Corebridge Financial (NYSE:CRBG) Shares Gap Up Following Analyst Upgrade

Corebridge Financial, Inc. (NYSE:CRBG) gapped up prior to trading on Monday after Weiss Ratings upgraded the stock from a hold (c-) rating to a buy (b-) rating. The stock had previously closed at $31.54, but opened at $32.82. Corebridge Financial shares last traded at $32.8060, with a volume of 1,411,421 shares trading hands.

Several other brokerages also recently issued reports on CRBG. Wall Street Zen raised Corebridge Financial from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Wolfe Research assumed coverage on Corebridge Financial in a report on Friday, October 10th. They issued a “peer perform” rating on the stock. Keefe, Bruyette & Woods dropped their price target on Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating on the stock in a research report on Thursday, October 9th. UBS Group upgraded Corebridge Financial from a “sell” rating to a “neutral” rating and upped their price target for the stock from $28.00 to $37.00 in a report on Friday, July 11th. Finally, Evercore ISI lowered their price objective on shares of Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 5th. Nine analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $39.27.

Institutional Trading of Corebridge Financial

Several institutional investors have recently bought and sold shares of CRBG. Pzena Investment Management LLC boosted its holdings in shares of Corebridge Financial by 132.6% in the 2nd quarter. Pzena Investment Management LLC now owns 18,723,701 shares of the company’s stock worth $664,691,000 after acquiring an additional 10,673,099 shares in the last quarter. Norges Bank bought a new position in Corebridge Financial in the second quarter valued at about $145,632,000. AQR Capital Management LLC lifted its position in Corebridge Financial by 50.0% during the 1st quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company’s stock valued at $258,880,000 after purchasing an additional 2,780,764 shares during the period. Alyeska Investment Group L.P. bought a new stake in shares of Corebridge Financial during the third quarter worth approximately $69,738,000. Finally, Vanguard Group Inc. lifted its holdings in Corebridge Financial by 7.2% in the third quarter. Vanguard Group Inc. now owns 26,831,915 shares of the company’s stock valued at $859,963,000 after buying an additional 1,805,819 shares during the period. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Trading Down 0.4%

The business’s 50 day simple moving average is $30.60 and its 200-day simple moving average is $32.71. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.13 and a quick ratio of 0.13. The stock has a market capitalization of $16.68 billion, a P/E ratio of 19.08, a PEG ratio of 0.44 and a beta of 1.05.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.12). Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. The company had revenue of $5.63 billion during the quarter, compared to analyst estimates of $4.85 billion. During the same period last year, the company earned $1.23 EPS. The business’s revenue for the quarter was up 34.2% compared to the same quarter last year. As a group, analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th will be issued a dividend of $0.24 per share. The ex-dividend date is Wednesday, December 17th. This represents a $0.96 dividend on an annualized basis and a yield of 3.0%. Corebridge Financial’s dividend payout ratio (DPR) is 57.14%.

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.