Corebridge Financial, Inc. (NYSE:CRBG) Stock Has Average Price Target of $37.42

Shares of Corebridge Financial, Inc. (NYSE:CRBG) have been assigned a consensus recommendation of “Moderate Buy” from the fifteen research firms that are presently covering the company, Marketbeat.com reports. Six equities research analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $37.42.

CRBG has been the subject of several recent research reports. Wells Fargo & Company boosted their target price on shares of Corebridge Financial from $36.00 to $39.00 and gave the company an “overweight” rating in a research report on Wednesday, August 19th. Weiss Ratings upgraded shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. Mizuho boosted their price objective on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a research report on Thursday, July 9th. Keefe, Bruyette & Woods upped their price objective on Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 11th. Finally, Barclays raised their target price on Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder Life Insurance Co Nippon purchased 805,782 shares of the business’s stock in a transaction on Monday, September 28th. The stock was acquired at an average price of $34.15 per share, for a total transaction of $27,517,455.30. Following the purchase, the insider owned 125,579,654 shares of the company’s stock, valued at approximately $4,288,545,184.10. This represents a 0.65% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders have acquired 3,984,016 shares of company stock valued at $136,882,419 and have sold 33,145 shares valued at $1,111,386. Corporate insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Corebridge Financial

Large investors have recently made changes to their positions in the business. Sequoia Financial Advisors LLC grew its position in shares of Corebridge Financial by 23.7% during the second quarter. Sequoia Financial Advisors LLC now owns 14,676 shares of the company’s stock worth $420,000 after purchasing an additional 2,814 shares in the last quarter. Tidal Investments LLC raised its stake in Corebridge Financial by 42.8% during the 2nd quarter. Tidal Investments LLC now owns 93,351 shares of the company’s stock valued at $2,673,000 after purchasing an additional 27,992 shares during the period. National Pension Service raised its stake in Corebridge Financial by 83.2% during the 2nd quarter. National Pension Service now owns 20,647 shares of the company’s stock valued at $591,000 after purchasing an additional 9,375 shares during the period. WINTON GROUP Ltd purchased a new position in Corebridge Financial in the 2nd quarter worth approximately $1,729,000. Finally, Engineers Gate Manager LP bought a new position in Corebridge Financial in the 2nd quarter worth approximately $4,186,000. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Stock Performance

CRBG stock opened at $34.03 on Tuesday. The company has a market cap of $15.17 billion, a P/E ratio of 19.90, a price-to-earnings-growth ratio of 0.43 and a beta of 1.07. Corebridge Financial has a 1 year low of $22.19 and a 1 year high of $35.64. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. The stock’s fifty day moving average price is $33.40 and its 200-day moving average price is $29.44.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.04. The company had revenue of $4.30 billion during the quarter, compared to analysts’ expectations of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.During the same quarter in the prior year, the business earned $1.36 earnings per share. On average, equities analysts forecast that Corebridge Financial will post 4.62 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were paid a dividend of $0.25 per share. The ex-dividend date was Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.9%. Corebridge Financial’s payout ratio is 58.48%.

About Corebridge Financial

Corebridge Financial, Inc (NYSE: CRBG) is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers and institutional clients through businesses focused on retirement services, life insurance and institutional markets.

Its offerings include fixed, variable and registered index-linked annuities; individual life insurance; employer-sponsored retirement plans; and investment, funding and risk-management solutions for institutions.