Corebridge Financial, Inc. (NYSE:CRBG) Given Consensus Rating of "Moderate Buy" by Brokerages

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) has been given an average recommendation of "Moderate Buy" by the fourteen brokerages that are covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $35.85.

A number of research firms have recently issued reports on CRBG. Piper Sandler raised their price target on Corebridge Financial from $34.00 to $35.00 and gave the stock an "overweight" rating in a research note on Wednesday, December 18th. DOWLING & PARTN downgraded Corebridge Financial from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, November 26th. Barclays upgraded shares of Corebridge Financial from an "equal weight" rating to an "overweight" rating and set a $37.00 price objective on the stock in a research note on Monday, January 6th. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a "hold" rating to a "buy" rating and boosted their target price for the company from $33.00 to $40.00 in a research report on Friday. Finally, TD Cowen increased their price target on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a "buy" rating in a research report on Wednesday, November 27th.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $31.20, for a total value of $936,000,000.00. Following the completion of the transaction, the insider now directly owns 249,238,898 shares of the company's stock, valued at $7,776,253,617.60. This trade represents a 10.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.08% of the company's stock.

Hedge Funds Weigh In On Corebridge Financial

Several hedge funds have recently added to or reduced their stakes in CRBG. Fortitude Family Office LLC purchased a new stake in Corebridge Financial in the fourth quarter worth about $27,000. First Hawaiian Bank acquired a new stake in Corebridge Financial in the fourth quarter worth about $1,168,000. Legend Financial Advisors Inc. grew its position in Corebridge Financial by 3.8% during the 4th quarter. Legend Financial Advisors Inc. now owns 25,764 shares of the company's stock worth $771,000 after purchasing an additional 951 shares during the last quarter. Diversified Trust Co lifted its position in Corebridge Financial by 128.5% during the 4th quarter. Diversified Trust Co now owns 65,167 shares of the company's stock worth $1,950,000 after acquiring an additional 36,651 shares during the period. Finally, Everence Capital Management Inc. acquired a new position in Corebridge Financial in the 4th quarter worth approximately $437,000. 98.25% of the stock is currently owned by institutional investors.

Corebridge Financial Stock Down 4.0 %

CRBG stock traded down $1.25 during midday trading on Friday, hitting $30.10. The stock had a trading volume of 3,349,563 shares, compared to its average volume of 2,723,661. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14. The firm has a market cap of $17.12 billion, a price-to-earnings ratio of -14.40, a price-to-earnings-growth ratio of 0.39 and a beta of 0.92. The business has a 50-day moving average of $30.91 and a two-hundred day moving average of $29.65. Corebridge Financial has a 52-week low of $23.01 and a 52-week high of $34.66.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.21. The company had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The firm's quarterly revenue was up 39.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.05 EPS. As a group, equities research analysts forecast that Corebridge Financial will post 4.81 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date of this dividend was Tuesday, December 17th. Corebridge Financial's dividend payout ratio (DPR) is -44.02%.

About Corebridge Financial

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.