Corebridge Financial (NYSE:CRBG) Sets New 12-Month High – Here’s Why

Shares of Corebridge Financial, Inc. (NYSE:CRBG) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $34.84 and last traded at $34.71, with a volume of 3794964 shares traded. The stock had previously closed at $33.32.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on CRBG shares. Wells Fargo & Company upped their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. Morgan Stanley upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $35.00 to $43.00 in a research report on Friday. Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target for the company in a research report on Monday, January 6th. Piper Sandler upped their price target on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Finally, BMO Capital Markets started coverage on shares of Corebridge Financial in a research report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.29.

Corebridge Financial Stock Up 4.2 %

The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13. The company has a market capitalization of $19.30 billion, a P/E ratio of 9.18, a PEG ratio of 0.43 and a beta of 0.94. The company has a 50 day moving average of $32.06 and a 200-day moving average of $30.67.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. As a group, equities analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.77%. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.23. The ex-dividend date is Monday, March 17th. Corebridge Financial’s dividend payout ratio (DPR) is presently 25.40%.

Insider Activity

In related news, major shareholder International Group American sold 121,956,256 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the completion of the transaction, the insider now directly owns 127,282,642 shares in the company, valued at $4,005,584,743.74. The trade was a 48.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.08% of the company’s stock.

Hedge Funds Weigh In On Corebridge Financial

A number of hedge funds have recently added to or reduced their stakes in CRBG. Forum Financial Management LP raised its stake in Corebridge Financial by 60.2% during the 4th quarter. Forum Financial Management LP now owns 15,730 shares of the company’s stock valued at $471,000 after buying an additional 5,912 shares during the last quarter. Sunbelt Securities Inc. purchased a new stake in Corebridge Financial during the 4th quarter valued at $30,000. CSS LLC IL raised its stake in Corebridge Financial by 22.2% during the 4th quarter. CSS LLC IL now owns 21,391 shares of the company’s stock valued at $640,000 after buying an additional 3,891 shares during the last quarter. PharVision Advisers LLC purchased a new stake in Corebridge Financial during the 4th quarter valued at $268,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Corebridge Financial by 0.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,659,829 shares of the company’s stock valued at $49,679,000 after buying an additional 4,666 shares during the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Company Profile

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.