Corebridge Financial (NYSE:CRBG) Hits New 52-Week Low on Analyst Downgrade

Corebridge Financial, Inc. (NYSE:CRBG) shares hit a new 52-week low on Wednesday after Barclays lowered their price target on the stock from $34.00 to $33.00. Barclays currently has an overweight rating on the stock. Corebridge Financial traded as low as $23.29 and last traded at $23.3890, with a volume of 1070641 shares changing hands. The stock had previously closed at $24.62.

Several other research firms have also weighed in on CRBG. Mizuho began coverage on shares of Corebridge Financial in a research note on Tuesday, December 16th. They issued an “outperform” rating and a $38.00 price objective on the stock. Morgan Stanley decreased their target price on shares of Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 3rd. Weiss Ratings cut shares of Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, January 15th. JPMorgan Chase & Co. dropped their price target on shares of Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating on the stock in a research note on Monday, January 5th. Finally, UBS Group cut their price objective on Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating for the company in a report on Thursday, January 8th. Eight equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Corebridge Financial has a consensus rating of “Moderate Buy” and a consensus target price of $37.09.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CRBG. Allworth Financial LP acquired a new stake in shares of Corebridge Financial in the 2nd quarter valued at $26,000. Community Bank N.A. bought a new stake in Corebridge Financial in the third quarter worth $26,000. Smartleaf Asset Management LLC increased its position in Corebridge Financial by 83.6% during the third quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock worth $27,000 after buying an additional 377 shares during the last quarter. Salomon & Ludwin LLC raised its holdings in Corebridge Financial by 179.7% during the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock valued at $26,000 after buying an additional 532 shares in the last quarter. Finally, Rothschild Investment LLC raised its holdings in Corebridge Financial by 133.3% during the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock valued at $27,000 after buying an additional 520 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Stock Down 4.6%

The business has a 50-day simple moving average of $29.40 and a two-hundred day simple moving average of $30.78. The company has a market cap of $11.31 billion, a price-to-earnings ratio of -44.32, a PEG ratio of 0.38 and a beta of 1.11. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.11.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Wednesday, February 11th. The company reported $1.22 EPS for the quarter, beating analysts’ consensus estimates 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 firm posted $1.06 EPS. As a group, equities analysts forecast that Corebridge Financial, Inc. 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 4.3%. 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%.

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.