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

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) has been given an average rating of "Moderate Buy" by the thirteen ratings firms that are presently covering the firm, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $34.46.

A number of research firms recently weighed in on CRBG. UBS Group increased their price objective on shares of Corebridge Financial from $29.00 to $35.00 and gave the company a "buy" rating in a report on Tuesday, July 9th. TD Cowen began coverage on Corebridge Financial in a report on Wednesday, October 9th. They issued a "buy" rating and a $35.00 price objective on the stock. Piper Sandler cut their price objective on Corebridge Financial from $35.00 to $34.00 and set an "overweight" rating for the company in a research note on Wednesday, October 2nd. Bank of America decreased their target price on Corebridge Financial from $40.00 to $38.00 and set a "buy" rating on the stock in a research report on Thursday, July 11th. Finally, Barclays boosted their price target on Corebridge Financial from $33.00 to $34.00 and gave the stock an "equal weight" rating in a research report on Tuesday, October 8th.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG traded down $0.03 during trading on Tuesday, hitting $32.00. The stock had a trading volume of 2,709,021 shares, compared to its average volume of 3,885,865. The stock has a 50-day simple moving average of $29.09 and a two-hundred day simple moving average of $28.87. The stock has a market capitalization of $19.47 billion, a price-to-earnings ratio of 8.43, a price-to-earnings-growth ratio of 0.42 and a beta of 0.97. Corebridge Financial has a 12-month low of $18.83 and a 12-month high of $34.66. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.97.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.04. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. The company had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $5.73 billion. During the same period last year, the firm earned $1.04 EPS. On average, equities research analysts expect that Corebridge Financial will post 4.66 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were issued a $0.23 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.92 dividend on an annualized basis and a yield of 2.88%. Corebridge Financial's dividend payout ratio (DPR) is presently 24.21%.

Insider Buying and Selling

In related news, major shareholder International Group American sold 8,032,129 shares of the business's stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $24.90, for a total transaction of $200,000,012.10. Following the completion of the transaction, the insider now owns 284,238,898 shares in the company, valued at approximately $7,077,548,560.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.09% of the stock is owned by insiders.

Institutional Trading of Corebridge Financial

Institutional investors and hedge funds have recently made changes to their positions in the company. Cannon Global Investment Management LLC purchased a new position in shares of Corebridge Financial during the third quarter worth about $875,000. Janney Montgomery Scott LLC increased its holdings in shares of Corebridge Financial by 21.5% in the third quarter. Janney Montgomery Scott LLC now owns 37,187 shares of the company's stock valued at $1,084,000 after purchasing an additional 6,571 shares during the period. AustralianSuper Pty Ltd raised its stake in shares of Corebridge Financial by 48.6% during the third quarter. AustralianSuper Pty Ltd now owns 934,989 shares of the company's stock worth $27,264,000 after purchasing an additional 305,603 shares during the last quarter. HM Payson & Co. acquired a new stake in shares of Corebridge Financial during the third quarter worth $29,000. Finally, Donald Smith & CO. Inc. grew its position in Corebridge Financial by 12.7% in the 3rd quarter. Donald Smith & CO. Inc. now owns 4,335,096 shares of the company's stock valued at $126,411,000 after buying an additional 489,545 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.