Corebridge Financial (NYSE:CRBG) Stock Rating Upgraded by Morgan Stanley

Morgan Stanley upgraded shares of Corebridge Financial (NYSE:CRBG - Free Report) from an equal weight rating to an overweight rating in a research note released on Friday morning, Marketbeat.com reports. They currently have $43.00 price target on the stock, up from their previous price target of $35.00.

A number of other research analysts have also commented on the company. TD Cowen upped their target price on Corebridge Financial from $35.00 to $37.00 and gave the company a "buy" rating in a research note on Wednesday, November 27th. Deutsche Bank Aktiengesellschaft raised shares of Corebridge Financial from a "hold" rating to a "buy" rating and raised their price objective for the stock from $33.00 to $40.00 in a report on Friday, January 10th. Barclays raised shares of Corebridge Financial from an "equal weight" rating to an "overweight" rating and set a $37.00 target price on the stock in a research note on Monday, January 6th. DOWLING & PARTN cut shares of Corebridge Financial from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, November 26th. Finally, BMO Capital Markets began coverage on Corebridge Financial in a research note on Thursday, January 23rd. They issued an "outperform" rating and a $43.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Corebridge Financial currently has an average rating of "Moderate Buy" and a consensus target price of $37.29.

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Corebridge Financial Stock Performance

Shares of Corebridge Financial stock traded down $2.14 during midday trading on Friday, hitting $32.06. The company had a trading volume of 3,636,474 shares, compared to its average volume of 3,085,472. Corebridge Financial has a 1-year low of $23.77 and a 1-year high of $35.36. The business's 50 day simple moving average is $32.15 and its two-hundred day simple moving average is $30.74. The stock has a market cap of $17.82 billion, a PE ratio of 8.48, a P/E/G ratio of 0.43 and a beta of 0.94. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its 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 return on equity of 22.69% and a net margin of 11.39%. As a group, equities analysts predict that Corebridge Financial will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a dividend of $0.24 per share. This is an increase from Corebridge Financial's previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.96 annualized dividend and a yield of 2.99%. Corebridge Financial's dividend payout ratio is 25.40%.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of the stock in a transaction on 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 transaction, the insider now directly owns 127,282,642 shares in the company, valued at approximately $4,005,584,743.74. This trade represents a 48.93 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.08% of the company's stock.

Hedge Funds Weigh In On Corebridge Financial

Large investors have recently made changes to their positions in the company. Fortitude Family Office LLC bought a new stake in shares of Corebridge Financial during the 4th quarter valued at $27,000. Smartleaf Asset Management LLC raised its position in shares of Corebridge Financial by 112.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company's stock worth $27,000 after purchasing an additional 480 shares during the period. FNY Investment Advisers LLC acquired a new stake in shares of Corebridge Financial during the fourth quarter worth about $27,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Corebridge Financial during the 3rd quarter valued at about $27,000. Finally, Capital Performance Advisors LLP acquired a new position in shares of Corebridge Financial in the 3rd quarter valued at approximately $28,000. Institutional investors and hedge funds 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.