Corebridge Financial (NYSE:CRBG) Rating Reiterated by Royal Bank of Canada

Royal Bank of Canada reissued their outperform rating on shares of Corebridge Financial (NYSE:CRBG) in a research report released on Friday, Benzinga reports. They currently have a $32.00 price target on the stock.

CRBG has been the topic of a number of other research reports. Piper Sandler boosted their price objective on shares of Corebridge Financial from $30.00 to $34.00 and gave the stock an overweight rating in a report on Friday, April 5th. Wells Fargo & Company upped their price target on Corebridge Financial from $30.00 to $33.00 and gave the stock an overweight rating in a report on Thursday, April 11th. UBS Group lifted their price objective on Corebridge Financial from $22.00 to $28.00 and gave the stock a buy rating in a report on Wednesday, January 10th. Keefe, Bruyette & Woods upped their target price on Corebridge Financial from $35.00 to $38.00 and gave the company an outperform rating in a report on Wednesday, April 10th. Finally, The Goldman Sachs Group lifted their price target on Corebridge Financial from $27.00 to $31.00 and gave the stock a buy rating in a research note on Tuesday, January 9th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $29.08.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $26.66 on Friday. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.92. Corebridge Financial has a 12-month low of $14.91 and a 12-month high of $29.40. The company has a market cap of $16.60 billion, a price-to-earnings ratio of 15.78, a price-to-earnings-growth ratio of 0.31 and a beta of 0.86. The stock has a 50 day simple moving average of $25.88 and a 200-day simple moving average of $23.06.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Thursday, February 15th. The company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.05. The firm had revenue of $5.92 billion during 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%. Corebridge Financial’s revenue was up 11.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.88 earnings per share. On average, equities analysts forecast that Corebridge Financial will post 4.86 EPS for the current year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were paid a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 3.45%. The ex-dividend date of this dividend was Thursday, March 14th. Corebridge Financial’s payout ratio is 54.44%.

Institutional Investors Weigh In On Corebridge Financial

Several hedge funds have recently modified their holdings of CRBG. Riverview Trust Co acquired a new position in shares of Corebridge Financial in the first quarter valued at approximately $25,000. EverSource Wealth Advisors LLC purchased a new stake in Corebridge Financial in the 3rd quarter worth approximately $28,000. Nomura Asset Management Co. Ltd. acquired a new position in Corebridge Financial in the 1st quarter valued at $30,000. MetLife Investment Management LLC purchased a new position in shares of Corebridge Financial during the 4th quarter worth $33,000. Finally, Advisor Group Holdings Inc. acquired a new stake in shares of Corebridge Financial during the fourth quarter worth $35,000. 98.25% of the stock is owned by institutional investors and hedge funds.

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.