Corebridge Financial (NYSE:CRBG) Upgraded by Wall Street Zen to “Hold” Rating

Wall Street Zen upgraded shares of Corebridge Financial (NYSE:CRBG) from a sell rating to a hold rating in a report released on Saturday.

CRBG has been the subject of several other reports. Morgan Stanley upped their target price on Corebridge Financial from $37.00 to $40.00 and gave the company an “overweight” rating in a report on Friday, June 27th. Barclays upped their target price on Corebridge Financial from $38.00 to $45.00 and gave the company an “overweight” rating in a report on Thursday, June 26th. UBS Group lowered Corebridge Financial from a “buy” rating to a “sell” rating and reduced their price objective for the company from $40.00 to $28.00 in a report on Wednesday, April 2nd. BMO Capital Markets increased their price objective on Corebridge Financial from $43.00 to $44.00 and gave the company an “outperform” rating in a report on Friday, June 27th. Finally, Piper Sandler increased their price objective on Corebridge Financial from $38.00 to $40.00 and gave the company an “overweight” rating in a report on Thursday. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Corebridge Financial currently has an average rating of “Moderate Buy” and a consensus target price of $38.64.

Corebridge Financial Stock Up 1.2%

CRBG stock opened at $35.78 on Friday. The stock’s 50 day simple moving average is $32.60 and its 200 day simple moving average is $31.63. Corebridge Financial has a fifty-two week low of $23.69 and a fifty-two week high of $36.08. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.14 and a current ratio of 0.14. The company has a market cap of $19.67 billion, a P/E ratio of 30.32, a price-to-earnings-growth ratio of 0.59 and a beta of 1.06.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Monday, May 5th. The company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.01. The business had revenue of $4.74 billion for the quarter, compared to the consensus estimate of $5.28 billion. Corebridge Financial had a return on equity of 22.19% and a net margin of 3.73%. During the same period in the prior year, the business earned $1.10 EPS. On average, research analysts expect that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.68%. The ex-dividend date of this dividend was Monday, June 16th. Corebridge Financial’s dividend payout ratio (DPR) is presently 81.36%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD raised its position in shares of Corebridge Financial by 31.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,961,533 shares of the company’s stock valued at $986,539,000 after buying an additional 7,828,929 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Corebridge Financial by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 24,249,948 shares of the company’s stock valued at $765,571,000 after buying an additional 324,692 shares in the last quarter. Norges Bank purchased a new stake in shares of Corebridge Financial during the 4th quarter valued at about $283,212,000. AQR Capital Management LLC raised its position in shares of Corebridge Financial by 50.0% during the 1st quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company’s stock valued at $258,880,000 after buying an additional 2,780,764 shares in the last quarter. Finally, Pzena Investment Management LLC raised its position in shares of Corebridge Financial by 73.6% during the 1st quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company’s stock valued at $254,158,000 after buying an additional 3,412,147 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

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.