Corebridge Financial, Inc. (CRBG) to Distribute Quarterly Dividend of $0.25 on December 31st

Corebridge Financial, Inc. (NYSE:CRBG) declared a quarterly dividend on Monday, November 2nd. Stockholders of record on Thursday, December 17th will be paid a dividend of $0.25 per share on Thursday, December 31st. This represents a $1.00 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Thursday, December 17th.

Corebridge Financial has a payout ratio of 17.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Corebridge Financial to earn $5.74 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 Price Performance

Corebridge Financial stock opened at $35.81 on Wednesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. Corebridge Financial has a 52 week low of $22.19 and a 52 week high of $36.56. The stock has a market capitalization of $15.96 billion, a P/E ratio of 7.60, a price-to-earnings-growth ratio of 0.50 and a beta of 1.05. The stock has a fifty day moving average of $34.26 and a 200-day moving average of $29.90.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Monday, November 2nd. The company reported $1.22 earnings per share for the quarter, missing the consensus estimate of $1.23 by ($0.01). The business had revenue of $4.50 billion for the quarter, compared to the consensus estimate of $5.36 billion. Corebridge Financial had a return on equity of 18.51% and a net margin of 11.37%. Corebridge Financial’s quarterly revenue was down 20.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.96 earnings per share. On average, sell-side analysts expect that Corebridge Financial will post 4.59 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CRBG shares. UBS Group boosted their target price on Corebridge Financial from $32.00 to $36.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 6th. Piper Sandler lifted their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an “overweight” rating in a report on Monday, October 12th. Weiss Ratings upgraded shares of Corebridge Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, October 29th. TD Cowen increased their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, October 21st. Finally, Mizuho increased their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an “outperform” rating in a research note on Wednesday, October 7th. Ten equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $39.00.

About Corebridge Financial

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.