Corebridge Financial (NYSE:CRBG) Hits New 52-Week High - What's Next?

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report)'s share price reached a new 52-week high during trading on Friday . The company traded as high as $34.84 and last traded at $34.71, with a volume of 3794964 shares. The stock had previously closed at $33.32.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Piper Sandler upped their target price 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 upgraded shares of Corebridge Financial from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $35.00 to $43.00 in a research report on Friday. TD Cowen increased their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a "buy" rating in a research note on Wednesday, November 27th. Barclays raised shares of Corebridge Financial from an "equal weight" rating to an "overweight" rating and set a $37.00 price target for the company in a research note on Monday, January 6th. Finally, Wells Fargo & Company increased their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 19th. Two investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $37.29.

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Corebridge Financial Trading Down 6.3 %

The firm has a market capitalization of $17.82 billion, a P/E ratio of 8.48, a PEG ratio of 0.43 and a beta of 0.94. The firm has a 50 day simple moving average of $32.15 and a two-hundred day simple moving average of $30.74. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its earnings results on Wednesday, February 12th. The company reported $1.23 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. Equities research analysts forecast that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

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

Insider Activity

In other news, major shareholder International Group American sold 121,956,256 shares of the firm's stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the completion of the sale, the insider now owns 127,282,642 shares in the company, valued at $4,005,584,743.74. This trade represents a 48.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.08% of the company's stock.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors and hedge funds have recently bought and sold shares of CRBG. Public Employees Retirement System of Ohio increased its stake in shares of Corebridge Financial by 11.3% in the third quarter. Public Employees Retirement System of Ohio now owns 167,038 shares of the company's stock worth $4,871,000 after purchasing an additional 16,970 shares in the last quarter. Virtu Financial LLC purchased a new position in Corebridge Financial in the 3rd quarter valued at approximately $581,000. State Street Corp grew its stake in Corebridge Financial by 11.7% in the 3rd quarter. State Street Corp now owns 8,035,438 shares of the company's stock valued at $234,313,000 after buying an additional 843,559 shares in the last quarter. Qsemble Capital Management LP bought a new stake in Corebridge Financial during the 3rd quarter valued at $2,370,000. Finally, First Hawaiian Bank purchased a new stake in shares of Corebridge Financial during the fourth quarter worth $1,168,000. 98.25% of the stock is owned by institutional investors.

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.