Fintel reports that on August 7, 2023, Morgan Stanley maintained coverage of Corebridge Financial (NYSE:CRBG) with a Equal-Weight recommendation.
Analyst Price Forecast Suggests 26.68% Upside
As of August 2, 2023, the average one-year price target for Corebridge Financial is 24.91. The forecasts range from a low of 19.19 to a high of $31.50. The average price target represents an increase of 26.68% from its latest reported closing price of 19.66.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Corebridge Financial is 19,494MM, a decrease of 13.99%. The projected annual non-GAAP EPS is 3.74.
Corebridge Financial Declares $0.23 Dividend
On May 8, 2023 the company declared a regular quarterly dividend of $0.23 per share ($0.92 annualized). Shareholders of record as of June 16, 2023 received the payment on June 30, 2023. Previously, the company paid $0.23 per share.
At the current share price of $19.66 / share, the stock's dividend yield is 4.68%.
Looking back five years and taking a sample every week, the average dividend yield has been 5.36%, the lowest has been 4.06%, and the highest has been 9.13%. The standard deviation of yields is 1.42 (n=41).
The current dividend yield is 0.48 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.23. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is -0.40%.
What is the Fund Sentiment?
There are 330 funds or institutions reporting positions in Corebridge Financial. This is an increase of 60 owner(s) or 22.22% in the last quarter. Average portfolio weight of all funds dedicated to CRBG is 0.16%, a decrease of 40.08%. Total shares owned by institutions increased in the last three months by 3.34% to 168,721K shares. 
The put/call ratio of CRBG is 0.62, indicating a bullish outlook.
What are Other Shareholders Doing?
Blackstone Group holds 63,855K shares representing 10.04% ownership of the company. No change in the last quarter.
Price T Rowe Associates holds 18,725K shares representing 2.94% ownership of the company. In it's prior filing, the firm reported owning 16,048K shares, representing an increase of 14.30%. The firm decreased its portfolio allocation in CRBG by 13.28% over the last quarter.
AGTHX - GROWTH FUND OF AMERICA holds 7,038K shares representing 1.11% ownership of the company.
Capital Research Global Investors holds 6,144K shares representing 0.97% ownership of the company. In it's prior filing, the firm reported owning 5,426K shares, representing an increase of 11.68%. The firm decreased its portfolio allocation in CRBG by 14.62% over the last quarter.
Td Asset Management holds 5,023K shares representing 0.79% ownership of the company. In it's prior filing, the firm reported owning 5,021K shares, representing an increase of 0.03%. The firm decreased its portfolio allocation in CRBG by 53.72% over the last quarter.
Additional reading:
- Corebridge Financial Announces Second Quarter 2023 Results
- 1
- COREBRIDGE EXECUTIVE SEVERANCE PLAN Amended and Restated June 27, 2023
- , 2023, by and among Corebridge Financial, Inc., American International Group, Inc. and Argon Holdco LLC.
- MRB Liability(*)
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
