Corebridge Financial (NYSE:CRBG) Price Target Cut to $40.00 by Analysts at Bank of America

Corebridge Financial (NYSE:CRBG) had its price target reduced by Bank of America from $42.00 to $40.00 in a report published on Tuesday morning,Benzinga reports. Bank of America currently has a buy rating on the stock.

A number of other equities analysts have also recently weighed in on CRBG. Keefe, Bruyette & Woods reduced their price target on shares of Corebridge Financial from $32.00 to $31.00 and set an “outperform” rating on the stock in a research report on Friday, April 10th. Wells Fargo & Company reduced their price target on shares of Corebridge Financial from $36.00 to $32.00 and set an “overweight” rating on the stock in a research report on Friday, April 10th. Piper Sandler raised shares of Corebridge Financial to a “strong-buy” rating in a research report on Thursday, April 2nd. Morgan Stanley cut their price objective on shares of Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 3rd. Finally, Mizuho cut their price objective on shares of Corebridge Financial from $39.00 to $31.00 and set an “outperform” rating on the stock in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $35.33.

Corebridge Financial Trading Up 2.5%

Shares of NYSE CRBG opened at $25.57 on Tuesday. The company’s fifty day moving average is $26.27 and its 200-day moving average is $29.14. The stock has a market cap of $12.32 billion, a price-to-earnings ratio of -48.24, a P/E/G ratio of 0.40 and a beta of 1.12. Corebridge Financial has a twelve month low of $22.19 and a twelve month 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 announced its quarterly earnings results on Wednesday, February 11th. The company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.11. The company 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 period last year, the firm posted $1.06 earnings per share. Equities research analysts predict that Corebridge Financial will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th were given a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, March 17th. This represents a $1.00 annualized dividend and a yield of 3.9%. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.24. Corebridge Financial’s payout ratio is presently -188.68%.

Institutional Investors Weigh In On Corebridge Financial

Several institutional investors have recently added to or reduced their stakes in CRBG. Vanguard Group Inc. lifted its position in Corebridge Financial by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company’s stock worth $818,906,000 after buying an additional 311,133 shares in the last quarter. Pzena Investment Management LLC lifted its position in Corebridge Financial by 5.8% during the 4th quarter. Pzena Investment Management LLC now owns 23,632,410 shares of the company’s stock worth $712,990,000 after buying an additional 1,303,211 shares in the last quarter. Norges Bank bought a new stake in Corebridge Financial during the 4th quarter worth about $611,550,000. State Street Corp lifted its position in Corebridge Financial by 44.3% during the 4th quarter. State Street Corp now owns 11,295,692 shares of the company’s stock worth $340,791,000 after buying an additional 3,465,371 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position 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 buying an additional 430,308 shares in the last quarter. 98.25% of the stock is owned by institutional investors.

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.