Royal Bank of Canada Reaffirms “Outperform” Rating for Corebridge Financial (NYSE:CRBG)

Royal Bank of Canada restated their outperform rating on shares of Corebridge Financial (NYSE:CRBG) in a research report report published on Friday morning, Benzinga reports. Royal Bank of Canada currently has a $32.00 target price on the stock.

A number of other research firms have also recently weighed in on CRBG. Piper Sandler boosted their target price on shares of Corebridge Financial from $30.00 to $34.00 and gave the company an overweight rating in a research note on Friday, April 5th. UBS Group upped their price objective on Corebridge Financial from $22.00 to $28.00 and gave the company a buy rating in a research note on Wednesday, January 10th. The Goldman Sachs Group raised their target price on Corebridge Financial from $27.00 to $31.00 and gave the stock a buy rating in a research report on Tuesday, January 9th. Evercore ISI upped their price target on Corebridge Financial from $30.00 to $32.00 and gave the company an outperform rating in a research report on Thursday, April 11th. Finally, Wells Fargo & Company lifted their price objective on Corebridge Financial from $30.00 to $33.00 and gave the stock an overweight rating in a report on Thursday, April 11th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $29.08.

Corebridge Financial Stock Performance

Shares of CRBG opened at $26.66 on Friday. The stock has a 50 day moving average of $25.88 and a 200 day moving average of $23.06. The company has a market capitalization of $16.60 billion, a price-to-earnings ratio of 15.78, a PEG ratio of 0.31 and a beta of 0.86. Corebridge Financial has a 12 month low of $14.91 and a 12 month high of $29.40. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.92.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Thursday, February 15th. The company reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.05. The firm had revenue of $5.92 billion during the quarter, compared to the consensus estimate of $5.65 billion. Corebridge Financial had a return on equity of 23.11% and a net margin of 5.92%. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.88 EPS. As a group, sell-side analysts forecast that Corebridge Financial will post 4.86 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a $0.23 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.92 annualized dividend and a dividend yield of 3.45%. Corebridge Financial’s payout ratio is currently 54.44%.

Institutional Investors Weigh In On Corebridge Financial

Several hedge funds have recently bought and sold shares of CRBG. American International Group Inc. raised its position in shares of Corebridge Financial by 50.8% during the 4th quarter. American International Group Inc. now owns 1,881 shares of the company’s stock valued at $41,000 after buying an additional 634 shares in the last quarter. Riverview Trust Co purchased a new stake in Corebridge Financial during the first quarter valued at about $25,000. MetLife Investment Management LLC lifted its stake in Corebridge Financial by 76.4% during the second quarter. MetLife Investment Management LLC now owns 2,929 shares of the company’s stock worth $52,000 after purchasing an additional 1,269 shares during the last quarter. Mariner LLC boosted its holdings in shares of Corebridge Financial by 4.3% in the 3rd quarter. Mariner LLC now owns 33,647 shares of the company’s stock worth $665,000 after purchasing an additional 1,388 shares in the last quarter. Finally, EverSource Wealth Advisors LLC bought a new position in shares of Corebridge Financial during the 3rd quarter valued at about $28,000. 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.