Corebridge Financial (NYSE:CRBG) Price Target Cut to $35.00 by Analysts at Barclays

Corebridge Financial (NYSE:CRBG) had its target price reduced by Barclays from $39.00 to $35.00 in a research report released on Thursday morning,Benzinga reports. Barclays currently has an overweight rating on the stock.

A number of other equities analysts have also recently issued reports on the company. Keefe, Bruyette & Woods dropped their price objective on Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating for the company in a report on Thursday, October 9th. Morgan Stanley reiterated an “equal weight” rating and set a $33.00 target price (down from $39.00) on shares of Corebridge Financial in a research report on Monday, November 17th. Wolfe Research began coverage on shares of Corebridge Financial in a report on Friday, October 10th. They issued a “peer perform” rating on the stock. Mizuho initiated coverage on shares of Corebridge Financial in a research note on Tuesday, December 16th. They issued an “outperform” rating and a $38.00 price target on the stock. Finally, UBS Group lowered their price objective on shares of Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating for the company in a research report on Thursday. Nine research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $38.45.

Corebridge Financial Stock Up 2.1%

Shares of CRBG stock opened at $30.76 on Thursday. The company’s fifty day simple moving average is $30.17 and its two-hundred day simple moving average is $32.46. Corebridge Financial has a 52 week low of $23.69 and a 52 week high of $36.57. The stock has a market cap of $16.01 billion, a P/E ratio of 18.31, a PEG ratio of 0.43 and a beta of 1.04. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.77.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Tuesday, November 4th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.12). Corebridge Financial had a return on equity of 19.90% and a net margin of 5.01%.The firm had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $4.85 billion. During the same period last year, the firm posted $1.23 earnings per share. The company’s revenue for the quarter was up 34.2% compared to the same quarter last year. Analysts predict that Corebridge Financial will post 5.43 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Wednesday, December 17th. Corebridge Financial’s dividend payout ratio is presently 57.14%.

Hedge Funds Weigh In On Corebridge Financial

Institutional investors have recently bought and sold shares of the business. IFP Advisors Inc boosted its holdings in Corebridge Financial by 1,223.6% in the second quarter. IFP Advisors Inc now owns 728 shares of the company’s stock worth $26,000 after acquiring an additional 673 shares in the last quarter. Allworth Financial LP acquired a new position in shares of Corebridge Financial during the second quarter valued at about $26,000. Community Bank N.A. purchased a new position in shares of Corebridge Financial in the 3rd quarter valued at approximately $26,000. Smartleaf Asset Management LLC boosted its stake in Corebridge Financial by 83.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock worth $27,000 after purchasing an additional 377 shares in the last quarter. Finally, Root Financial Partners LLC purchased a new stake in Corebridge Financial during the 3rd quarter worth approximately $32,000. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Company Profile

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.