Mizuho Issues Positive Forecast for Corebridge Financial (NYSE:CRBG) Stock Price

Corebridge Financial (NYSE:CRBG) had its price target boosted by Mizuho from $31.00 to $35.00 in a research report report published on Thursday,Benzinga reports. They currently have an outperform rating on the stock.

Other analysts also recently issued research reports about the company. Keefe, Bruyette & Woods boosted their target price on Corebridge Financial from $31.00 to $38.00 and gave the stock an “outperform” rating in a research report on Wednesday. UBS Group dropped their target price on Corebridge Financial from $33.00 to $29.00 and set a “neutral” rating for the company in a research report on Tuesday, April 28th. Morgan Stanley dropped their target price on Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 3rd. TD Cowen dropped their target price on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating for the company in a research report on Tuesday, March 10th. Finally, Piper Sandler upgraded Corebridge Financial to a “strong-buy” rating in a research report on Thursday, April 2nd. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $35.92.

Corebridge Financial Price Performance

NYSE:CRBG traded up $0.05 during mid-day trading on Thursday, reaching $27.50. The stock had a trading volume of 2,965,289 shares, compared to its average volume of 5,188,540. The firm has a 50 day moving average price of $25.27 and a two-hundred day moving average price of $28.61. The stock has a market capitalization of $13.25 billion, a P/E ratio of 50.01, a P/E/G ratio of 0.39 and a beta of 1.18. Corebridge Financial has a one year low of $22.19 and a one year high of $36.57. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Monday, May 4th. The company reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). The firm had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $5.06 billion. Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.During the same quarter in the previous year, the firm earned $1.16 EPS. As a group, analysts expect that Corebridge Financial will post 4.92 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $1.00 annualized dividend and a dividend yield of 3.6%. Corebridge Financial’s payout ratio is 181.82%.

Hedge Funds Weigh In On Corebridge Financial

Several hedge funds have recently made changes to their positions in the business. Bank of Nova Scotia increased its stake in shares of Corebridge Financial by 3.8% during the second quarter. Bank of Nova Scotia now owns 9,328 shares of the company’s stock valued at $331,000 after buying an additional 340 shares during the period. Severin Investments LLC increased its stake in shares of Corebridge Financial by 1.4% during the third quarter. Severin Investments LLC now owns 24,778 shares of the company’s stock valued at $794,000 after buying an additional 350 shares during the period. Smartleaf Asset Management LLC increased its stake in shares of Corebridge Financial by 83.6% during the third quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock valued at $27,000 after buying an additional 377 shares during the period. Integrated Wealth Concepts LLC increased its stake in shares of Corebridge Financial by 2.5% during the third quarter. Integrated Wealth Concepts LLC now owns 15,424 shares of the company’s stock valued at $494,000 after buying an additional 383 shares during the period. Finally, True Wealth Design LLC increased its stake in shares of Corebridge Financial by 50.2% during the fourth quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock valued at $37,000 after buying an additional 412 shares during the period. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Company Profile

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.