Corebridge Financial (NYSE:CRBG) Given New $30.00 Price Target at Barclays

Corebridge Financial (NYSE:CRBG) had its target price trimmed by Barclays from $33.00 to $30.00 in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other research firms also recently weighed in on CRBG. Morgan Stanley lowered their target price on Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 3rd. Zacks Research raised Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. TD Cowen lowered their target price on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Tuesday, March 10th. Keefe, Bruyette & Woods reissued a “moderate buy” rating and issued a $32.00 target price on shares of Corebridge Financial in a report on Thursday, March 26th. Finally, UBS Group lowered their target price on Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating on the stock in a report on Thursday, January 8th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Corebridge Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.00.

Corebridge Financial Trading Up 3.4%

Shares of NYSE:CRBG opened at $24.94 on Wednesday. The company has a market cap of $12.01 billion, a P/E ratio of -47.05, a PEG ratio of 0.38 and a beta of 1.12. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.12 and a quick ratio of 0.12. Corebridge Financial has a 1 year low of $22.19 and a 1 year high of $36.57. The stock’s fifty day moving average price is $26.73 and its 200-day moving average price is $29.39.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.11. The firm had revenue of $6.34 billion for the quarter, compared to the consensus estimate of $5.02 billion. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.During the same period in the prior year, the company posted $1.06 earnings per share. Sell-side analysts expect that Corebridge Financial will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 4.0%. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Tuesday, March 17th. Corebridge Financial’s dividend payout ratio is -188.68%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Bank of Nova Scotia raised its stake in shares of Corebridge Financial by 3.8% in the second quarter. Bank of Nova Scotia now owns 9,328 shares of the company’s stock worth $331,000 after buying an additional 340 shares during the period. Severin Investments LLC raised its stake in Corebridge Financial by 1.4% during the 3rd quarter. Severin Investments LLC now owns 24,778 shares of the company’s stock valued at $794,000 after purchasing an additional 350 shares during the period. Smartleaf Asset Management LLC raised its stake in Corebridge Financial by 83.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock valued at $27,000 after purchasing an additional 377 shares during the period. Integrated Wealth Concepts LLC raised its stake in Corebridge Financial by 2.5% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 15,424 shares of the company’s stock valued at $494,000 after purchasing an additional 383 shares during the period. Finally, True Wealth Design LLC raised its stake in Corebridge Financial by 50.2% during the 4th quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock valued at $37,000 after purchasing an additional 412 shares during the period. Institutional investors own 98.25% of the company’s stock.

About Corebridge Financial

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.