Corebridge Financial, Inc. (NYSE:CRBG) Declares $0.25 Quarterly Dividend

Corebridge Financial, Inc. (NYSE:CRBG) declared a quarterly dividend on Tuesday, August 4th. Investors of record on Wednesday, September 16th will be given a dividend of 0.25 per share on Wednesday, September 30th. This represents a c) dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Wednesday, September 16th.

Corebridge Financial has a payout ratio of 17.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Corebridge Financial to earn $5.75 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 17.4%.

Corebridge Financial Stock Down 1.5%

Shares of NYSE CRBG opened at $31.14 on Wednesday. The stock has a market cap of $13.88 billion, a PE ratio of 56.62, a P/E/G ratio of 0.39 and a beta of 1.08. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.99. Corebridge Financial has a 12-month low of $22.19 and a 12-month high of $35.22. The company has a 50-day moving average of $29.50 and a 200 day moving average of $27.97.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Tuesday, August 4th. The company reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.04. The business had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. During the same period last year, the company posted $1.36 EPS. As a group, sell-side analysts predict that Corebridge Financial will post 4.55 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently commented on CRBG shares. Zacks Research upgraded Corebridge Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Mizuho boosted their price target on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a research report on Thursday, July 9th. Wells Fargo & Company upped their price objective on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. Bank of America reduced their target price on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, April 14th. Finally, Weiss Ratings downgraded shares of Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, May 26th. Nine research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $36.75.

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.