Corebridge Financial (NYSE:CRBG) Given “Outperform” Rating at Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of Corebridge Financial (NYSE:CRBG) in a research report released on Friday morning, Benzinga reports. They currently have a $32.00 target price on the stock.

Several other research analysts also recently weighed in on CRBG. Keefe, Bruyette & Woods upped their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an outperform rating in a report on Wednesday. Evercore ISI upped their target price on shares of Corebridge Financial from $30.00 to $32.00 and gave the company an outperform rating in a research report on Thursday. Wells Fargo & Company upped their target price on shares of Corebridge Financial from $30.00 to $33.00 and gave the company an overweight rating in a research report on Thursday. The Goldman Sachs Group upped their target price on shares of Corebridge Financial from $27.00 to $31.00 and gave the company a buy rating in a research report on Tuesday, January 9th. Finally, Piper Sandler upped their target price on shares of Corebridge Financial from $30.00 to $34.00 and gave the company an overweight rating in a research report on Friday, April 5th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $28.83.

Corebridge Financial Trading Down 1.9 %

Shares of CRBG stock opened at $26.77 on Friday. Corebridge Financial has a 1 year low of $14.91 and a 1 year high of $29.40. The firm has a fifty day moving average price of $25.82 and a 200-day moving average price of $22.96. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.14 and a quick ratio of 0.14. The company has a market cap of $16.67 billion, a price-to-earnings ratio of 15.84, a PEG ratio of 0.32 and a beta of 0.86.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Thursday, February 15th. The company reported $1.04 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $5.92 billion during the quarter, compared to the consensus estimate of $5.65 billion. During the same quarter in the previous year, the firm posted $0.88 EPS. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. As a group, equities analysts predict that Corebridge Financial will post 4.86 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date of this dividend was Thursday, March 14th. Corebridge Financial’s dividend payout ratio (DPR) is currently 54.44%.

Hedge Funds Weigh In On Corebridge Financial

A number of institutional investors have recently modified their holdings of the stock. Riverview Trust Co purchased a new position in shares of Corebridge Financial during the first quarter worth approximately $25,000. Gulf International Bank UK Ltd bought a new position in shares of Corebridge Financial during the first quarter valued at approximately $913,000. Park Avenue Securities LLC bought a new position in shares of Corebridge Financial during the first quarter valued at approximately $284,000. Renaissance Capital LLC boosted its stake in shares of Corebridge Financial by 2.0% during the first quarter. Renaissance Capital LLC now owns 148,948 shares of the company’s stock valued at $4,279,000 after purchasing an additional 2,865 shares in the last quarter. Finally, Quadrature Capital Ltd boosted its stake in shares of Corebridge Financial by 89.1% during the fourth quarter. Quadrature Capital Ltd now owns 82,815 shares of the company’s stock valued at $1,794,000 after purchasing an additional 39,021 shares in the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

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.