Corebridge Financial, Inc. (NYSE:CRBG – Get Free Report) has received an average recommendation of “Moderate Buy” from the fifteen research firms that are currently covering the stock, MarketBeat Ratings reports. Six analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $37.4167.
Several research firms have weighed in on CRBG. Jefferies Financial Group lifted their target price on Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Weiss Ratings raised shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. Wells Fargo & Company raised their price target on shares of Corebridge Financial from $36.00 to $39.00 and gave the stock an “overweight” rating in a report on Wednesday, August 19th. JPMorgan Chase & Co. lowered their price objective on shares of Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 12th. Finally, UBS Group upped their price objective on shares of Corebridge Financial from $29.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, July 8th.
View Our Latest Stock Report on CRBG
Corebridge Financial Price Performance
Corebridge Financial (NYSE:CRBG – Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, topping the consensus estimate of $1.08 by $0.04. The business had revenue of $4.30 billion during the quarter, compared to analysts’ expectations of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.During the same quarter last year, the firm posted $1.36 earnings per share. Equities analysts expect that Corebridge Financial will post 4.58 earnings per share for the current fiscal year.
Corebridge Financial Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Wednesday, September 16th. Corebridge Financial’s payout ratio is currently 58.48%.
Insiders Place Their Bets
In related news, EVP Elizabeth B. Cropper sold 7,745 shares of Corebridge Financial stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $33.06, for a total transaction of $256,049.70. Following the completion of the sale, the executive vice president owned 46,473 shares of the company’s stock, valued at approximately $1,536,397.38. This trade represents a 14.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider David Ditillo sold 12,414 shares of the business’s stock in a transaction dated 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 transaction, the insider owned 111,153 shares in the company, valued at $3,779,202. This trade represents a 10.05% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 24,409 shares of company stock worth $805,626 over the last ninety days. 0.32% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Corebridge Financial
A number of hedge funds and other institutional investors have recently made changes to their positions in CRBG. Rothschild Investment LLC grew its stake in shares of Corebridge Financial by 133.3% in the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock valued at $27,000 after buying an additional 520 shares in the last quarter. Bell Investment Advisors Inc acquired a new position in Corebridge Financial in the second quarter worth approximately $27,000. Sonoma Allocations LLC bought a new position in Corebridge Financial during the first quarter valued at approximately $30,000. Allworth Financial LP bought a new position in Corebridge Financial during the second quarter valued at approximately $41,000. Finally, Versant Capital Management Inc lifted its stake in Corebridge Financial by 1,124.2% in the second quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock valued at $46,000 after acquiring an additional 1,484 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.
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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