Wells Fargo & Company Issues Positive Forecast for Corebridge Financial (NYSE:CRBG) Stock Price

Corebridge Financial (NYSE:CRBG - Free Report) had its price objective raised by Wells Fargo & Company from $35.00 to $37.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other analysts have also recently commented on the company. BMO Capital Markets started coverage on Corebridge Financial in a research report on Thursday, January 23rd. They issued an "outperform" rating and a $43.00 target price for the company. Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a "hold" rating to a "buy" rating and raised their target price for the stock from $33.00 to $40.00 in a research report on Friday, January 10th. Keefe, Bruyette & Woods decreased their target price on Corebridge Financial from $40.00 to $37.00 and set an "outperform" rating for the company in a research report on Wednesday, April 9th. Piper Sandler raised their target price on Corebridge Financial from $35.00 to $38.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 2nd. Finally, Barclays raised their target price on Corebridge Financial from $36.00 to $38.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $36.62.

Corebridge Financial Price Performance

Shares of NYSE CRBG traded up $1.43 during mid-day trading on Wednesday, reaching $32.57. The company had a trading volume of 2,007,251 shares, compared to its average volume of 3,487,556. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.16. The stock has a market cap of $17.92 billion, a PE ratio of 8.62, a P/E/G ratio of 0.43 and a beta of 1.01. The company has a 50-day moving average price of $30.04 and a two-hundred day moving average price of $31.13. Corebridge Financial has a 1-year low of $23.69 and a 1-year high of $35.36.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued 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 business had revenue of $4.74 billion during the quarter, compared to analysts' expectations of $5.28 billion. Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. During the same quarter last year, the firm posted $1.10 earnings per share. On average, equities analysts anticipate that Corebridge Financial will post 5.43 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.96 annualized dividend and a yield of 2.95%. Corebridge Financial's payout ratio is 81.36%.

Institutional Trading of Corebridge Financial

Hedge funds have recently added to or reduced their stakes in the business. New York Life Investment Management LLC bought a new stake in Corebridge Financial during the 4th quarter valued at approximately $781,000. First Hawaiian Bank bought a new position in Corebridge Financial during the fourth quarter valued at about $1,168,000. Raymond James Financial Inc. acquired a new stake in shares of Corebridge Financial during the 4th quarter worth approximately $31,844,000. Barclays PLC grew its holdings in shares of Corebridge Financial by 20.0% during the 3rd quarter. Barclays PLC now owns 358,035 shares of the company's stock worth $10,441,000 after purchasing an additional 59,702 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Corebridge Financial by 4.3% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 504,261 shares of the company's stock worth $15,093,000 after purchasing an additional 20,783 shares in the last quarter. 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.