Corebridge Financial (NYSE:CRBG) Price Target Cut to $36.00 by Analysts at Wells Fargo & Company

Corebridge Financial (NYSE:CRBG) had its price target lowered by Wells Fargo & Company from $37.00 to $36.00 in a report released on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other research firms also recently weighed in on CRBG. Zacks Research downgraded shares of Corebridge Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 27th. Weiss Ratings cut shares of Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, January 15th. Morgan Stanley reiterated an “equal weight” rating and set a $33.00 price target (down from $39.00) on shares of Corebridge Financial in a research note on Monday, November 17th. Evercore lowered their price objective on Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating for the company in a research note on Wednesday, November 5th. Finally, JPMorgan Chase & Co. dropped their target price on Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating on the stock in a report on Monday, January 5th. Seven investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $37.50.

Corebridge Financial Stock Performance

Shares of Corebridge Financial stock opened at $27.52 on Wednesday. The business has a 50-day simple moving average of $30.38 and a 200 day simple moving average of $31.37. Corebridge Financial has a one year low of $23.69 and a one year high of $36.57. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.12 and a quick ratio of 0.12. The firm has a market capitalization of $13.25 billion, a price-to-earnings ratio of -51.91, a PEG ratio of 0.39 and a beta of 1.04.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Monday, February 9th. The company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.11. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.The business had revenue of $6.34 billion for the quarter, compared to analyst estimates of $5.02 billion. During the same quarter in the prior year, the company earned $1.06 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 Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be issued a $0.25 dividend. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Tuesday, March 17th. Corebridge Financial’s dividend payout ratio is currently -181.13%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in shares of Corebridge Financial by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company’s stock valued at $818,906,000 after purchasing an additional 311,133 shares during the last quarter. Pzena Investment Management LLC boosted its stake in Corebridge Financial by 5.8% in the fourth quarter. Pzena Investment Management LLC now owns 23,632,410 shares of the company’s stock valued at $712,990,000 after acquiring an additional 1,303,211 shares during the last quarter. Norges Bank bought a new position in shares of Corebridge Financial during the 4th quarter valued at approximately $611,550,000. State Street Corp increased its stake in shares of Corebridge Financial by 44.3% during the 4th quarter. State Street Corp now owns 11,295,692 shares of the company’s stock worth $340,791,000 after purchasing an additional 3,465,371 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Corebridge Financial by 6.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 6,686,747 shares of the company’s stock worth $214,372,000 after purchasing an additional 430,308 shares during the period. Hedge funds and other institutional investors own 98.25% of the company’s stock.

About Corebridge Financial

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.