Corebridge Financial (NYSE:CRBG) Price Target Lowered to $35.00 at TD Cowen

Corebridge Financial (NYSE:CRBG) had its price objective trimmed by TD Cowen from $38.00 to $35.00 in a report released on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities research analysts have also recently issued reports on CRBG. Mizuho started coverage on shares of Corebridge Financial in a report on Tuesday, December 16th. They set an “outperform” rating and a $38.00 target price on the stock. Barclays cut 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. UBS Group decreased their price objective on Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating on the stock in a research note on Thursday, January 8th. Zacks Research raised Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. Finally, JPMorgan Chase & Co. cut their target price on Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating for the company in a research note on Monday, January 5th. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, Corebridge Financial has an average rating of “Moderate Buy” and a consensus target price of $37.18.

Corebridge Financial Price Performance

CRBG opened at $24.60 on Tuesday. The firm has a 50-day moving average price of $29.53 and a 200-day moving average price of $30.83. Corebridge Financial has a twelve month low of $23.69 and a twelve month high of $36.57. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $11.85 billion, a price-to-earnings ratio of -46.42, a PEG ratio of 0.38 and a beta of 1.11.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.11. The company had revenue of $6.34 billion for the quarter, compared to analysts’ expectations 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 company posted $1.06 EPS. Equities analysts expect that Corebridge Financial will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be given a dividend of $0.25 per share. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, March 17th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.1%. Corebridge Financial’s dividend payout ratio (DPR) is presently -181.13%.

Institutional Investors Weigh In On Corebridge Financial

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Allworth Financial LP purchased a new position in Corebridge Financial during the second quarter worth about $26,000. Community Bank N.A. purchased a new stake in shares of Corebridge Financial in the 3rd quarter valued at about $26,000. Salomon & Ludwin LLC boosted its position in shares of Corebridge Financial by 179.7% during the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock valued at $26,000 after acquiring an additional 532 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in shares of Corebridge Financial by 83.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock valued at $27,000 after acquiring an additional 377 shares during the last quarter. Finally, Rothschild Investment LLC grew its holdings in shares of Corebridge Financial by 133.3% during the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after purchasing an additional 520 shares in the last quarter. 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.