Corebridge Financial (NYSE:CRBG) Given New $45.00 Price Target at Jefferies Financial Group

Corebridge Financial (NYSE:CRBG) had its price objective lifted by Jefferies Financial Group from $43.00 to $45.00 in a research report sent to investors on Friday,Benzinga reports. They currently have a buy rating on the stock.

CRBG has been the topic of a number of other reports. UBS Group increased their price objective on Corebridge Financial from $29.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday. JPMorgan Chase & Co. cut their price target on Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 12th. Piper Sandler decreased their price target on Corebridge Financial from $35.00 to $31.00 and set an “overweight” rating on the stock in a report on Tuesday, May 26th. Bank of America lowered their price objective on Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, April 14th. Finally, Barclays 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 Tuesday. Nine equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $35.92.

Corebridge Financial Price Performance

CRBG stock traded up $0.22 during trading on Friday, hitting $30.52. The company had a trading volume of 2,104,932 shares, compared to its average volume of 4,319,394. The company has a fifty day moving average price of $28.08 and a two-hundred day moving average price of $27.88. Corebridge Financial has a fifty-two week low of $22.19 and a fifty-two week high of $36.57. The company has a market cap of $13.61 billion, a P/E ratio of 55.49, a P/E/G ratio of 0.34 and a beta of 1.10. 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 (NYSE:CRBG) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.02). Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.The firm had revenue of $4.08 billion for the quarter, compared to analyst estimates of $5.06 billion. During the same period in the previous year, the business posted $1.16 EPS. Equities research analysts expect that Corebridge Financial will post 4.75 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were issued a dividend of $0.25 per share. The ex-dividend date was Tuesday, June 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.3%. Corebridge Financial’s dividend payout ratio (DPR) is presently 181.82%.

Insider Buying and Selling at Corebridge Financial

In related news, insider David Ditillo sold 4,250 shares of the firm’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $30.00, for a total value of $127,500.00. Following the completion of the transaction, the insider owned 128,153 shares of the company’s stock, valued at approximately $3,844,590. This trade represents a 3.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.29% of the stock is owned by corporate insiders.

Institutional Trading of Corebridge Financial

Large investors have recently added to or reduced their stakes in the company. State of Michigan Retirement System bought a new position in shares of Corebridge Financial in the fourth quarter valued at about $2,130,000. Yousif Capital Management LLC boosted its holdings in shares of Corebridge Financial by 873.3% during the 4th quarter. Yousif Capital Management LLC now owns 88,066 shares of the company’s stock worth $2,591,000 after buying an additional 79,018 shares during the period. Retirement Systems of Alabama grew its stake in Corebridge Financial by 241.4% in the 4th quarter. Retirement Systems of Alabama now owns 453,751 shares of the company’s stock valued at $13,690,000 after buying an additional 320,851 shares during the last quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund acquired a new position in Corebridge Financial in the 4th quarter valued at about $5,358,000. Finally, Vanguard Group Inc. raised its holdings in Corebridge Financial by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company’s stock valued at $818,906,000 after acquiring an additional 311,133 shares during the period. Institutional investors and hedge funds own 98.25% of the company’s stock.

About Corebridge Financial

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.