Corebridge Financial (NYSE:CRBG) Price Target Lowered to $33.00 at UBS Group

Corebridge Financial (NYSE:CRBG) had its target price reduced by UBS Group from $35.00 to $33.00 in a report published on Thursday morning,Benzinga reports. They currently have a neutral rating on the stock.

Other equities research analysts also recently issued research reports about the company. Weiss Ratings reissued a “buy (b-)” rating on shares of Corebridge Financial in a report on Monday, December 29th. Wells Fargo & Company cut their price target on shares of Corebridge Financial from $44.00 to $43.00 and set an “overweight” rating for the company in a research note on Wednesday, November 5th. Wolfe Research initiated coverage on shares of Corebridge Financial in a research report on Friday, October 10th. They issued a “peer perform” rating for the company. Keefe, Bruyette & Woods dropped their target price on shares of Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating on the stock in a report on Thursday, October 9th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $33.00 target price (down from $39.00) on shares of Corebridge Financial in a research note on Monday, November 17th. Nine investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Corebridge Financial has an average rating of “Moderate Buy” and an average target price of $38.45.

Corebridge Financial Price Performance

Shares of NYSE CRBG opened at $30.76 on Thursday. The stock has a market capitalization of $16.01 billion, a price-to-earnings ratio of 18.31, a PEG ratio of 0.43 and a beta of 1.04. The business has a 50-day moving average of $30.17 and a 200-day moving average of $32.46. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.13 and a quick ratio of 0.13. Corebridge Financial has a fifty-two week low of $23.69 and a fifty-two week high of $36.57.

Corebridge Financial (NYSE:CRBG) last released 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 company had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $4.85 billion. During the same quarter in the previous year, the company posted $1.23 EPS. The business’s revenue was up 34.2% on a year-over-year basis. As a group, sell-side analysts predict that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

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

Institutional Trading of Corebridge Financial

Several hedge funds have recently added to or reduced their stakes in CRBG. IFP Advisors Inc grew its holdings in Corebridge Financial by 1,223.6% in the 2nd quarter. IFP Advisors Inc now owns 728 shares of the company’s stock valued at $26,000 after buying an additional 673 shares in the last quarter. Allworth Financial LP bought a new stake in shares of Corebridge Financial in the second quarter valued at about $26,000. Community Bank N.A. acquired a new position in shares of Corebridge Financial in the third quarter valued at about $26,000. Smartleaf Asset Management LLC grew its stake in shares of Corebridge Financial by 83.6% in the third quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock valued at $27,000 after acquiring an additional 377 shares in the last quarter. Finally, Root Financial Partners LLC bought a new position in Corebridge Financial during the third quarter worth about $32,000. 98.25% of the stock is owned by institutional investors and hedge funds.

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.