Corebridge Financial (NYSE:CRBG) Stock Breaks Above 50 Day Moving Average - Should You Sell?

Key Points

• Corebridge shares moved above their 50-day moving average, trading as high as $36.22 versus a $34.48 average and last changing hands at $35.91.
• Analyst sentiment is moderately bullish: nine analysts rate the stock Buy and four Hold, with a consensus price target of $39.18.
• Quarterly results were mixed: EPS of $1.22 slightly missed estimates, while revenue of $4.50 billion fell short of forecasts and declined 20% year over year. The company also announced a quarterly dividend of $0.25 per share.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report)'s share price passed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $34.48 and traded as high as $36.22. Corebridge Financial shares last traded at $35.9120, with a volume of 4,584,695 shares changing hands.

Wall Street Analyst Weigh In

CRBG has been the topic of several recent research reports. Weiss Ratings upgraded shares of Corebridge Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, October 29th. UBS Group upped their price target on shares of Corebridge Financial from $32.00 to $36.00 and gave the company a "neutral" rating in a research report on Tuesday, October 6th. Wells Fargo & Company raised their price target on shares of Corebridge Financial from $39.00 to $40.00 and gave the company an "overweight" rating in a research note on Monday, October 12th. Mizuho lifted their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an "outperform" rating in a report on Wednesday, October 7th. Finally, TD Cowen boosted their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock a "buy" rating in a research note on Wednesday, October 21st. Nine equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $39.18.

Corebridge Financial Stock Performance

The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.12 and a current ratio of 0.12. The stock's 50 day moving average price is $34.48 and its 200 day moving average price is $30.00. The company has a market capitalization of $15.75 billion, a P/E ratio of 7.71, a price-to-earnings-growth ratio of 0.53 and a beta of 1.05.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its earnings results on Tuesday, November 3rd. The company reported $1.22 EPS for the quarter, missing the consensus estimate of $1.23 by ($0.01). The business had revenue of $4.50 billion for the quarter, compared to analyst estimates of $5.36 billion. Corebridge Financial had a return on equity of 20.64% and a net margin of 11.37%. The company's revenue for the quarter was down 20.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.96 EPS. As a group, equities analysts expect that Corebridge Financial, Inc. will post 4.57 EPS for the current year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Thursday, December 17th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Thursday, December 17th. Corebridge Financial's dividend payout ratio (DPR) is currently 21.46%.

Insider Buying and Selling at Corebridge Financial

In related news, major shareholder Life Insurance Co Nippon bought 805,782 shares of the company's stock in a transaction dated Monday, September 28th. The shares were bought at an average price of $34.15 per share, for a total transaction of $27,517,455.30. Following the completion of the acquisition, the insider directly owned 125,579,654 shares of the company's stock, valued at $4,288,545,184.10. This trade represents a 0.65% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have acquired 10,729,538 shares of company stock valued at $369,813,983 over the last 90 days. 0.32% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Corebridge Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pzena Investment Management LLC purchased a new position in Corebridge Financial during the 2nd quarter valued at about $967,400,000. BlackRock Inc. bought a new position in Corebridge Financial in the second quarter valued at $726,494,000. Donald Smith & CO. Inc. purchased a new stake in Corebridge Financial in the second quarter worth approximately $168,134,000. Davis Asset Management L.P. purchased a new stake in Corebridge Financial in the second quarter worth approximately $166,054,000. Finally, Wellington Management Group LLP purchased a new stake in Corebridge Financial in the second quarter worth approximately $99,469,000. Institutional investors own 98.25% of the company's stock.

About Corebridge Financial

Corebridge Financial is a U.S.-based provider of retirement solutions and insurance products. Its offerings include annuities and other individual retirement products, life insurance, and retirement plans and services for employers and their workers.

The company also serves institutional clients with products and services such as pension risk-transfer solutions and funding agreements. Its business is organized around individual retirement, group retirement, life insurance, and institutional markets, with products distributed through financial professionals and other channels.

Corebridge was established as the life and retirement business of American International Group and became an independent public company in 2022.

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