter. Finally, MetLife Investment Management LLC lifted its stake in Corebridge Financial by 16.0% during the fourth quarter. MetLife Investment Management LLC now owns 5,193 shares of the company's stock worth $155,000 after purchasing an additional 715 shares during the period. 98.25% of the stock is owned by institutional investors.

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.