Corebridge Financial (NYSE:CRBG) Cut to “Strong Sell” at Zacks Research

Zacks Research downgraded shares of Corebridge Financial (NYSE:CRBG) from a hold rating to a strong sell rating in a research report sent to investors on Tuesday morning,Zacks.com reports.

Several other research analysts have also issued reports on CRBG. Barclays reduced their price target on Corebridge Financial from $39.00 to $35.00 and set an “overweight” rating on the stock in a research report on Thursday, January 8th. Wolfe Research began coverage on Corebridge Financial in a report on Friday, October 10th. They set a “peer perform” rating on the stock. Mizuho began coverage on Corebridge Financial in a research note on Tuesday, December 16th. They issued an “outperform” rating and a $38.00 price target for the company. Evercore ISI reduced their price objective on shares of Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 5th. Finally, Weiss Ratings cut shares of Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, January 15th. Seven research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $37.70.

Corebridge Financial Stock Up 2.1%

Shares of NYSE:CRBG opened at $31.03 on Tuesday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.13 and a quick ratio of 0.13. The stock has a market cap of $16.15 billion, a price-to-earnings ratio of 18.47, a P/E/G ratio of 0.42 and a beta of 1.04. The company has a 50 day moving average of $30.39 and a 200-day moving average of $32.01. Corebridge Financial has a one year low of $23.69 and a one year high of $36.57.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Tuesday, November 4th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.12). Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. The business had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $4.85 billion. During the same period in the previous year, the business posted $1.23 earnings per share. Corebridge Financial’s revenue was up 34.2% compared to the same quarter last year. On average, sell-side analysts forecast that Corebridge Financial will post 5.43 earnings per share for the current year.

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 3.1%. The ex-dividend date was Wednesday, December 17th. Corebridge Financial’s dividend payout ratio is 57.14%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Algebris UK Ltd. increased its position in shares of 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 purchasing an additional 333,245 shares during the last quarter. Assenagon Asset Management S.A. boosted 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 buying an additional 61,595 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al grew its stake in shares of Corebridge Financial by 42.5% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 705,500 shares of the company’s stock valued at $22,611,000 after buying an additional 210,400 shares in the last quarter. AXQ Capital LP acquired a new position in Corebridge Financial during the second quarter worth $682,000. Finally, Asset Management One Co. Ltd. increased its holdings in Corebridge Financial by 43.1% during the third quarter. Asset Management One Co. Ltd. now owns 140,042 shares of the company’s stock worth $4,488,000 after buying an additional 42,185 shares during the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

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.