Piper Sandler Raises Corebridge Financial (NYSE:CRBG) Price Target to $40.00

Corebridge Financial (NYSE:CRBG - Free Report) had its price target lifted by Piper Sandler from $38.00 to $40.00 in a research note released on Thursday,Benzinga reports. They currently have an overweight rating on the stock.

Several other research firms also recently commented on CRBG. Wall Street Zen raised shares of Corebridge Financial from a "sell" rating to a "hold" rating in a research note on Friday, June 6th. BMO Capital Markets lifted their price objective on Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a report on Friday, June 27th. Barclays boosted their target price on Corebridge Financial from $38.00 to $45.00 and gave the company an "overweight" rating in a research note on Thursday, June 26th. Morgan Stanley raised their price target on Corebridge Financial from $37.00 to $40.00 and gave the stock an "overweight" rating in a research report on Friday, June 27th. Finally, UBS Group cut Corebridge Financial from a "buy" rating to a "sell" rating and decreased their price target for the stock from $40.00 to $28.00 in a research note on Wednesday, April 2nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $38.64.

Corebridge Financial Price Performance

CRBG stock traded up $0.43 during mid-day trading on Thursday, reaching $35.78. 2,092,831 shares of the company traded hands, compared to its average volume of 3,274,472. The company has a fifty day moving average price of $32.35 and a 200-day moving average price of $31.53. Corebridge Financial has a 52-week low of $23.69 and a 52-week high of $36.08. The company has a market capitalization of $19.67 billion, a P/E ratio of 7.21, a P/E/G ratio of 0.58 and a beta of 1.06. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.14 and a quick ratio of 0.14.

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

Corebridge Financial Announces Dividend

The business also recently declared 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 annualized dividend and a dividend yield of 2.68%. Corebridge Financial's payout ratio is currently 81.36%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC increased its holdings in shares of Corebridge Financial by 112.4% during 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 in the last quarter. Oarsman Capital Inc. bought a new stake in Corebridge Financial during the 4th quarter valued at about $30,000. Sunbelt Securities Inc. purchased a new position in Corebridge Financial in the fourth quarter worth about $30,000. Whittier Trust Co. of Nevada Inc. raised its holdings 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 worth $34,000 after buying an additional 423 shares during the last quarter. Finally, Brooklyn Investment Group lifted its stake in shares of 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 buying an additional 581 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company's stock.

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.