Evercore ISI Boosts Corebridge Financial (NYSE:CRBG) Price Target to $32.00

Corebridge Financial (NYSE:CRBG) had its price target upped by Evercore ISI from $30.00 to $32.00 in a research note published on Thursday morning, Benzinga reports. They currently have an outperform rating on the stock.

Several other equities analysts have also issued reports on the company. Piper Sandler upped their price target on Corebridge Financial from $30.00 to $34.00 and gave the company an overweight rating in a research note on Friday, April 5th. Wells Fargo & Company upped their price target on Corebridge Financial from $30.00 to $33.00 and gave the company an overweight rating in a research note on Thursday. UBS Group upped their price target on Corebridge Financial from $22.00 to $28.00 and gave the company a buy rating in a research note on Wednesday, January 10th. Royal Bank of Canada upped their price target on Corebridge Financial from $25.00 to $28.00 and gave the company an outperform rating in a research note on Friday, February 16th. Finally, The Goldman Sachs Group upped their price target on Corebridge Financial from $27.00 to $31.00 and gave the company a buy rating in a research note on Tuesday, January 9th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Corebridge Financial currently has a consensus rating of Moderate Buy and an average price target of $28.83.

Corebridge Financial Price Performance

Corebridge Financial stock opened at $26.78 on Thursday. 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 firm has a market cap of $16.67 billion, a P/E ratio of 15.85, a P/E/G ratio of 0.31 and a beta of 0.86. The business’s fifty day moving average is $25.82 and its two-hundred day moving average is $23.01. Corebridge Financial has a 52 week low of $14.91 and a 52 week high of $29.40.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Thursday, February 15th. The company reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.05. The company had revenue of $5.92 billion for the quarter, compared to analyst estimates of $5.65 billion. Corebridge Financial had a return on equity of 23.11% and a net margin of 5.92%. The business’s revenue was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.88 earnings per share. Equities research analysts forecast that Corebridge Financial will post 4.86 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

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

Institutional Investors Weigh In On Corebridge Financial

Several large investors have recently modified their holdings of CRBG. American International Group Inc. increased its holdings in shares of Corebridge Financial by 25,998,738.6% in the fourth quarter. American International Group Inc. now owns 324,205,517 shares of the company’s stock worth $7,022,291,000 after acquiring an additional 324,204,270 shares in the last quarter. Norges Bank bought a new stake in shares of Corebridge Financial in the fourth quarter worth about $225,561,000. Vanguard Group Inc. increased its holdings in shares of Corebridge Financial by 39.0% in the fourth quarter. Vanguard Group Inc. now owns 23,713,102 shares of the company’s stock worth $513,626,000 after acquiring an additional 6,648,673 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Corebridge Financial by 63.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 16,048,354 shares of the company’s stock worth $321,930,000 after acquiring an additional 6,216,666 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC increased its holdings in shares of Corebridge Financial by 106.3% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 10,010,679 shares of the company’s stock worth $216,831,000 after acquiring an additional 5,157,570 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors.

Corebridge Financial Company Profile

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.