Corebridge Financial (NYSE:CRBG) Price Target Raised to $40.00

by · The Markets Daily

Corebridge Financial (NYSE:CRBG – Free Report) had its target price upped by Morgan Stanley from $37.00 to $40.00 in a report issued on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other equities analysts also recently issued research reports about the stock. Barclays boosted their price objective on shares of Corebridge Financial from $38.00 to $45.00 and gave the stock an “overweight” rating in a research note on Thursday. Wells Fargo & Company boosted their price objective on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 7th. Wall Street Zen raised shares of Corebridge Financial from a “sell” rating to a “hold” rating in a research note on Friday, June 6th. UBS Group downgraded shares of Corebridge Financial from a “buy” rating to a “sell” rating and reduced their price objective for the stock from $40.00 to $28.00 in a research note on Wednesday, April 2nd. Finally, Piper Sandler boosted their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 2nd. One analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $37.67.

Check Out Our Latest Report on Corebridge Financial

Corebridge Financial Stock Performance

Corebridge Financial stock opened at $35.92 on Friday. The company has a 50 day moving average price of $31.91 and a 200-day moving average price of $31.44. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.14 and a current ratio of 0.14. Corebridge Financial has a fifty-two week low of $23.69 and a fifty-two week high of $36.03. The company has a market capitalization of $19.75 billion, a PE ratio of 30.44, a P/E/G ratio of 0.58 and a beta of 1.04.

Corebridge Financial (NYSE:CRBG – Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.01. The firm had revenue of $4.74 billion during the quarter, compared to the consensus estimate of $5.28 billion. Corebridge Financial had a net margin of 3.73% and a return on equity of 22.19%. During the same quarter in the previous year, the firm posted $1.10 earnings per share. As a group, equities analysts forecast that Corebridge Financial will post 5.43 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.67%. The ex-dividend date is Monday, June 16th. Corebridge Financial’s dividend payout ratio is currently 81.36%.

Hedge Funds Weigh In On Corebridge Financial

Institutional investors and hedge funds have recently bought and sold shares of the company. New York Life Investment Management LLC purchased a new position in Corebridge Financial in the fourth quarter worth $781,000. Merit Financial Group LLC purchased a new stake in shares of Corebridge Financial during the first quarter valued at $832,000. Raymond James Financial Inc. purchased a new stake in shares of Corebridge Financial during the fourth quarter valued at $31,844,000. US Bancorp DE grew its holdings in shares of Corebridge Financial by 7,525.1% during the fourth quarter. US Bancorp DE now owns 21,579 shares of the company’s stock valued at $646,000 after buying an additional 21,296 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Corebridge Financial by 88.1% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 96,872 shares of the company’s stock valued at $2,899,000 after buying an additional 45,363 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Company Profile

(Get Free Report)

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.

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