Barclays Issues Pessimistic Forecast for Corebridge Financial (NYSE:CRBG) Stock Price

Corebridge Financial (NYSE:CRBG) had its target price dropped by equities research analysts at Barclays from $33.00 to $30.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s price objective would suggest a potential upside of 20.75% from the company’s previous close.

CRBG has been the subject of several other research reports. Wells Fargo & Company dropped their target price on shares of Corebridge Financial from $37.00 to $36.00 and set an “overweight” rating for the company in a research report on Wednesday, February 25th. Mizuho assumed coverage on shares of Corebridge Financial in a research report on Tuesday, December 16th. They set an “outperform” rating and a $38.00 price target on the stock. Keefe, Bruyette & Woods reiterated a “moderate buy” rating and issued a $32.00 price target on shares of Corebridge Financial in a research note on Thursday, March 26th. JPMorgan Chase & Co. lowered their price objective on Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating for the company in a report on Monday, January 5th. Finally, TD Cowen cut their price objective on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday, March 10th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.00.

Corebridge Financial Stock Performance

Corebridge Financial stock opened at $24.85 on Wednesday. Corebridge Financial has a 52 week low of $22.19 and a 52 week high of $36.57. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.11. The stock has a market cap of $11.97 billion, a P/E ratio of -46.88, a price-to-earnings-growth ratio of 0.40 and a beta of 1.12. The stock has a 50 day moving average of $26.61 and a 200-day moving average of $29.36.

Corebridge Financial (NYSE:CRBG) last issued its quarterly 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 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 quarter in the previous year, the firm earned $1.06 earnings per share. On average, analysts expect that Corebridge Financial will post 5.43 EPS for the current fiscal year.

Institutional Investors Weigh In On Corebridge Financial

Institutional investors have recently modified their holdings of the business. Community Bank N.A. acquired a new stake in Corebridge Financial during the third quarter worth about $26,000. Salomon & Ludwin LLC boosted its stake in Corebridge Financial by 179.7% in the fourth 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 period. Smartleaf Asset Management LLC grew its holdings in shares of Corebridge Financial by 83.6% during 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. Rothschild Investment LLC raised its position in shares of Corebridge Financial by 133.3% during the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after purchasing an additional 520 shares during the period. Finally, Root Financial Partners LLC acquired a new stake in shares of Corebridge Financial during the 3rd quarter worth approximately $32,000. 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.