Evercore ISI Cuts Corebridge Financial (NYSE:CRBG) Price Target to $38.00

Corebridge Financial (NYSE:CRBG) had its price objective reduced by Evercore ISI from $39.00 to $38.00 in a report issued on Thursday,Benzinga reports. They currently have an outperform rating on the stock.

CRBG has been the subject of a number of other reports. Piper Sandler lifted their price objective on Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a research report on Thursday, July 3rd. Wells Fargo & Company lifted their price objective on Corebridge Financial from $42.00 to $44.00 and gave the stock an “overweight” rating in a research report on Wednesday. Keefe, Bruyette & Woods lifted their price objective on Corebridge Financial from $39.00 to $42.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 9th. Morgan Stanley lowered their price objective on Corebridge Financial from $40.00 to $39.00 and set an “overweight” rating for the company in a research report on Tuesday, October 7th. Finally, JPMorgan Chase & Co. lifted their price objective on Corebridge Financial from $34.00 to $40.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 8th. Nine research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Corebridge Financial has an average rating of “Moderate Buy” and a consensus target price of $39.91.

Corebridge Financial Stock Performance

Corebridge Financial stock opened at $31.29 on Thursday. The stock has a 50-day simple moving average of $33.44 and a 200 day simple moving average of $32.53. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.86. Corebridge Financial has a 12-month low of $23.69 and a 12-month high of $36.57. The stock has a market capitalization of $16.85 billion, a price-to-earnings ratio of -51.29, a P/E/G ratio of 0.55 and a beta of 1.02.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.21. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.The business had revenue of $4.42 billion during the quarter, compared to analysts’ expectations of $4.85 billion. During the same period in the previous year, the business posted $1.13 earnings per share. On average, research analysts anticipate that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.1%. The ex-dividend date was Tuesday, September 16th. Corebridge Financial’s payout ratio is presently -157.38%.

Insider Activity

In other news, major shareholder International Group American sold 30,000,000 shares of the business’s stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the completion of the transaction, the insider directly owned 83,896,013 shares in the company, valued at approximately $2,823,100,837.45. The trade was a 26.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On Corebridge Financial

Institutional investors have recently modified their holdings of the stock. IFP Advisors Inc grew its position in shares of Corebridge Financial by 1,223.6% during the 2nd quarter. IFP Advisors Inc now owns 728 shares of the company’s stock worth $26,000 after buying an additional 673 shares during the period. Allworth Financial LP acquired a new position in shares of Corebridge Financial in the 2nd quarter valued at approximately $26,000. Assetmark Inc. grew its position in shares of Corebridge Financial by 60.9% in the 2nd quarter. Assetmark Inc. now owns 941 shares of the company’s stock valued at $33,000 after purchasing an additional 356 shares during the period. Brooklyn Investment Group grew its position in shares of Corebridge Financial by 66.7% in the 1st quarter. Brooklyn Investment Group now owns 1,452 shares of the company’s stock valued at $46,000 after purchasing an additional 581 shares during the period. Finally, Nisa Investment Advisors LLC grew its position in shares of Corebridge Financial by 86.1% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,303 shares of the company’s stock valued at $46,000 after purchasing an additional 603 shares during the period. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Company Profile

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company 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.