Corebridge Financial (NYSE:CRBG) Shares Gap Up – Still a Buy?

Corebridge Financial, Inc. (NYSE:CRBG) gapped up prior to trading on Monday . The stock had previously closed at $31.54, but opened at $32.82. Corebridge Financial shares last traded at $32.8060, with a volume of 1,411,421 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CRBG. Morgan Stanley restated an “equal weight” rating and issued a $33.00 price objective (down previously from $39.00) on shares of Corebridge Financial in a report on Monday, November 17th. Keefe, Bruyette & Woods cut their target price on shares of Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating on the stock in a report on Thursday, October 9th. Barclays decreased their price objective on Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating for the company in a research report on Wednesday, October 8th. Wells Fargo & Company cut their price target on shares of Corebridge Financial from $44.00 to $43.00 and set an “overweight” rating for the company in a report on Wednesday, November 5th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Corebridge Financial in a research report on Monday, December 8th. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and an average target price of $39.40.

Corebridge Financial Trading Up 1.8%

The business’s 50 day moving average price is $30.61 and its two-hundred day moving average price is $32.72. The company has a market capitalization of $16.71 billion, a price-to-earnings ratio of 19.11, a price-to-earnings-growth ratio of 0.43 and a beta of 1.05. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.13 and a current ratio of 0.13.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Tuesday, November 4th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.12). Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. The company had revenue of $5.63 billion for the quarter, compared to analyst estimates of $4.85 billion. During the same period last year, the business earned $1.23 EPS. The company’s quarterly revenue was up 34.2% on a year-over-year basis. Equities analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Wednesday, December 17th. Corebridge Financial’s dividend payout ratio (DPR) is presently 57.14%.

Institutional Investors Weigh In On Corebridge Financial

Several large investors have recently modified their holdings of CRBG. IFP Advisors Inc grew its holdings in shares of Corebridge Financial by 1,223.6% in the 2nd quarter. IFP Advisors Inc now owns 728 shares of the company’s stock worth $26,000 after purchasing an additional 673 shares during the last quarter. Allworth Financial LP acquired a new stake in shares of Corebridge Financial in the 2nd quarter valued at $26,000. Community Bank N.A. bought a new position in Corebridge Financial in the third quarter valued at approximately $26,000. Smartleaf Asset Management LLC increased its position in shares of Corebridge Financial by 83.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock valued at $27,000 after buying an additional 377 shares in the last quarter. Finally, Assetmark Inc. lifted its holdings in shares of Corebridge Financial by 60.9% during the 2nd quarter. Assetmark Inc. now owns 941 shares of the company’s stock valued at $33,000 after purchasing an additional 356 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors.

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.