Corebridge Financial, Inc. (NYSE:CRBG) Stock Has Consensus Target Price of $39.00 According to Analysts

Shares of Corebridge Financial, Inc. (NYSE:CRBG) have been assigned an average rating of “Moderate Buy” from the fourteen ratings firms that are covering the firm, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $39.00.

CRBG has been the topic of several analyst reports. Piper Sandler raised their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a research note on Monday, October 12th. Barclays lifted their price target on shares of Corebridge Financial from $33.00 to $39.00 and gave the stock an “overweight” rating in a report on Wednesday, October 7th. UBS Group boosted their price objective on shares of Corebridge Financial from $32.00 to $36.00 and gave the company a “neutral” rating in a research report on Tuesday, October 6th. Wells Fargo & Company upped their price objective on shares of Corebridge Financial from $39.00 to $40.00 and gave the company an “overweight” rating in a research note on Monday, October 12th. Finally, Mizuho raised their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 7th.

Insider Activity

In other Corebridge Financial news, major shareholder Life Insurance Co Nippon acquired 182,826 shares of the firm’s stock in a transaction dated Monday, October 26th. The shares were acquired at an average price of $34.95 per share, for a total transaction of $6,389,768.70. Following the completion of the acquisition, the insider directly owned 131,445,541 shares of the company’s stock, valued at $4,594,021,657.95. This trade represents a 0.14% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last 90 days, insiders acquired 9,284,870 shares of company stock worth $318,678,879 and sold 28,895 shares worth $983,886. 0.32% of the stock is owned by company insiders.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors have recently added to or reduced their stakes in the business. Bell Investment Advisors Inc purchased a new stake in Corebridge Financial in the second quarter valued at approximately $27,000. Sonoma Allocations LLC purchased a new position in Corebridge Financial during the first quarter worth approximately $30,000. Allworth Financial LP purchased a new position in Corebridge Financial during the second quarter worth approximately $41,000. Versant Capital Management Inc raised its stake in Corebridge Financial by 1,124.2% during the second quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock worth $46,000 after purchasing an additional 1,484 shares during the period. Finally, Global Retirement Partners LLC acquired a new position in shares of Corebridge Financial in the 2nd quarter valued at $57,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Stock Up 0.0%

Shares of NYSE:CRBG opened at $35.36 on Friday. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14. Corebridge Financial has a 52-week low of $22.19 and a 52-week high of $35.67. The stock’s fifty day simple moving average is $34.01 and its 200-day simple moving average is $29.80. The company has a market capitalization of $15.76 billion, a P/E ratio of 20.68, a P/E/G ratio of 0.49 and a beta of 1.07.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, beating 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 return on equity of 17.37% and a net margin of 4.37%. During the same quarter last year, the company earned $1.36 earnings per share. As a group, equities research analysts forecast that Corebridge Financial will post 4.59 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Wednesday, September 16th. Corebridge Financial’s dividend payout ratio is currently 58.48%.

Corebridge Financial Company Profile

Corebridge Financial, Inc (NYSE: CRBG) is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers and institutions through offerings designed to support retirement savings, income planning and financial protection.

Its products and services include individual and group retirement plans, annuities, life insurance and institutional retirement solutions. Corebridge also provides investment and administrative services associated with retirement plans, helping employers and employees manage long-term savings and retirement income needs.

Corebridge was established through the separation of American International Group’s (AIG) Life and Retirement business and began operating as an independent publicly traded company in 2022.