Corebridge Financial (NYSE:CRBG – Free Report) had its price target increased by Wells Fargo & Company from $36.00 to $39.00 in a research report sent to investors on Wednesday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.
CRBG has been the subject of several other reports. UBS Group raised their price objective on Corebridge Financial from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 8th. Mizuho upped their target price on Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a research report on Thursday, July 9th. JPMorgan Chase & Co. cut their price target on shares of Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating on the stock in a report on Tuesday, May 12th. Piper Sandler upped their price objective on shares of Corebridge Financial from $36.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, August 12th. Finally, TD Cowen increased their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and an average price target of $37.42.
Read Our Latest Research Report on Corebridge Financial
Corebridge Financial Stock Up 0.3%
Corebridge Financial (NYSE:CRBG – Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.The company had revenue of $4.30 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same quarter last year, the business posted $1.36 EPS. Sell-side analysts forecast that Corebridge Financial will post 4.6 earnings per share for the current year.
Corebridge Financial Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be given a $0.25 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.1%. Corebridge Financial’s dividend payout ratio is 58.48%.
Insider Transactions at Corebridge Financial
In related news, EVP Elizabeth B. Cropper sold 7,745 shares of the company’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $33.06, for a total value of $256,049.70. Following the completion of the transaction, the executive vice president owned 46,473 shares of the company’s stock, valued at approximately $1,536,397.38. This represents a 14.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider David Ditillo sold 12,414 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $34.00, for a total value of $422,076.00. Following the completion of the sale, the insider directly owned 111,153 shares in the company, valued at approximately $3,779,202. The trade was a 10.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 24,409 shares of company stock valued at $805,626. Insiders own 0.32% of the company’s stock.
Institutional Inflows and Outflows
Several large investors have recently made changes to their positions in the business. Pzena Investment Management LLC acquired a new stake in Corebridge Financial in the 2nd quarter valued at $967,400,000. BlackRock Inc. acquired a new position in Corebridge Financial during the second quarter worth $726,494,000. Norges Bank purchased a new position in Corebridge Financial during the fourth quarter valued at $611,550,000. Donald Smith & CO. Inc. purchased a new position in Corebridge Financial during the second quarter valued at $168,134,000. Finally, Davis Asset Management L.P. purchased a new position in Corebridge Financial during the second quarter valued at $166,054,000. 98.25% of the stock is owned by institutional investors and hedge funds.
Corebridge Financial Company Profile
Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.
Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.
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