Corebridge Financial, Inc. (NYSE:CRBG) Increases Dividend to $0.24 Per Share

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) announced a quarterly dividend on Wednesday, February 12th,Wall Street Journal reports. Investors of record on Monday, March 17th will be given a dividend of 0.24 per share on Monday, March 31st. This represents a $0.96 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date is Monday, March 17th. This is a positive change from Corebridge Financial's previous quarterly dividend of $0.23.

Corebridge Financial has a dividend payout ratio of 14.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect Corebridge Financial to earn $5.50 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 16.7%.

Corebridge Financial Stock Performance

CRBG traded up $1.07 during trading hours on Monday, reaching $33.09. The company's stock had a trading volume of 4,354,899 shares, compared to its average volume of 3,110,450. Corebridge Financial has a 52 week low of $23.77 and a 52 week high of $34.66. The company's 50-day moving average is $31.46 and its 200-day moving average is $30.23. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14. The firm has a market cap of $18.82 billion, a PE ratio of -15.83, a price-to-earnings-growth ratio of 0.37 and a beta of 0.94.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share for the quarter, missing analysts' consensus estimates of $1.27 by ($0.04). Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. On average, equities analysts forecast that Corebridge Financial will post 4.8 EPS for the current year.

Insider Activity at Corebridge Financial

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

Analysts Set New Price Targets

CRBG has been the topic of a number of research analyst reports. DOWLING & PARTN cut Corebridge Financial from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, November 26th. Piper Sandler upped their price objective on Corebridge Financial from $34.00 to $35.00 and gave the company an "overweight" rating in a report on Wednesday, December 18th. Morgan Stanley upped their price objective on Corebridge Financial from $31.00 to $34.00 and gave the company an "equal weight" rating in a report on Tuesday, November 5th. Wells Fargo & Company decreased their price objective on Corebridge Financial from $37.00 to $35.00 and set an "overweight" rating on the stock in a report on Tuesday, January 14th. Finally, TD Cowen upped their price objective on Corebridge Financial from $35.00 to $37.00 and gave the company a "buy" rating in a report on Wednesday, November 27th. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Corebridge Financial presently has a consensus rating of "Moderate Buy" and a consensus target price of $36.43.

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.