Corebridge Financial (NYSE:CRBG) Sets New 1-Year High – Here’s Why

Shares of Corebridge Financial, Inc. (NYSE:CRBG) reached a new 52-week high on Friday . The company traded as high as $35.00 and last traded at $34.6720, with a volume of 144371 shares traded. The stock had previously closed at $34.18.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Jefferies Financial Group boosted their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, July 10th. TD Cowen raised their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. UBS Group lifted their price objective on shares of Corebridge Financial from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, July 8th. Keefe, Bruyette & Woods boosted their price objective on shares of Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a research report on Tuesday, August 11th. Finally, Mizuho upped their target price on shares of Corebridge Financial from $35.00 to $36.00 and gave the stock an “outperform” rating in a research note on Thursday, July 9th. Nine analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Corebridge Financial has a consensus rating of “Moderate Buy” and a consensus target price of $37.42.

Corebridge Financial Stock Up 0.3%

The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. The company has a fifty day simple moving average of $32.33 and a two-hundred day simple moving average of $28.49. The firm has a market capitalization of $15.28 billion, a PE ratio of 20.03, a PEG ratio of 0.44 and a beta of 1.08.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, beating the consensus estimate of $1.08 by $0.04. The firm had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.During the same quarter last year, the firm posted $1.36 earnings per share. Analysts forecast that Corebridge Financial, Inc. will post 4.58 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be issued a $0.25 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $1.00 annualized dividend and a dividend yield of 2.9%. Corebridge Financial’s payout ratio is currently 58.48%.

Insider Activity at Corebridge Financial

In other news, EVP Elizabeth Cropper sold 7,745 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $33.06, for a total transaction of $256,049.70. Following the transaction, the executive vice president directly owned 46,473 shares in the company, valued at approximately $1,536,397.38. This trade represents a 14.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider David Ditillo sold 12,414 shares of the stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $34.00, for a total value of $422,076.00. Following the sale, the insider directly owned 111,153 shares in the company, valued at $3,779,202. This trade represents a 10.05% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 24,409 shares of company stock valued at $805,626 in the last ninety days. Corporate insiders own 0.32% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Wellington Management Group LLP acquired a new position in Corebridge Financial during the second quarter valued at $99,469,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund purchased a new stake in Corebridge Financial in the fourth quarter valued at $5,358,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Corebridge Financial during the 2nd quarter worth about $8,803,000. BlackRock Inc. acquired a new stake in Corebridge Financial during the 2nd quarter worth about $726,494,000. Finally, Janus Henderson Group PLC raised its stake in shares of Corebridge Financial by 414.3% during the 1st quarter. Janus Henderson Group PLC now owns 56,229 shares of the company’s stock valued at $1,342,000 after buying an additional 45,295 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Company Profile

Corebridge Financial, Inc (NYSE: CRBG) is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers, financial professionals and institutional clients through a range of businesses focused on helping customers build, preserve and receive income from their assets.

Its products and services include individual and group annuities, retirement plan solutions, life insurance and institutional insurance offerings. Corebridge also provides investment, recordkeeping and related administrative services for workplace retirement plans, as well as solutions designed to support financial institutions and other institutional customers.

Corebridge was established through the separation of American International Group’s life and retirement business and began operating as an independent publicly traded company in 2022.