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Corebridge Financial Inc. reached a significant milestone as its stock hit an all-time high of 36.09 USD. This achievement comes amid a notable 21.78% increase in the company’s stock price over the past year, with the company now commanding a market capitalization of $19.7 billion. According to InvestingPro analysis, the stock appears to be trading near its Fair Value, offering investors a 2.7% dividend yield. The financial services firm has demonstrated strong performance, attracting investor interest and boosting market confidence. This upward trend reflects the company’s robust financial health and strategic initiatives, with management actively buying back shares. InvestingPro data reveals 6 additional key insights about the company’s performance and outlook. Investors will be keenly observing how Corebridge Financial continues to leverage its strengths to sustain this growth trajectory, with analyst price targets ranging from $37 to $45 per share.
In other recent news, Corebridge Financial announced a significant variable annuity reinsurance transaction valued at $2.8 billion with Venerable Holdings, encompassing $51 billion in assets under management. This deal is expected to generate approximately $2.1 billion in after-tax distributable proceeds, which the company plans to use primarily for share repurchases. The Board of Directors has approved a $2 billion increase to its share repurchase authorization in connection with this transaction. Analysts have responded positively, with Barclays (LON:BARC) raising its price target for Corebridge Financial to $45, citing the complete elimination of the company’s exposure to individual variable annuity products as a key factor. Similarly, BMO Capital increased its price target to $44, appreciating the strengthened cash flow stability. Evercore ISI also raised its price target to $39, highlighting the potential for improved valuation multiples and financial flexibility. Additionally, Corebridge Financial’s shareholders have approved amendments to the company’s charter and bylaws, allowing the board to make future amendments and enabling shareholder action by written consent. These developments reflect a strategic shift in Corebridge’s operations and governance.
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