Corebridge Financial, Inc. (NYSE:CRBG) Receives $29.17 Consensus Target Price from Analysts

Corebridge Financial, Inc. (NYSE:CRBG) has been given an average recommendation of “Moderate Buy” by the eleven analysts that are currently covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $29.17.

A number of research analysts recently commented on the stock. Morgan Stanley increased their target price on shares of Corebridge Financial from $26.00 to $28.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. Evercore ISI raised their target price on shares of Corebridge Financial from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday, April 11th. Wells Fargo & Company upped their price target on shares of Corebridge Financial from $30.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Piper Sandler raised their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $32.00 price target on shares of Corebridge Financial in a report on Friday, April 12th.

Corebridge Financial Stock Down 1.8 %

Shares of NYSE CRBG opened at $30.25 on Tuesday. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.92. The business’s 50 day moving average is $26.94 and its two-hundred day moving average is $23.89. Corebridge Financial has a 52-week low of $16.13 and a 52-week high of $30.98. The firm has a market cap of $18.83 billion, a price-to-earnings ratio of 7.96, a PEG ratio of 0.33 and a beta of 0.96.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Friday, May 3rd. The company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.05. Corebridge Financial had a net margin of 11.25% and a return on equity of 24.31%. The company had revenue of $5.85 billion for the quarter, compared to analyst estimates of $5.50 billion. During the same period in the prior year, the firm earned $0.97 earnings per share. Research analysts predict that Corebridge Financial will post 4.82 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 3.04%. The ex-dividend date is Friday, June 14th. Corebridge Financial’s dividend payout ratio (DPR) is presently 24.21%.

Hedge Funds Weigh In On Corebridge Financial

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Orion Portfolio Solutions LLC acquired a new stake in Corebridge Financial in the first quarter valued at approximately $1,421,000. Picton Mahoney Asset Management grew its holdings in Corebridge Financial by 1.2% during the 1st quarter. Picton Mahoney Asset Management now owns 418,359 shares of the company’s stock valued at $12,019,000 after purchasing an additional 4,903 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Corebridge Financial by 555.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 139,418 shares of the company’s stock worth $4,005,000 after buying an additional 118,138 shares during the period. TD Asset Management Inc lifted its holdings in Corebridge Financial by 3.1% in the 1st quarter. TD Asset Management Inc now owns 7,389,214 shares of the company’s stock worth $212,292,000 after buying an additional 225,283 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in Corebridge Financial in the 1st quarter valued at about $1,134,000. 98.25% of the stock is 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.