Corebridge Financial (NYSE:CRBG) Given New $38.00 Price Target at Piper Sandler

Corebridge Financial (NYSE:CRBG) had its price target hoisted by Piper Sandler from $35.00 to $38.00 in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other analysts have also recently issued reports on the company. UBS Group cut Corebridge Financial from a “buy” rating to a “sell” rating and cut their target price for the stock from $40.00 to $28.00 in a research report on Wednesday. Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price objective on the stock in a research report on Monday, January 6th. Morgan Stanley raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $35.00 to $43.00 in a research note on Friday, February 28th. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and boosted their price target for the stock from $33.00 to $40.00 in a research note on Friday, January 10th. Finally, BMO Capital Markets initiated coverage on shares of Corebridge Financial in a report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Corebridge Financial has an average rating of “Moderate Buy” and an average target price of $37.00.

Corebridge Financial Price Performance

Shares of NYSE:CRBG opened at $31.98 on Wednesday. The firm’s 50 day simple moving average is $32.71 and its two-hundred day simple moving average is $31.32. 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 $17.78 billion, a P/E ratio of 8.46, a P/E/G ratio of 0.43 and a beta of 0.92. Corebridge Financial has a 1-year low of $23.97 and a 1-year high of $35.36.

Corebridge Financial (NYSE:CRBG) last issued its earnings results 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 return on equity of 22.69% and a net margin of 11.39%. Research analysts expect that Corebridge Financial will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.96 annualized dividend and a dividend yield of 3.00%. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s payout ratio is currently 25.40%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CRBG. Cerity Partners LLC lifted its holdings in shares of Corebridge Financial by 104.4% in the 3rd quarter. Cerity Partners LLC now owns 21,595 shares of the company’s stock worth $630,000 after acquiring an additional 11,029 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Corebridge Financial by 3.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 22,211 shares of the company’s stock worth $648,000 after purchasing an additional 732 shares during the period. FMR LLC lifted its stake in Corebridge Financial by 13.5% in the third quarter. FMR LLC now owns 5,030,104 shares of the company’s stock worth $146,678,000 after purchasing an additional 598,373 shares during the last quarter. D.A. Davidson & CO. purchased a new position in shares of Corebridge Financial during the third quarter valued at approximately $359,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Corebridge Financial by 79.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 55,836 shares of the company’s stock valued at $1,628,000 after buying an additional 24,724 shares during the last quarter. 98.25% of the stock is 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.