Corebridge Financial (NYSE:CRBG) Price Target Raised to $40.00

Corebridge Financial (NYSE:CRBG) had its target price lifted by Mizuho from $38.00 to $40.00 in a report issued on Wednesday,Benzinga reports. They currently have an outperform rating on the stock.

Other research analysts have also issued research reports about the company. Zacks Research raised Corebridge Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Wells Fargo & Company increased their price objective on Corebridge Financial from $36.00 to $39.00 and gave the company an “overweight” rating in a report on Wednesday, August 19th. Weiss Ratings upgraded shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. Barclays lifted their target price on shares of Corebridge Financial from $33.00 to $39.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Jefferies Financial Group upped their price target 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. Nine investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $38.58.

Corebridge Financial Stock Performance

NYSE CRBG opened at $34.10 on Wednesday. The company has a fifty day moving average of $33.68 and a two-hundred day moving average of $29.82. The company has a market capitalization of $15.20 billion, a PE ratio of 19.94, a P/E/G ratio of 0.44 and a beta of 1.07. Corebridge Financial has a 1 year low of $22.19 and a 1 year high of $35.64. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.04. The business had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%. During the same period in the previous year, the business earned $1.36 EPS. As a group, analysts expect that Corebridge Financial will post 4.63 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Wednesday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is presently 58.48%.

Insider Buying and Selling at Corebridge Financial

In related news, major shareholder Life Insurance Co Nippon bought 805,782 shares of the company’s stock in a transaction dated Monday, September 28th. The shares were acquired at an average price of $34.15 per share, with a total value of $27,517,455.30. Following the completion of the acquisition, the insider owned 125,579,654 shares in the company, valued at approximately $4,288,545,184.10. This trade represents a 0.65% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders purchased 5,232,347 shares of company stock valued at $179,558,204 and sold 28,895 shares valued at $983,886. Company insiders own 0.32% of the company’s stock.

Institutional Investors Weigh In On Corebridge Financial

Several hedge funds have recently modified their holdings of the stock. Sound Income Strategies LLC lifted its stake in shares of Corebridge Financial by 1.8% in the 3rd quarter. Sound Income Strategies LLC now owns 553,544 shares of the company’s stock worth $19,070,000 after acquiring an additional 9,980 shares during the period. GAMMA Investing LLC increased its stake in shares of Corebridge Financial by 15.8% during the third quarter. GAMMA Investing LLC now owns 5,836 shares of the company’s stock worth $193,000 after acquiring an additional 796 shares during the period. Farther Finance Advisors LLC increased its stake in shares of Corebridge Financial by 11.8% during the third quarter. Farther Finance Advisors LLC now owns 5,583 shares of the company’s stock worth $185,000 after acquiring an additional 590 shares during the period. Sequoia Financial Advisors LLC raised its holdings in Corebridge Financial by 23.7% during the second quarter. Sequoia Financial Advisors LLC now owns 14,676 shares of the company’s stock worth $420,000 after purchasing an additional 2,814 shares in the last quarter. Finally, Tidal Investments LLC raised its holdings in Corebridge Financial by 42.8% during the second quarter. Tidal Investments LLC now owns 93,351 shares of the company’s stock worth $2,673,000 after purchasing an additional 27,992 shares in the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

About Corebridge Financial

Corebridge Financial, Inc (NYSE: CRBG) is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers and institutional clients through businesses focused on retirement services, life insurance and institutional markets.

Its offerings include fixed, variable and registered index-linked annuities; individual life insurance; employer-sponsored retirement plans; and investment, funding and risk-management solutions for institutions.