Brokerages Set Corebridge Financial, Inc. (NYSE:CRBG) Target Price at $37.60

Corebridge Financial, Inc. (NYSE:CRBG) has been assigned a consensus rating of “Hold” from the thirteen research firms that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, five have issued a hold recommendation and seven have given a buy recommendation to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $37.60.

Several analysts have commented on CRBG shares. UBS Group decreased their target price on shares of Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating for the company in a research report on Thursday, January 8th. Wells Fargo & Company lowered their target price on shares of Corebridge Financial from $43.00 to $37.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 13th. JPMorgan Chase & Co. decreased their price target on Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating for the company in a research note on Monday, January 5th. Evercore cut their price objective on Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 5th. Finally, Barclays lowered their price target on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a report on Tuesday, February 10th.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. IFP Advisors Inc grew its stake in shares of Corebridge Financial by 1,223.6% in the second quarter. IFP Advisors Inc now owns 728 shares of the company’s stock worth $26,000 after acquiring an additional 673 shares during the last quarter. Allworth Financial LP acquired a new stake in Corebridge Financial in the 2nd quarter worth $26,000. Community Bank N.A. bought a new position in shares of Corebridge Financial during the 3rd quarter worth about $26,000. Salomon & Ludwin LLC raised its position in shares of Corebridge Financial by 179.7% during the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock valued at $26,000 after buying an additional 532 shares during the last quarter. Finally, Smartleaf Asset Management LLC lifted its stake in shares of Corebridge Financial by 83.6% in the third quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock valued at $27,000 after buying an additional 377 shares during the period. 98.25% of the stock is owned by institutional investors.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $31.04 on Monday. Corebridge Financial has a fifty-two week low of $23.69 and a fifty-two week high of $36.57. The stock’s 50-day moving average is $30.70 and its two-hundred day moving average is $31.57. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.12 and a quick ratio of 0.12. The firm has a market cap of $14.95 billion, a P/E ratio of -58.57, a PEG ratio of 0.41 and a beta of 1.04.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Monday, February 9th. The company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.11. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.The business had revenue of $6.34 billion during the quarter, compared to analyst estimates of $5.02 billion. During the same period in the previous year, the company earned $1.06 EPS. Analysts predict that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $1.00 dividend on an annualized basis and a yield of 3.2%. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.24. Corebridge Financial’s dividend payout ratio (DPR) is presently -188.68%.

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.