Corebridge Financial (NYSE:CRBG) Upgraded by Barclays to Overweight Rating

Barclays upgraded shares of Corebridge Financial (NYSE:CRBG - Free Report) from an equal weight rating to an overweight rating in a research note published on Monday, MarketBeat reports. Barclays currently has $37.00 price objective on the stock.

Several other equities research analysts have also recently issued reports on CRBG. Morgan Stanley boosted their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an "equal weight" rating in a research report on Tuesday, November 5th. DOWLING & PARTN cut Corebridge Financial from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, November 26th. Piper Sandler lifted their target price on Corebridge Financial from $34.00 to $35.00 and gave the company an "overweight" rating in a research report on Wednesday, December 18th. Finally, TD Cowen upped their target price on Corebridge Financial from $35.00 to $37.00 and gave the stock a "buy" rating in a report on Wednesday, November 27th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $35.15.

Corebridge Financial Trading Up 0.6 %

Shares of NYSE CRBG traded up $0.19 during midday trading on Monday, hitting $31.00. The company's stock had a trading volume of 4,180,999 shares, compared to its average volume of 2,686,833. Corebridge Financial has a 12-month low of $23.01 and a 12-month high of $34.66. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. The firm has a market cap of $17.63 billion, a P/E ratio of -14.83, a price-to-earnings-growth ratio of 0.39 and a beta of 0.92. The business's 50 day moving average is $30.98 and its two-hundred day moving average is $29.61.

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

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th were paid a dividend of $0.23 per share. The ex-dividend date was Tuesday, December 17th. This represents a $0.92 annualized dividend and a dividend yield of 2.97%. Corebridge Financial's dividend payout ratio (DPR) is presently -44.02%.

Insider Activity at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of the 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 completion of the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.08% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Corebridge Financial

Hedge funds and other institutional investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio increased its stake in Corebridge Financial by 11.3% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 167,038 shares of the company's stock valued at $4,871,000 after purchasing an additional 16,970 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of Corebridge Financial during the third quarter valued at $581,000. State Street Corp raised 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 worth $234,313,000 after acquiring an additional 843,559 shares during the last quarter. Qsemble Capital Management LP acquired a new stake in Corebridge Financial during the 3rd quarter worth about $2,370,000. Finally, Senator Investment Group LP grew its stake in Corebridge Financial by 152.2% during the 2nd quarter. Senator Investment Group LP now owns 1,160,000 shares of the company's stock valued at $33,779,000 after purchasing an additional 700,000 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

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.