Corebridge Financial (NYSE:CRBG) Given New $33.00 Price Target at Barclays

Corebridge Financial (NYSE:CRBG) had its price target reduced by Barclays from $34.00 to $33.00 in a report published on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other research analysts also recently issued reports on the stock. TD Cowen dropped their price objective on shares of Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Tuesday. Wells Fargo & Company decreased their target price on Corebridge Financial from $37.00 to $36.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 25th. UBS Group lowered their price target 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. Mizuho initiated coverage on Corebridge Financial in a report on Tuesday, December 16th. They issued an “outperform” rating and a $38.00 price target for the company. Finally, Weiss Ratings downgraded Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, January 15th. Eight investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.09.

Corebridge Financial Stock Down 4.6%

CRBG opened at $23.49 on Wednesday. The business has a 50 day moving average of $29.40 and a 200-day moving average of $30.78. The stock has a market capitalization of $11.31 billion, a price-to-earnings ratio of -44.32, a P/E/G ratio of 0.38 and a beta of 1.11. 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 1-year low of $23.29 and a 1-year high of $36.57.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Wednesday, February 11th. 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 for 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 quarter in the previous year, the firm posted $1.06 earnings per share. As a group, sell-side analysts anticipate that Corebridge Financial will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be issued a dividend of $0.25 per share. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date is Tuesday, March 17th. Corebridge Financial’s dividend payout ratio is presently -181.13%.

Institutional Investors Weigh In On Corebridge Financial

Large investors have recently modified their holdings of the business. Allworth Financial LP bought a new stake in Corebridge Financial during the 2nd quarter worth approximately $26,000. Community Bank N.A. acquired a new position in Corebridge Financial during the third quarter worth $26,000. Smartleaf Asset Management LLC lifted its position in Corebridge Financial by 83.6% in 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 in the last quarter. Salomon & Ludwin LLC increased its holdings in Corebridge Financial by 179.7% during the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock worth $26,000 after purchasing an additional 532 shares in the last quarter. Finally, Rothschild Investment LLC raised its position in Corebridge Financial by 133.3% in the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock valued at $27,000 after buying an additional 520 shares during the last quarter. Institutional investors and hedge funds 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.