Fintel reports that on October 3, 2023, RBC Capital reiterated coverage of Corebridge Financial (NYSE:CRBG) with a Outperform recommendation.
Analyst Price Forecast Suggests 30.30% Upside
As of August 31, 2023, the average one-year price target for Corebridge Financial is 25.50. The forecasts range from a low of 20.20 to a high of $32.55. The average price target represents an increase of 30.30% from its latest reported closing price of 19.57.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Corebridge Financial is 19,494MM, a decrease of 16.26%. The projected annual non-GAAP EPS is 3.74.
Corebridge Financial Declares $0.23 Dividend
On August 3, 2023 the company declared a regular quarterly dividend of $0.23 per share ($0.92 annualized). Shareholders of record as of September 15, 2023 received the payment on September 29, 2023. Previously, the company paid $0.23 per share.
At the current share price of $19.57 / share, the stock's dividend yield is 4.70%.
Looking back five years and taking a sample every week, the average dividend yield has been 5.76%, the lowest has been 4.06%, and the highest has been 9.49%. The standard deviation of yields is 1.72 (n=48).
The current dividend yield is 0.62 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.45. 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 -0.48%.
What is the Fund Sentiment?
There are 379 funds or institutions reporting positions in Corebridge Financial. This is an increase of 63 owner(s) or 19.94% in the last quarter. Average portfolio weight of all funds dedicated to CRBG is 0.19%, an increase of 15.05%. Total shares owned by institutions increased in the last three months by 52.72% to 246,479K shares. 
The put/call ratio of CRBG is 0.51, indicating a bullish outlook.
What are Other Shareholders Doing?
Blackstone Group holds 62,648K shares representing 9.85% ownership of the company. In it's prior filing, the firm reported owning 63,855K shares, representing a decrease of 1.93%. The firm increased its portfolio allocation in CRBG by 54.88% over the last quarter.
Capital Research Global Investors holds 28,910K shares representing 4.55% ownership of the company. In it's prior filing, the firm reported owning 6,144K shares, representing an increase of 78.75%. The firm increased its portfolio allocation in CRBG by 387.08% over the last quarter.
Price T Rowe Associates holds 28,144K shares representing 4.43% ownership of the company. In it's prior filing, the firm reported owning 18,725K shares, representing an increase of 33.47%. The firm increased its portfolio allocation in CRBG by 247.95% over the last quarter.
Harris Associates L P holds 13,896K shares representing 2.18% ownership of the company. In it's prior filing, the firm reported owning 2,695K shares, representing an increase of 80.60%. The firm increased its portfolio allocation in CRBG by 459.62% over the last quarter.
AGTHX - GROWTH FUND OF AMERICA holds 7,038K shares representing 1.11% ownership of the company.
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