Corebridge Financial (NYSE:CRBG) Reaches New 52-Week High at $29.40

Corebridge Financial, Inc. (NYSE:CRBG) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $29.40 and last traded at $28.43, with a volume of 329071 shares trading hands. The stock had previously closed at $28.15.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CRBG. UBS Group increased their target price on Corebridge Financial from $22.00 to $28.00 and gave the company a “buy” rating in a research report on Wednesday, January 10th. Royal Bank of Canada raised their price objective on Corebridge Financial from $25.00 to $28.00 and gave the company an “outperform” rating in a research note on Friday, February 16th. Wells Fargo & Company lifted their price target on shares of Corebridge Financial from $28.00 to $30.00 and gave the company an “overweight” rating in a research note on Friday, February 16th. The Goldman Sachs Group increased their target price on Corebridge Financial from $27.00 to $31.00 and gave the company a “buy” rating in a research report on Tuesday, January 9th. Finally, Keefe, Bruyette & Woods boosted their price target on Corebridge Financial from $31.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, February 16th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $27.00.

Corebridge Financial Price Performance

The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.14 and a current ratio of 0.14. The stock has a market cap of $17.81 billion, a price-to-earnings ratio of 16.67, a PEG ratio of 0.32 and a beta of 0.83. The company has a 50-day moving average of $24.92 and a 200-day moving average of $22.22.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Thursday, February 15th. The company reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.05. Corebridge Financial had a net margin of 5.92% and a return on equity of 23.11%. The business had revenue of $5.92 billion for the quarter, compared to analyst estimates of $5.65 billion. During the same period in the previous year, the business posted $0.88 earnings per share. The business’s revenue was up 11.3% compared to the same quarter last year. As a group, equities research analysts predict that Corebridge Financial, Inc. will post 4.97 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 15th will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date of this dividend is Thursday, March 14th. Corebridge Financial’s dividend payout ratio is presently 54.44%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC acquired a new position in Corebridge Financial during the third quarter worth $28,000. Nomura Asset Management Co. Ltd. purchased a new stake in shares of Corebridge Financial in the 1st quarter worth about $30,000. MetLife Investment Management LLC acquired a new stake in Corebridge Financial in the 4th quarter valued at about $33,000. Advisor Group Holdings Inc. purchased a new position in Corebridge Financial during the 4th quarter valued at about $35,000. Finally, American International Group Inc. lifted its holdings in shares of Corebridge Financial by 50.8% in the fourth quarter. American International Group Inc. now owns 1,881 shares of the company’s stock valued at $41,000 after purchasing an additional 634 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

About Corebridge Financial

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.