Corebridge Financial, Inc. (NYSE:CRBG) Raises Dividend to $0.25 Per Share

Corebridge Financial, Inc. (NYSE:CRBG) declared a quarterly dividend on Monday, February 9th. Investors of record on Tuesday, March 17th will be paid a dividend of 0.25 per share on Tuesday, March 31st. This represents a c) annualized dividend and a yield of 3.2%. The ex-dividend date is Tuesday, March 17th. This is a 4.2% increase from Corebridge Financial’s previous quarterly dividend of $0.24.

Corebridge Financial has a payout ratio of 16.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect Corebridge Financial to earn $6.29 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 15.3%.

Corebridge Financial Stock Down 0.3%

Corebridge Financial stock opened at $31.08 on Tuesday. Corebridge Financial has a fifty-two week low of $23.69 and a fifty-two week high of $36.57. The firm has a market capitalization of $16.18 billion, a price-to-earnings ratio of 18.24, a price-to-earnings-growth ratio of 0.44 and a beta of 1.04. The stock’s fifty day moving average is $30.58 and its two-hundred day moving average is $31.76. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.13 and a current ratio of 0.13.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Monday, February 9th. The company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.11 by $0.11. The business had revenue of $6.34 billion for the quarter, compared to analyst estimates of $5.02 billion. Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. During the same period in the previous year, the firm earned $1.06 EPS. Analysts predict that Corebridge Financial will post 5.43 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently commented on the stock. UBS Group dropped their price objective on shares of Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating for the company in a research note on Thursday, January 8th. Morgan Stanley reissued an “equal weight” rating and issued a $33.00 price target (down from $39.00) on shares of Corebridge Financial in a report on Monday, November 17th. Evercore reduced their price objective on Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 5th. Zacks Research cut Corebridge Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 27th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating on the stock in a report on Monday, January 5th. Seven investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $37.60.

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.