Analysts Set Corebridge Financial, Inc. (NYSE:CRBG) Target Price at $34.85

Corebridge Financial, Inc. (NYSE:CRBG) has earned a consensus rating of “Moderate Buy” from the fourteen research firms that are covering the company, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average twelve-month price target among analysts that have covered the stock in the last year is $35.00.

CRBG has been the subject of a number of analyst reports. Royal Bank of Canada reduced their target price on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Barclays increased their price objective on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. DOWLING & PARTN lowered Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Piper Sandler lowered their price target on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. Finally, Morgan Stanley lifted their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th.

Insider Activity

In other news, major shareholder International Group American sold 5,000,000 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the sale, the insider now owns 279,238,898 shares in the company, valued at $8,058,834,596.28. The trade was a 1.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.08% of the stock is currently owned by company insiders.

Institutional Trading of Corebridge Financial

Several large investors have recently added to or reduced their stakes in the company. O Shaughnessy Asset Management LLC increased its holdings in shares of Corebridge Financial by 5.9% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 17,511 shares of the company’s stock valued at $503,000 after purchasing an additional 978 shares during the period. UniSuper Management Pty Ltd purchased a new stake in Corebridge Financial in the 1st quarter worth approximately $103,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Corebridge Financial in the 1st quarter worth approximately $132,000. Toronto Dominion Bank purchased a new position in shares of Corebridge Financial during the 1st quarter valued at $646,000. Finally, Canada Pension Plan Investment Board increased its stake in shares of Corebridge Financial by 240.2% in the first quarter. Canada Pension Plan Investment Board now owns 1,807,723 shares of the company’s stock worth $51,936,000 after acquiring an additional 1,276,423 shares during the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Stock Down 0.1 %

Shares of Corebridge Financial stock opened at $32.37 on Friday. The stock has a market capitalization of $18.41 billion, a price-to-earnings ratio of -15.49, a PEG ratio of 0.42 and a beta of 0.90. Corebridge Financial has a twelve month low of $20.07 and a twelve month high of $34.66. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. The business’s 50 day simple moving average is $30.75 and its 200-day simple moving average is $29.47.

Corebridge Financial (NYSE:CRBG) last issued 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. The firm had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The firm’s revenue for the quarter was up 39.5% on a year-over-year basis. During the same period last year, the company earned $1.05 earnings per share. Equities research analysts forecast that Corebridge Financial will post 4.78 earnings per share for the current year.

Corebridge Financial Dividend Announcement

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

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.