Barclays Begins Coverage on Corebridge Financial (NYSE:CRBG)

Barclays began coverage on shares of Corebridge Financial (NYSE:CRBG) in a research report report published on Wednesday, MarketBeat Ratings reports. The firm issued an equal weight rating and a $33.00 target price on the stock.

Several other research analysts have also recently commented on the company. Bank of America reduced their target price on Corebridge Financial from $40.00 to $38.00 and set a buy rating for the company in a research report on Thursday, July 11th. Morgan Stanley reduced their target price on Corebridge Financial from $33.00 to $31.00 and set an equal weight rating for the company in a research report on Monday, August 19th. Jefferies Financial Group raised their target price on Corebridge Financial from $35.00 to $40.00 and gave the stock a buy rating in a research report on Friday, June 28th. UBS Group raised their target price on Corebridge Financial from $29.00 to $35.00 and gave the stock a buy rating in a research report on Tuesday, July 9th. Finally, Royal Bank of Canada cut their price objective on Corebridge Financial from $33.00 to $32.00 and set an outperform rating for the company in a report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $33.62.

Corebridge Financial Stock Down 3.0 %

Shares of CRBG stock opened at $26.81 on Wednesday. Corebridge Financial has a 12 month low of $17.80 and a 12 month high of $34.66. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.97. The firm has a market cap of $16.31 billion, a PE ratio of 7.06, a price-to-earnings-growth ratio of 0.39 and a beta of 0.97. The stock has a 50 day moving average of $28.48 and a 200-day moving average of $28.08.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Thursday, August 1st. The company reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.04. The business had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $5.73 billion. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. During the same quarter last year, the company posted $1.04 earnings per share. On average, equities analysts predict that Corebridge Financial will post 4.75 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 3.43%. The ex-dividend date is Monday, September 16th. Corebridge Financial’s dividend payout ratio is 24.21%.

Insider Buying and Selling at Corebridge Financial

In related news, major shareholder International Group American sold 8,032,129 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $24.90, for a total value of $200,000,012.10. Following the transaction, the insider now directly owns 284,238,898 shares in the company, valued at $7,077,548,560.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.09% of the company’s stock.

Institutional Trading of Corebridge Financial

Several large investors have recently made changes to their positions in CRBG. Riverview Trust Co bought a new stake in shares of Corebridge Financial during the first quarter worth $25,000. LRI Investments LLC bought a new stake in Corebridge Financial during the 2nd quarter worth $30,000. ORG Partners LLC bought a new stake in Corebridge Financial during the 2nd quarter worth $32,000. Vestor Capital LLC bought a new stake in Corebridge Financial during the 4th quarter worth $43,000. Finally, Fifth Third Bancorp bought a new stake in Corebridge Financial during the 2nd quarter worth $54,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

About Corebridge Financial

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.