Corebridge Financial (NYSE:CRBG) Price Target Raised to $41.00

Corebridge Financial (NYSE:CRBG) had its price target boosted by Wells Fargo & Company from $40.00 to $41.00 in a research note published on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other analysts also recently issued reports about the stock. Mizuho lifted their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday, October 7th. Piper Sandler boosted their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a research report on Monday, October 12th. Weiss Ratings upgraded shares of Corebridge Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 29th. TD Cowen lifted their target price on Corebridge Financial from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, October 21st. Finally, UBS Group upped their target price on Corebridge Financial from $32.00 to $36.00 and gave the stock a “neutral” rating in a report on Tuesday, October 6th. Nine analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.27.

Corebridge Financial Stock Up 1.0%

Shares of NYSE:CRBG traded up $0.37 during mid-day trading on Thursday, reaching $36.34. 2,345,152 shares of the stock were exchanged, compared to its average volume of 4,889,622. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 1.67. The company has a market cap of $15.93 billion, a P/E ratio of 7.80, a P/E/G ratio of 0.53 and a beta of 1.05. Corebridge Financial has a one year low of $22.19 and a one year high of $36.71. The stock’s 50 day simple moving average is $34.71 and its 200-day simple moving average is $30.11.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Tuesday, November 3rd. The company reported $1.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.01). The firm had revenue of $4.50 billion during the quarter, compared to analyst estimates of $5.36 billion. Corebridge Financial had a net margin of 11.37% and a return on equity of 20.64%. The firm’s quarterly revenue was down 20.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.96 EPS. As a group, equities research analysts predict that Corebridge Financial will post 4.56 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Thursday, December 17th will be paid a $0.25 dividend. The ex-dividend date is Thursday, December 17th. This represents a $1.00 annualized dividend and a yield of 2.8%. Corebridge Financial’s dividend payout ratio is currently 21.46%.

Insider Activity at Corebridge Financial

In other Corebridge Financial news, major shareholder Life Insurance Co Nippon acquired 356,096 shares of the business’s stock in a transaction dated Tuesday, November 3rd. The stock was bought at an average cost of $36.13 per share, with a total value of $12,865,748.48. Following the completion of the transaction, the insider directly owned 132,890,209 shares in the company, valued at approximately $4,801,323,251.17. This represents a 0.27% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Argon Holdco Llc sold 3,227,700 shares of Corebridge Financial stock in a transaction that occurred on Friday, November 6th. The stock was sold at an average price of $34.09, for a total value of $110,032,293.00. Following the transaction, the insider owned 44,234,423 shares of the company’s stock, valued at $1,507,951,480.07. This represents a 6.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders acquired 10,729,538 shares of company stock worth $369,813,983 and sold 3,244,181 shares worth $110,594,103. 0.32% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Corebridge Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRBG. Bell Investment Advisors Inc bought a new position in shares of Corebridge Financial in the second quarter valued at about $27,000. Parallel Advisors LLC boosted its holdings in shares of Corebridge Financial by 59.8% during the 3rd quarter. Parallel Advisors LLC now owns 1,192 shares of the company’s stock worth $39,000 after buying an additional 446 shares during the period. Sonoma Allocations LLC bought a new stake in shares of Corebridge Financial during the 1st quarter worth about $30,000. Allworth Financial LP acquired a new position in Corebridge Financial in the 2nd quarter valued at about $41,000. Finally, Versant Capital Management Inc grew its stake in Corebridge Financial by 1,124.2% in the 2nd quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock valued at $46,000 after buying an additional 1,484 shares during the last quarter. 98.25% of the stock is owned by institutional investors.

About Corebridge Financial

Corebridge Financial is a U.S.-based provider of retirement solutions and insurance products. Its offerings include annuities and other individual retirement products, life insurance, and retirement plans and services for employers and their workers. The company also serves institutional clients with products and services such as pension risk-transfer solutions and funding agreements. Its business is organized around individual retirement, group retirement, life insurance, and institutional markets, with products distributed through financial professionals and other channels.