Corebridge Financial (NYSE:CRBG) Hits New 52-Week Low at $16.40

Corebridge Financial, Inc. (NYSE:CRBG – Get Rating)’s stock price reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $16.40 and last traded at $16.51, with a volume of 284915 shares trading hands. The stock had previously closed at $17.24.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CRBG. Credit Suisse Group lowered Corebridge Financial from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $26.00 to $23.00 in a research note on Friday, January 13th. Wells Fargo & Company boosted their price objective on Corebridge Financial from $27.00 to $28.00 and gave the company an “overweight” rating in a research note on Wednesday, February 22nd. Finally, Morgan Stanley boosted their price objective on Corebridge Financial from $25.00 to $26.00 and gave the company an “equal weight” rating in a research note on Thursday, November 17th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.91.

Corebridge Financial Stock Up 2.4 %

The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 1.51. The firm has a fifty day simple moving average of $20.49.

Corebridge Financial (NYSE:CRBG – Get Rating) last released its earnings results on Friday, February 17th. The company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.17. The company had revenue of $5.34 billion for the quarter, compared to analysts’ expectations of $5.28 billion. On average, sell-side analysts expect that Corebridge Financial, Inc. will post 3.77 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Investors of record on Friday, March 17th will be given a $0.23 dividend. The ex-dividend date is Thursday, March 16th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 5.56%.

Institutional Investors Weigh In On Corebridge Financial

Several large investors have recently added to or reduced their stakes in CRBG. Monashee Investment Management LLC bought a new stake in Corebridge Financial during the third quarter worth approximately $4,923,000. Salzhauer Michael bought a new stake in Corebridge Financial during the third quarter worth approximately $295,000. Barclays PLC bought a new stake in Corebridge Financial during the third quarter worth approximately $291,000. The Manufacturers Life Insurance Company bought a new position in shares of Corebridge Financial during the third quarter valued at approximately $8,368,000. Finally, UBS Group AG bought a new position in shares of Corebridge Financial during the third quarter valued at approximately $186,000. 22.16% of the stock is owned by institutional investors.

About Corebridge Financial

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Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. It operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities and retail mutual funds.