Corebridge Financial (NYSE:CRBG) Sets New 52-Week High - Should You Buy?

Key Points

• Corebridge Financial reached a new 52-week high of $35.00, with shares recently trading near $34.67. The stock’s 50-day and 200-day moving averages are $32.33 and $28.49, respectively.
• Analyst sentiment is generally positive: nine analysts rate the stock a Buy and six a Hold, resulting in a consensus “Moderate Buy” rating and an average price target of $37.42.
• Corebridge exceeded quarterly earnings expectations with $1.12 in EPS versus $1.08 forecast, and declared a quarterly dividend of $0.25 per share, representing a 2.9% yield. However, insiders sold a combined 24,409 shares worth about $805,626 over the past 90 days.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) shares reached a new 52-week high during mid-day trading on Friday . The company traded as high as $35.00 and last traded at $34.6720, with a volume of 144371 shares. The stock had previously closed at $34.18.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Keefe, Bruyette & Woods raised their target price on Corebridge Financial from $40.00 to $43.00 and gave the stock an "outperform" rating in a report on Tuesday, August 11th. Mizuho increased their price target on Corebridge Financial from $35.00 to $36.00 and gave the company an "outperform" rating in a research note on Thursday, July 9th. UBS Group raised their price target on Corebridge Financial from $29.00 to $32.00 and gave the company a "neutral" rating in a report on Wednesday, July 8th. Zacks Research raised Corebridge Financial from a "strong sell" rating to a "hold" rating in a research note on Monday, June 22nd. Finally, TD Cowen upped their price objective on Corebridge Financial from $35.00 to $38.00 and gave the stock a "buy" rating in a report on Wednesday, July 22nd. Nine analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $37.42.

Corebridge Financial Trading Up 0.3%

The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. The stock's fifty day moving average is $32.33 and its 200 day moving average is $28.49. The stock has a market cap of $15.28 billion, a P/E ratio of 20.03, a P/E/G ratio of 0.44 and a beta of 1.08.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.The company had revenue of $4.30 billion for the quarter, compared to analysts' expectations of $4.66 billion. During the same period in the previous year, the firm posted $1.36 earnings per share. As a group, equities research analysts predict that Corebridge Financial, Inc. will post 4.58 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.00 annualized dividend and a dividend yield of 2.9%. Corebridge Financial's payout ratio is currently 58.48%.

Insider Buying and Selling at Corebridge Financial

In related news, EVP Elizabeth Cropper sold 7,745 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $33.06, for a total transaction of $256,049.70. Following the sale, the executive vice president owned 46,473 shares in the company, valued at approximately $1,536,397.38. This represents a 14.28% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider David Ditillo sold 12,414 shares of the firm's stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $34.00, for a total value of $422,076.00. Following the completion of the sale, the insider owned 111,153 shares of the company's stock, valued at approximately $3,779,202. This represents a 10.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 24,409 shares of company stock worth $805,626 in the last 90 days. 0.32% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Corebridge Financial

Several institutional investors have recently made changes to their positions in the company. Rothschild Investment LLC grew its holdings in Corebridge Financial by 133.3% during the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company's stock valued at $27,000 after purchasing an additional 520 shares during the last quarter. Bell Investment Advisors Inc bought a new position in shares of Corebridge Financial during the second quarter valued at approximately $27,000. Sonoma Allocations LLC bought a new position in shares of Corebridge Financial during the first quarter valued at approximately $30,000. Allworth Financial LP purchased a new stake in shares of Corebridge Financial in the second quarter worth approximately $41,000. Finally, Versant Capital Management Inc lifted its stake in shares of Corebridge Financial by 1,124.2% during the 2nd quarter. Versant Capital Management Inc now owns 1,616 shares of the company's stock worth $46,000 after acquiring an additional 1,484 shares during the last quarter. Institutional investors own 98.25% of the company's stock.

Corebridge Financial Company Profile

Corebridge Financial, Inc NYSE: CRBG is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers, financial professionals and institutional clients through a range of businesses focused on helping customers build, preserve and receive income from their assets.

Its products and services include individual and group annuities, retirement plan solutions, life insurance and institutional insurance offerings. Corebridge also provides investment, recordkeeping and related administrative services for workplace retirement plans, as well as solutions designed to support financial institutions and other institutional customers.

Corebridge was established through the separation of American International Group's life and retirement business and began operating as an independent publicly traded company in 2022.

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