Corebridge Financial (NYSE:CRBG) Price Target Raised to $40.00

Corebridge Financial (NYSE:CRBG) had its price target upped by Piper Sandler from $38.00 to $40.00 in a research report report published on Monday,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

Several other research analysts have also recently commented on CRBG. Weiss Ratings upgraded 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 company an “overweight” rating in a research note on Wednesday, August 19th. Barclays lifted their price target on Corebridge Financial from $33.00 to $39.00 and gave the company an “overweight” rating in a report on Wednesday, October 7th. TD Cowen boosted their price objective on Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Finally, Mizuho boosted their price objective on Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 7th. Nine investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $38.83.

Corebridge Financial Stock Down 1.2%

Corebridge Financial stock opened at $33.98 on Monday. The company has a 50-day simple moving average of $33.81 and a 200-day simple moving average of $30.08. The firm has a market capitalization of $15.15 billion, a P/E ratio of 7.91, a P/E/G ratio of 0.49 and a beta of 1.07. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. Corebridge Financial has a one year low of $22.19 and a one year high of $35.64.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.04. The business had revenue of $4.30 billion for the quarter, compared to analysts’ expectations of $4.66 billion. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. During the same quarter last year, the company earned $1.36 EPS. As a group, equities analysts expect that Corebridge Financial will post 4.62 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Wednesday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is 58.48%.

Insider Buying and Selling at Corebridge Financial

In related news, major shareholder Life Insurance Co Nippon acquired 143,190 shares of Corebridge Financial stock in a transaction that occurred on Monday, October 12th. The stock was acquired at an average price of $34.49 per share, with a total value of $4,938,623.10. Following the completion of the acquisition, the insider directly owned 128,134,156 shares of the company’s stock, valued at $4,419,347,040.44. This trade represents a 0.11% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last quarter, insiders have bought 5,973,485 shares of company stock worth $204,928,991 and have sold 28,895 shares worth $983,886. 0.32% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Corebridge Financial

Several large investors have recently bought and sold shares of the stock. Sound Income Strategies LLC raised its holdings in Corebridge Financial by 1.8% during the third quarter. Sound Income Strategies LLC now owns 553,544 shares of the company’s stock worth $19,070,000 after purchasing an additional 9,980 shares in the last quarter. GAMMA Investing LLC lifted its position in Corebridge Financial by 15.8% in the third quarter. GAMMA Investing LLC now owns 5,836 shares of the company’s stock worth $193,000 after purchasing an additional 796 shares during the period. Farther Finance Advisors LLC lifted its position in Corebridge Financial by 11.8% in the third quarter. Farther Finance Advisors LLC now owns 5,583 shares of the company’s stock worth $185,000 after purchasing an additional 590 shares during the period. Sequoia Financial Advisors LLC lifted its position in Corebridge Financial by 23.7% in the second quarter. Sequoia Financial Advisors LLC now owns 14,676 shares of the company’s stock worth $420,000 after purchasing an additional 2,814 shares during the period. Finally, Tidal Investments LLC lifted its position in Corebridge Financial by 42.8% in the second quarter. Tidal Investments LLC now owns 93,351 shares of the company’s stock worth $2,673,000 after purchasing an additional 27,992 shares during the period. Institutional investors and hedge funds own 98.25% of the company’s stock.

About Corebridge Financial

Corebridge Financial, Inc (NYSE: CRBG) is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers and institutional clients through businesses focused on retirement services, life insurance and institutional markets.

Its offerings include fixed, variable and registered index-linked annuities; individual life insurance; employer-sponsored retirement plans; and investment, funding and risk-management solutions for institutions.