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

Corebridge Financial, Inc. (NYSE:CRBG)’s share price hit a new 52-week high on Friday . The stock traded as high as $34.84 and last traded at $34.71, with a volume of 3794964 shares. The stock had previously closed at $33.32.

Analyst Upgrades and Downgrades

CRBG has been the subject of several recent analyst reports. DOWLING & PARTN downgraded shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft raised shares of Corebridge Financial from a “hold” rating to a “buy” rating and increased their price objective for the company from $33.00 to $40.00 in a report on Friday, January 10th. Wells Fargo & Company increased their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Barclays raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price objective for the company in a report on Monday, January 6th. Finally, Morgan Stanley raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $35.00 to $43.00 in a report on Friday. Two investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.29.

Corebridge Financial Price Performance

The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $19.30 billion, a PE ratio of 9.18, a price-to-earnings-growth ratio of 0.43 and a beta of 0.94. The stock’s 50-day moving average is $32.06 and its two-hundred day moving average is $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 analysts’ consensus estimates of $1.27 by ($0.04). Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. On average, equities analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

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

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 121,956,256 shares of the firm’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 transaction of $3,837,963,376.32. Following the transaction, the insider now directly owns 127,282,642 shares of the company’s stock, valued at approximately $4,005,584,743.74. This trade represents a 48.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.08% of the company’s stock.

Hedge Funds Weigh In On Corebridge Financial

A number of institutional investors have recently modified their holdings of CRBG. Nippon Life Insurance Co. bought a new position in shares of Corebridge Financial during the fourth quarter valued at approximately $3,650,151,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Corebridge Financial by 31.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,961,533 shares of the company’s stock valued at $986,539,000 after purchasing an additional 7,828,929 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Corebridge Financial by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 23,925,256 shares of the company’s stock valued at $716,083,000 after purchasing an additional 711,857 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Corebridge Financial by 2.8% in the third quarter. Massachusetts Financial Services Co. MA now owns 10,483,856 shares of the company’s stock valued at $305,709,000 after acquiring an additional 284,781 shares in the last quarter. Finally, Norges Bank acquired a new stake in Corebridge Financial in the fourth quarter valued at approximately $283,212,000. 98.25% of the stock is owned by hedge funds and other institutional investors.

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.