Corebridge Financial (NYSE:CRBG) Price Target Cut to $31.00 by Analysts at Mizuho

Corebridge Financial (NYSE:CRBG) had its price objective decreased by Mizuho from $39.00 to $31.00 in a research report released on Monday morning,Benzinga reports. Mizuho currently has an outperform rating on the stock.

Several other brokerages have also recently weighed in on CRBG. Keefe, Bruyette & Woods reduced their target price on shares of Corebridge Financial from $32.00 to $31.00 and set an “outperform” rating on the stock in a report on Friday. Weiss Ratings cut shares of Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, January 15th. Barclays reduced their target price on shares of Corebridge Financial from $33.00 to $30.00 and set an “overweight” rating on the stock in a report on Wednesday, April 8th. UBS Group reduced their target price on shares of Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating on the stock in a report on Thursday, January 8th. Finally, Morgan Stanley reduced their target price on shares of Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 3rd. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $34.91.

Corebridge Financial Stock Up 1.9%

Shares of NYSE:CRBG opened at $24.93 on Monday. The firm’s 50 day moving average price is $26.36 and its 200 day moving average price is $29.19. The stock has a market cap of $12.01 billion, a price-to-earnings ratio of -47.03, a price-to-earnings-growth ratio of 0.39 and a beta of 1.12. Corebridge Financial has a fifty-two week low of $22.19 and a fifty-two week 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.

Corebridge Financial (NYSE:CRBG) last issued its earnings results 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 firm 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 quarter last year, the company earned $1.06 earnings per share. As a group, equities research analysts predict that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, March 17th. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a yield of 4.0%. Corebridge Financial’s dividend payout ratio is -188.68%.

Institutional Trading of Corebridge Financial

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