Corebridge Financial (CRBG) – Research Analysts’ Recent Ratings Changes

Several brokerages have updated their recommendations and price targets on shares of Corebridge Financial (NYSE: CRBG) in the last few weeks:

• 4/15/2024 – Corebridge Financial had its price target raised by analysts at Morgan Stanley from $26.00 to $28.00. They now have an “equal weight” rating on the stock.
• 4/12/2024 – Corebridge Financial had its “outperform” rating reaffirmed by analysts at Royal Bank of Canada. They now have a $32.00 price target on the stock.
• 4/11/2024 – Corebridge Financial had its price target raised by analysts at Wells Fargo & Company from $30.00 to $33.00. They now have an “overweight” rating on the stock.
• 4/11/2024 – Corebridge Financial had its price target raised by analysts at Evercore ISI from $30.00 to $32.00. They now have an “outperform” rating on the stock.
• 4/10/2024 – Corebridge Financial had its price target raised by analysts at Keefe, Bruyette & Woods from $35.00 to $38.00. They now have an “outperform” rating on the stock.
• 4/5/2024 – Corebridge Financial had its price target raised by analysts at Piper Sandler from $30.00 to $34.00. They now have an “overweight” rating on the stock.

Corebridge Financial Stock Performance

Shares of CRBG stock traded down $0.34 during mid-day trading on Tuesday, hitting $26.56. 2,613,273 shares of the stock were exchanged, compared to its average volume of 4,200,999. Corebridge Financial, Inc. has a 12-month low of $14.91 and a 12-month high of $29.40. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.14 and a current ratio of 0.14. The stock has a market capitalization of $16.53 billion, a price-to-earnings ratio of 15.72, a P/E/G ratio of 0.31 and a beta of 0.86. The stock’s fifty day simple moving average is $26.43 and its two-hundred day simple moving average is $23.54.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Thursday, February 15th. The company reported $1.04 EPS for the quarter, beating the consensus estimate of $0.99 by $0.05. The firm had revenue of $5.92 billion during the quarter, compared to the consensus estimate 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 was up 11.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.88 EPS. On average, analysts forecast that Corebridge Financial, Inc. will post 4.82 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date was Thursday, March 14th. Corebridge Financial’s dividend payout ratio is currently 54.44%.

Hedge Funds Weigh In On Corebridge Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. American International Group Inc. increased its stake in shares of Corebridge Financial by 25,998,738.6% during the 4th quarter. American International Group Inc. now owns 324,205,517 shares of the company’s stock valued at $7,022,291,000 after acquiring an additional 324,204,270 shares during the last quarter. Capital Research Global Investors boosted its position in shares of Corebridge Financial by 6.5% in the fourth quarter. Capital Research Global Investors now owns 30,781,806 shares of the company’s stock worth $666,734,000 after buying an additional 1,865,841 shares during the period. Vanguard Group Inc. raised its holdings in shares of Corebridge Financial by 39.0% during the 4th quarter. Vanguard Group Inc. now owns 23,713,102 shares of the company’s stock valued at $513,626,000 after buying an additional 6,648,673 shares during the period. Norges Bank acquired a new stake in Corebridge Financial during the 4th quarter valued at $225,561,000. Finally, Hotchkis & Wiley Capital Management LLC boosted its position in Corebridge Financial by 106.3% in the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 10,010,679 shares of the company’s stock valued at $216,831,000 after buying an additional 5,157,570 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

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.