Corebridge Financial (NYSE:CRBG) Price Target Lowered to $35.00 at Wells Fargo & Company

Corebridge Financial (NYSE:CRBG) had its price objective cut by Wells Fargo & Company from $38.00 to $35.00 in a research note published on Thursday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other equities research analysts have also recently issued reports on CRBG. Deutsche Bank Aktiengesellschaft upgraded Corebridge Financial from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $33.00 to $40.00 in a report on Friday, January 10th. Barclays upgraded Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target for the company in a research report on Monday, January 6th. Keefe, Bruyette & Woods decreased their price objective on Corebridge Financial from $40.00 to $37.00 and set an “outperform” rating on the stock in a report on Wednesday. UBS Group lowered shares of Corebridge Financial from a “buy” rating to a “sell” rating and dropped their target price for the stock from $40.00 to $28.00 in a report on Wednesday, April 2nd. Finally, BMO Capital Markets started coverage on shares of Corebridge Financial in a research note on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $35.93.

Corebridge Financial Trading Down 7.2 %

Shares of NYSE:CRBG opened at $26.78 on Thursday. The firm has a market capitalization of $14.89 billion, a price-to-earnings ratio of 7.08, a price-to-earnings-growth ratio of 0.43 and a beta of 0.98. The business’s 50 day moving average price is $31.68 and its 200-day moving average price is $31.25. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13. Corebridge Financial has a 1 year low of $23.69 and a 1 year high of $35.36.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. On average, equities research analysts forecast that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.58%. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.23. The ex-dividend date was Monday, March 17th. Corebridge Financial’s payout ratio is presently 25.40%.

Institutional Trading of Corebridge Financial

Hedge funds and other institutional investors have recently made changes to their positions in the company. Fortitude Family Office LLC purchased a new stake in Corebridge Financial in the 4th quarter valued at about $27,000. FNY Investment Advisers LLC purchased a new stake in shares of Corebridge Financial in the 4th quarter valued at approximately $27,000. Smartleaf Asset Management LLC raised its stake in shares of Corebridge Financial by 112.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock valued at $27,000 after acquiring an additional 480 shares during the period. Oarsman Capital Inc. acquired a new position in shares of Corebridge Financial in the 4th quarter worth approximately $30,000. Finally, Sunbelt Securities Inc. purchased a new position in shares of Corebridge Financial during the 4th quarter worth approximately $30,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

About Corebridge Financial

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.