Corebridge Financial (NYSE:CRBG) Sets New 12-Month High at $29.40

Corebridge Financial, Inc. (NYSE:CRBG) shares hit a new 52-week high on Thursday . The stock traded as high as $29.40 and last traded at $28.43, with a volume of 329071 shares changing hands. The stock had previously closed at $28.15.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Wells Fargo & Company boosted their price objective on shares of Corebridge Financial from $28.00 to $30.00 and gave the company an “overweight” rating in a research note on Friday, February 16th. Keefe, Bruyette & Woods lifted their price objective on Corebridge Financial from $31.00 to $35.00 and gave the company an “outperform” rating in a research note on Friday, February 16th. Royal Bank of Canada upped their target price on Corebridge Financial from $25.00 to $28.00 and gave the stock an “outperform” rating in a research note on Friday, February 16th. UBS Group lifted their target price on shares of Corebridge Financial from $22.00 to $28.00 and gave the company a “buy” rating in a research report on Wednesday, January 10th. Finally, The Goldman Sachs Group increased their price target on shares of Corebridge Financial from $27.00 to $31.00 and gave the stock a “buy” rating in a report on Tuesday, January 9th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.00.

Corebridge Financial Stock Performance

The company’s 50-day moving average price is $24.92 and its 200 day moving average price is $22.22. The stock has a market capitalization of $17.81 billion, a PE ratio of 16.67, a PEG ratio of 0.32 and a beta of 0.83. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.14 and a current ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Thursday, February 15th. The company reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.05. The company had revenue of $5.92 billion for the quarter, compared to analysts’ expectations of $5.65 billion. Corebridge Financial had a return on equity of 23.11% and a net margin of 5.92%. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.88 earnings per share. On average, equities research analysts expect that Corebridge Financial, Inc. will post 4.97 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 15th will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date is Thursday, March 14th. Corebridge Financial’s payout ratio is 54.44%.

Hedge Funds Weigh In On Corebridge Financial

Hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC purchased a new stake in Corebridge Financial during the third quarter valued at $28,000. Nomura Asset Management Co. Ltd. purchased a new position in shares of Corebridge Financial during the 1st quarter worth $30,000. MetLife Investment Management LLC purchased a new stake in shares of Corebridge Financial in the 4th quarter worth $33,000. Advisor Group Holdings Inc. bought a new position in Corebridge Financial in the 4th quarter worth $35,000. Finally, American International Group Inc. increased its position in Corebridge Financial by 50.8% in the fourth quarter. American International Group Inc. now owns 1,881 shares of the company’s stock worth $41,000 after buying an additional 634 shares in the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Company Profile

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.