Corebridge Financial, Inc. (CRBG) to Issue Quarterly Dividend of $0.23 on December 31st

Corebridge Financial, Inc. (NYSE:CRBG) declared a quarterly dividend on Monday, November 4th,Zacks Dividends reports. Shareholders of record on Tuesday, December 17th will be given a dividend of 0.23 per share on Tuesday, December 31st. This represents a $0.92 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date of this dividend is Tuesday, December 17th.

Corebridge Financial has a payout ratio of 16.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Corebridge Financial to earn $5.65 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 16.3%.

Corebridge Financial Trading Up 1.1 %

Shares of Corebridge Financial stock opened at $30.69 on Friday. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. Corebridge Financial has a twelve month low of $21.40 and a twelve month high of $34.66. The firm has a market capitalization of $17.46 billion, a PE ratio of -14.68, a P/E/G ratio of 0.39 and a beta of 0.86. The firm’s 50-day moving average price is $31.27 and its 200 day moving average price is $29.50.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.21. The business had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The business’s quarterly revenue was up 39.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.05 earnings per share. On average, sell-side analysts predict that Corebridge Financial will post 4.81 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CRBG. Piper Sandler lowered their price target on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 2nd. Morgan Stanley boosted their target price on Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. TD Cowen increased their price target on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. DOWLING & PARTN lowered Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Finally, Barclays raised their target price on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and an average price target of $35.00.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 121,956,256 shares of Corebridge Financial stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the completion of the transaction, the insider now owns 127,282,642 shares in the company, valued at $4,005,584,743.74. The trade was a 48.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last three months, insiders sold 156,956,256 shares of company stock worth $4,918,263,376. Company insiders own 0.08% 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.