Corebridge Financial (NYSE:CRBG) Price Target Raised to $34.00 at Piper Sandler

Corebridge Financial (NYSE:CRBG) had its price objective raised by Piper Sandler from $30.00 to $34.00 in a research note issued to investors on Friday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

CRBG has been the topic of a number of other reports. The Goldman Sachs Group boosted their price target on shares of Corebridge Financial from $27.00 to $31.00 and gave the stock a buy rating in a research note on Tuesday, January 9th. Royal Bank of Canada boosted their price target on shares of Corebridge Financial from $25.00 to $28.00 and gave the stock an outperform rating in a research note on Friday, February 16th. Keefe, Bruyette & Woods boosted their price target on shares of Corebridge Financial from $31.00 to $35.00 and gave the stock an outperform rating in a research note on Friday, February 16th. UBS Group boosted their price target on shares of Corebridge Financial from $22.00 to $28.00 and gave the stock a buy rating in a research note on Wednesday, January 10th. Finally, Wells Fargo & Company boosted their price target on shares of Corebridge Financial from $28.00 to $30.00 and gave the stock an overweight rating in a research note on Friday, February 16th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Corebridge Financial has a consensus rating of Moderate Buy and an average price target of $27.64.

Corebridge Financial Price Performance

Shares of NYSE:CRBG opened at $28.68 on Friday. The company has a 50-day simple moving average of $25.49 and a 200-day simple moving average of $22.68. Corebridge Financial has a one year low of $14.91 and a one year high of $29.40. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.14 and a current ratio of 0.14. The stock has a market capitalization of $17.85 billion, a price-to-earnings ratio of 16.97, a PEG ratio of 0.33 and a beta of 0.86.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Thursday, February 15th. The company reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.05. Corebridge Financial had a net margin of 5.92% and a return on equity of 23.11%. The business had revenue of $5.92 billion during the quarter, compared to analysts’ expectations of $5.65 billion. During the same period in the prior year, the company earned $0.88 earnings per share. The business’s revenue was up 11.3% compared to the same quarter last year. On average, analysts predict that Corebridge Financial will post 4.97 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a dividend of $0.23 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.92 annualized dividend and a yield of 3.21%. Corebridge Financial’s payout ratio is currently 54.44%.

Institutional Trading of Corebridge Financial

Several large investors have recently modified their holdings of CRBG. American International Group Inc. grew its position in shares of Corebridge Financial by 25,998,738.6% in the fourth quarter. American International Group Inc. now owns 324,205,517 shares of the company’s stock valued at $7,022,291,000 after purchasing an additional 324,204,270 shares during the last quarter. Norges Bank acquired a new stake in shares of Corebridge Financial in the fourth quarter valued at approximately $225,561,000. Vanguard Group Inc. grew its position in shares of Corebridge Financial by 39.0% in the fourth quarter. Vanguard Group Inc. now owns 23,713,102 shares of the company’s stock valued at $513,626,000 after purchasing an additional 6,648,673 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Corebridge Financial by 63.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 16,048,354 shares of the company’s stock valued at $321,930,000 after purchasing an additional 6,216,666 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC grew its position in shares of Corebridge Financial by 106.3% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 10,010,679 shares of the company’s stock valued at $216,831,000 after purchasing an additional 5,157,570 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Company Profile

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.