On Monday, RBC Capital has increased its stock price target for Corebridge Financial (NYSE: CRBG) shares to $33 from $32, while keeping an Outperform rating on the stock. The adjustment follows Corebridge Financial's recent earnings report, which showed a performance that slightly exceeded expectations, with year-over-year earnings improvements in all divisions except the Life insurance unit.
The company's premiums and deposits continued to show robust growth, and the past quarter was particularly strong for pension risk transfer activities. The current higher interest rates have been beneficial for Corebridge Financial, as new money yields have remained above 6%. Still, the management has indicated that they do not anticipate further spread expansion.
Corebridge's exposure to commercial real estate (CRE) is still an important point of attention. Despite this, the financial services firm has been actively returning capital to shareholders through dividends and buybacks. RBC Capital expects this trend of capital return to persist throughout the remainder of the year.
The firm's latest financial results and the strategic moves in terms of capital management have been positively recognized by RBC Capital, as reflected in the updated price target. Corebridge Financial's stock performance and future outlook will continue to be watched closely by investors and market analysts alike.
InvestingPro Insights
Following RBC Capital's positive outlook on Corebridge Financial (NYSE: CRBG), real-time data from InvestingPro underscores several key financial metrics that investors may find valuable. Corebridge Financial boasts a robust Market Cap of approximately $17.54 billion and trades at a relatively low P/E Ratio of 7.51, which may appeal to value-oriented investors.
The company has shown a commitment to shareholder returns, evidenced by a significant Dividend Yield of 7.25%, coupled with a substantial Dividend Growth of 126.09% over the last twelve months as of Q1 2024.
InvestingPro Tips further reveal that Corebridge Financial is expected to see net income growth this year and is considered a prominent player in the Financial Services industry. The company has also experienced a high return over the last year, with a 1 Year Price Total Return at an impressive 98.98%, trading near its 52-week high, which indicates strong market confidence.
For investors seeking additional insights and guidance, there are 11 more InvestingPro Tips available, which can be accessed by visiting the dedicated page for Corebridge Financial on Investing.com.
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