Corebridge Financial, Inc. (NYSE:CRBG) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Corebridge Financial, Inc. (NYSE:CRBG) have been given a consensus rating of “Moderate Buy” by the fourteen research firms that are presently covering the company, Marketbeat reports. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $35.00.

CRBG has been the topic of several recent analyst reports. Morgan Stanley lifted their target price on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. DOWLING & PARTN cut Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. TD Cowen increased their target price on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday. Royal Bank of Canada dropped their price target on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Finally, Barclays upped their price target on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th.

Corebridge Financial Price Performance

NYSE CRBG opened at $32.37 on Friday. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83. The stock has a market capitalization of $18.41 billion, a PE ratio of -15.49, a price-to-earnings-growth ratio of 0.42 and a beta of 0.90. Corebridge Financial has a 12-month low of $20.07 and a 12-month high of $34.66. The company has a 50 day moving average price of $30.75 and a two-hundred day moving average price of $29.47.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The firm had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same period in the previous year, the company earned $1.05 EPS. The company’s revenue for the quarter was up 39.5% on a year-over-year basis. As a group, equities analysts predict that Corebridge Financial will post 4.78 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be paid a $0.23 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a yield of 2.84%. Corebridge Financial’s payout ratio is currently -44.02%.

Insider Buying and Selling

In related news, major shareholder International Group American sold 30,000,000 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $31.20, for a total value of $936,000,000.00. Following the sale, the insider now owns 249,238,898 shares of the company’s stock, valued at $7,776,253,617.60. The trade was a 10.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.08% of the company’s stock.

Institutional Investors Weigh In On Corebridge Financial

Several institutional investors and hedge funds have recently made changes to their positions in the company. Franklin Resources Inc. lifted its holdings in Corebridge Financial by 68.6% during the 3rd quarter. Franklin Resources Inc. now owns 423,654 shares of the company’s stock valued at $12,981,000 after purchasing an additional 172,397 shares during the last quarter. Tidal Investments LLC raised its stake in shares of Corebridge Financial by 38.0% in the third quarter. Tidal Investments LLC now owns 31,780 shares of the company’s stock valued at $927,000 after acquiring an additional 8,751 shares during the last quarter. Sanctuary Advisors LLC acquired a new position in shares of Corebridge Financial in the 3rd quarter worth approximately $683,000. Virtu Financial LLC bought a new stake in Corebridge Financial during the 3rd quarter worth approximately $581,000. Finally, Toronto Dominion Bank increased its holdings in Corebridge Financial by 38.8% during the 3rd quarter. Toronto Dominion Bank now owns 38,033 shares of the company’s stock valued at $1,109,000 after purchasing an additional 10,629 shares in the last quarter. Institutional investors and hedge funds 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.