Wells Fargo & Company Lowers Corebridge Financial (NYSE:CRBG) Price Target to $32.00

Corebridge Financial (NYSE:CRBG) had its price target decreased by Wells Fargo & Company from $36.00 to $32.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 31.01% from the stock’s previous close.

Several other analysts have also weighed in on the stock. Mizuho started 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 for the company. Barclays decreased their price target on shares of Corebridge Financial from $33.00 to $30.00 and set an “overweight” rating for the company in a research note on Wednesday. Weiss Ratings lowered shares of Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, January 15th. Morgan Stanley decreased their price target 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. Finally, Keefe, Bruyette & Woods restated a “moderate buy” rating and set a $32.00 price target on shares of Corebridge Financial in a research note on Thursday, March 26th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Corebridge Financial has a consensus rating of “Moderate Buy” and a consensus target price of $35.55.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $24.43 on Friday. The company has a fifty day moving average of $26.48 and a 200-day moving average of $29.27. The firm has a market capitalization of $11.77 billion, a P/E ratio of -46.08, a P/E/G ratio of 0.39 and a beta of 1.12. 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 has a twelve month low of $22.19 and a twelve month high of $36.57.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Wednesday, February 11th. The company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.11. The company 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 business posted $1.06 EPS. As a group, sell-side analysts anticipate that Corebridge Financial will post 5.43 EPS for the current year.

Institutional Trading of Corebridge Financial

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in Corebridge Financial by 7.2% during the 3rd quarter. Vanguard Group Inc. now owns 26,831,915 shares of the company’s stock worth $859,963,000 after acquiring an additional 1,805,819 shares during the last quarter. Algebris UK Ltd. boosted its holdings in Corebridge Financial by 31.4% during the 3rd quarter. Algebris UK Ltd. now owns 1,393,378 shares of the company’s stock worth $44,624,000 after acquiring an additional 333,245 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Corebridge Financial by 6.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 6,686,747 shares of the company’s stock worth $214,372,000 after acquiring an additional 430,308 shares during the last quarter. Machina Capital S.A.S. purchased a new position in Corebridge Financial during the 3rd quarter worth $1,182,000. Finally, Assenagon Asset Management S.A. boosted its holdings in Corebridge Financial by 928.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 68,226 shares of the company’s stock worth $2,187,000 after acquiring an additional 61,595 shares during the last quarter. 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.