Corebridge Financial Inc. (NYSE: CRBG) Stock Forecast: Bullish Signals Pointing To $26 In 2024

In the last trading session, 4.84 million shares of the Corebridge Financial Inc. (NYSE:CRBG) were traded, and its beta was 0.89. Most recently the company’s share price was $28.31, and it changed around -$0.42 or -1.46% from the last close, which brings the market valuation of the company to $17.62B. CRBG currently trades at a discount to its 52-week high of $29.40, offering almost -3.85% off that amount. The share price’s 52-week low was $13.53, which indicates that the current value has risen by an impressive 52.21% since then. We note from Corebridge Financial Inc.’s average daily trading volume that its 10-day average is 5.42 million shares, with the 3-month average coming to 4.34 million.

Corebridge Financial Inc. (NYSE:CRBG) trade information

Instantly CRBG has showed a red trend with a performance of -1.46% at the end of last trading. The performance over the last five days has remained in the green territory. The company’s shares are currently up 30.70% year-to-date, but still up 2.80% over the last five days. On the other hand, Corebridge Financial Inc. (NYSE:CRBG) is 14.02% up in the 30-day period. We can see from the shorts that 14.61 million shares have been sold at a short interest cover period of 2.59 day(s).

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The consensus price target as assigned by Wall Street analysts is $24, which translates to bulls needing to decrease their stock price by -17.96% from its current value. Analyst projections state that CRBG is forecast to be at a low of $23 and a high of $26.

Corebridge Financial Inc. (CRBG) estimates and forecasts

Corebridge Financial Inc. share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 51.57 percent over the past six months and at a 21.22% annual growth rate that is well above the industry average of 14.10%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 15.50% in revenue this quarter, and will report an increase of 17.30% in the next quarter. The year-over-year growth rate is expected to be 9.10%, up from the previous year.

Consensus estimates provided by 4 financial analysts predict the company will bring in an average of $5.53 billion in revenue for the current quarter. 4 analysts expect Corebridge Financial Inc. to make $5.87 billion in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $5.36 billion and $5.84 billion respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 3.20%. Forecasts for the next quarter put sales growth at 0.50%.

Corebridge Financial Inc. earnings are expected to increase by 20.77% in 2024, but the outlook is positive 17.80% per year for the next five years.

CRBG Dividends

Corebridge Financial Inc.’s next quarterly earnings report is expected to be released on February 15. The annual dividend yield of the stock is 3.16 percent and its annual dividend per share was 0.89. It is important to note, however, that the 3.16% dividend yield ratio should be regarded as a guide only, as many other factors should be taken into consideration before making any investment decision.

Corebridge Financial Inc. (NYSE:CRBG)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 0.24% of Corebridge Financial Inc. shares, and 101.39% of them are in the hands of institutional investors. The stock currently has a share float of 101.63%. Corebridge Financial Inc. stock is held by 338 institutions, with Blackstone Inc being the largest institutional investor. By Jun 29, 2023, it held 9.85% of the shares, which is about 62.65 million shares worth $1.11 billion.

Capital Research Global Investors, with 4.55% or 28.91 million shares worth $510.55 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

Growth Fund Of America Inc and Price (T.Rowe) Value Fund were the top two Mutual Funds as of Jun 29, 2023. The former held 26.57 million shares worth $469.15 million, making up 4.18% of all outstanding shares. On the other hand, Price (T.Rowe) Value Fund held roughly 5.05 million shares worth around $89.14 million, which represents about 0.79% of the total shares outstanding.