Corebridge Financial (NYSE:CRBG) Coverage Initiated by Analysts at BMO Capital Markets

BMO Capital Markets initiated coverage on shares of Corebridge Financial (NYSE:CRBG - Free Report) in a research note published on Thursday morning, MarketBeat reports. The firm issued an outperform rating and a $43.00 target price on the stock.

Other equities research analysts also recently issued reports about the company. Piper Sandler lifted their target price on Corebridge Financial from $34.00 to $35.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 18th. DOWLING & PARTN lowered shares of Corebridge Financial from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, November 26th. Wells Fargo & Company dropped their price objective on Corebridge Financial from $37.00 to $35.00 and set an "overweight" rating for the company in a report on Tuesday, January 14th. Morgan Stanley increased their price target on Corebridge Financial from $31.00 to $34.00 and gave the company an "equal weight" rating in a research note on Tuesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Corebridge Financial from a "hold" rating to a "buy" rating and boosted their price target for the company from $33.00 to $40.00 in a report on Friday, January 10th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $36.43.

Corebridge Financial Stock Up 1.3 %

CRBG traded up $0.43 during trading on Thursday, reaching $32.70. 1,297,955 shares of the stock traded hands, compared to its average volume of 3,291,149. The stock's 50-day simple moving average is $30.92 and its two-hundred day simple moving average is $29.77. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14. Corebridge Financial has a fifty-two week low of $23.01 and a fifty-two week high of $34.66. The stock has a market cap of $18.60 billion, a price-to-earnings ratio of -15.65, a price-to-earnings-growth ratio of 0.36 and a beta of 0.92.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, topping the consensus estimate of $1.17 by $0.21. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The company had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the business posted $1.05 EPS. Corebridge Financial's quarterly revenue was up 39.5% on a year-over-year basis. As a group, equities research analysts expect that Corebridge Financial will post 4.8 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th were issued a dividend of $0.23 per share. The ex-dividend date was Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.81%. Corebridge Financial's dividend payout ratio (DPR) is presently -44.02%.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of Corebridge Financial stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the sale, the insider now owns 127,282,642 shares of the company's stock, valued at approximately $4,005,584,743.74. The trade was a 48.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.08% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. American Century Companies Inc. purchased a new stake in shares of Corebridge Financial in the 2nd quarter valued at about $2,155,000. Amalgamated Bank raised its stake in Corebridge Financial by 24.9% in the second quarter. Amalgamated Bank now owns 39,998 shares of the company's stock valued at $1,165,000 after purchasing an additional 7,969 shares in the last quarter. XTX Topco Ltd purchased a new stake in Corebridge Financial in the second quarter valued at approximately $241,000. Sei Investments Co. lifted its position in Corebridge Financial by 5.9% during the second quarter. Sei Investments Co. now owns 444,325 shares of the company's stock valued at $12,939,000 after purchasing an additional 24,784 shares during the last quarter. Finally, Xponance Inc. grew its stake in Corebridge Financial by 3.0% in the 2nd quarter. Xponance Inc. now owns 21,037 shares of the company's stock worth $613,000 after buying an additional 612 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company's stock.

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.