Corebridge Financial (NYSE:CRBG) Price Target Cut to $32.00 by Analysts at Morgan Stanley

Corebridge Financial (NYSE:CRBG) had its target price trimmed by Morgan Stanley from $35.00 to $32.00 in a report published on Tuesday,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other research firms also recently issued reports on CRBG. Zacks Research downgraded shares of Corebridge Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 27th. Weiss Ratings lowered Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, January 15th. JPMorgan Chase & Co. lowered their target price on Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating on the stock in a research note on Monday, January 5th. Wells Fargo & Company cut their price target on Corebridge Financial from $37.00 to $36.00 and set an “overweight” rating for the company in a research note on Wednesday, February 25th. Finally, Barclays reduced their price target on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a report on Tuesday, February 10th. Seven analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $37.40.

Corebridge Financial Trading Down 3.4%

Shares of NYSE CRBG opened at $25.10 on Tuesday. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.11. Corebridge Financial has a one year low of $23.69 and a one year high of $36.57. The business has a 50-day moving average price of $30.02 and a two-hundred day moving average price of $31.14. The firm has a market capitalization of $12.09 billion, a PE ratio of -47.36, a PEG ratio of 0.37 and a beta of 1.11.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Monday, February 9th. The company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.11. The business had revenue of $6.34 billion during the quarter, compared to analyst estimates of $5.02 billion. Corebridge Financial had a negative net margin of 1.73% and a positive return on equity of 18.92%. During the same period in the prior year, the firm earned $1.06 earnings per share. As a group, analysts predict that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 4.0%. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, March 17th. Corebridge Financial’s dividend payout ratio is -181.13%.

Institutional Trading of Corebridge Financial

Institutional investors and hedge funds have recently modified their holdings of the company. Bank of Nova Scotia raised its holdings in Corebridge Financial by 3.8% in the 2nd quarter. Bank of Nova Scotia now owns 9,328 shares of the company’s stock worth $331,000 after acquiring an additional 340 shares during the period. Severin Investments LLC boosted its holdings in Corebridge Financial by 1.4% during the third quarter. Severin Investments LLC now owns 24,778 shares of the company’s stock valued at $794,000 after acquiring an additional 350 shares during the period. Assetmark Inc. grew its position in shares of Corebridge Financial by 60.9% in the second quarter. Assetmark Inc. now owns 941 shares of the company’s stock valued at $33,000 after purchasing an additional 356 shares during the last quarter. Smartleaf Asset Management LLC grew its position 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 purchasing an additional 377 shares during the last quarter. Finally, Integrated Wealth Concepts LLC increased its stake in shares of Corebridge Financial by 2.5% in the third quarter. Integrated Wealth Concepts LLC now owns 15,424 shares of the company’s stock worth $494,000 after purchasing an additional 383 shares during the period. 98.25% of the stock is currently owned by institutional investors and hedge funds.

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.