Corebridge Financial (NYSE:CRBG) Reaches New 12-Month High – Time to Buy?

Corebridge Financial, Inc. (NYSE:CRBG)’s stock price hit a new 52-week high on Friday . The stock traded as high as $34.82 and last traded at $34.7050, with a volume of 1004014 shares. The stock had previously closed at $34.75.

Analyst Ratings Changes

CRBG has been the subject of several recent research reports. Jefferies Financial Group boosted their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Weiss Ratings raised shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. JPMorgan Chase & Co. decreased their target price on Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating on the stock in a report on Tuesday, May 12th. Piper Sandler boosted their price target on Corebridge Financial from $36.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, August 12th. Finally, UBS Group raised their price objective on Corebridge Financial from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 8th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Corebridge Financial has a consensus rating of “Moderate Buy” and an average target price of $37.42.

Corebridge Financial Trading Down 0.4%

The stock has a market capitalization of $15.43 billion, a PE ratio of 20.23, a P/E/G ratio of 0.43 and a beta of 1.08. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. The company has a 50 day moving average of $31.81 and a two-hundred day moving average of $28.36.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.04. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The company had revenue of $4.30 billion for the quarter, compared to analysts’ expectations of $4.66 billion. During the same quarter in the previous year, the company posted $1.36 EPS. Sell-side analysts predict that Corebridge Financial, Inc. will post 4.58 EPS for the current year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a dividend of $0.25 per share. The ex-dividend date is Wednesday, September 16th. This represents a $1.00 annualized dividend and a dividend yield of 2.9%. Corebridge Financial’s payout ratio is presently 58.48%.

Insider Activity

In other Corebridge Financial news, EVP Elizabeth Cropper sold 7,745 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $33.06, for a total transaction of $256,049.70. Following the transaction, the executive vice president owned 46,473 shares of the company’s stock, valued at approximately $1,536,397.38. This trade represents a 14.28% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider David Ditillo sold 12,414 shares of the stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $34.00, for a total transaction of $422,076.00. Following the sale, the insider directly owned 111,153 shares of the company’s stock, valued at approximately $3,779,202. This represents a 10.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 24,409 shares of company stock valued at $805,626 in the last ninety days. Corporate insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Corebridge Financial

Hedge funds have recently modified their holdings of the stock. Pzena Investment Management LLC acquired a new position in Corebridge Financial during the second quarter worth $967,400,000. BlackRock Inc. acquired a new stake in shares of Corebridge Financial during the 2nd quarter worth about $726,494,000. Norges Bank bought a new position in Corebridge Financial during the 4th quarter valued at about $611,550,000. State Street Corp boosted its position in Corebridge Financial by 44.3% in the fourth quarter. State Street Corp now owns 11,295,692 shares of the company’s stock valued at $340,791,000 after buying an additional 3,465,371 shares in the last quarter. Finally, California State Teachers Retirement System grew its stake in Corebridge Financial by 1,961.1% during the second quarter. California State Teachers Retirement System now owns 10,448,576 shares of the company’s stock worth $299,143,000 after buying an additional 9,941,626 shares during the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

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.