Barclays Cuts Corebridge Financial (NYSE:CRBG) Price Target to $35.00

by · The Cerbat Gem

Corebridge Financial (NYSE:CRBG – Free Report) had its target price decreased by Barclays from $39.00 to $35.00 in a research note issued to investors on Thursday,Benzinga reports. Barclays currently has an overweight rating on the stock.

Several other analysts also recently issued reports on the company. Mizuho began coverage on Corebridge Financial in a research report on Tuesday, December 16th. They issued an “outperform” rating and a $38.00 price objective on the stock. Morgan Stanley restated an “equal weight” rating and issued a $33.00 target price (down from $39.00) on shares of Corebridge Financial in a report on Monday, November 17th. Evercore ISI decreased their price target 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. Wolfe Research initiated coverage on shares of Corebridge Financial in a report on Friday, October 10th. They set a “peer perform” rating for the company. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating on the stock in a research note on Thursday, October 9th. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $38.30.

Read Our Latest Research Report on Corebridge Financial

Corebridge Financial Stock Up 1.0%

Shares of NYSE CRBG opened at $31.07 on Thursday. The firm’s 50-day moving average is $30.14 and its two-hundred day moving average is $32.44. The company has a market capitalization of $16.17 billion, a PE ratio of 18.49, a price-to-earnings-growth ratio of 0.44 and a beta of 1.04. Corebridge Financial has a 12-month low of $23.69 and a 12-month high of $36.57. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.13 and a quick ratio of 0.13.

Corebridge Financial (NYSE:CRBG – Get Free Report) last issued its quarterly earnings data on Tuesday, November 4th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.12). The company had revenue of $5.63 billion for the quarter, compared to analyst estimates of $4.85 billion. Corebridge Financial had a return on equity of 19.90% and a net margin of 5.01%.The company’s revenue for the quarter was up 34.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.23 earnings per share. Equities analysts anticipate that Corebridge Financial will post 5.43 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th were issued a dividend of $0.24 per share. 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 presently 57.14%.

Institutional Investors Weigh In On Corebridge Financial

Institutional investors have recently bought and sold shares of the stock. Goldman Sachs Group Inc. boosted its holdings in shares of Corebridge Financial by 229.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock valued at $41,042,000 after purchasing an additional 905,918 shares during the last quarter. Woodline Partners LP purchased a new position in shares of Corebridge Financial in the 1st quarter worth $4,908,000. Focus Partners Wealth purchased a new position in shares of Corebridge Financial in the 1st quarter worth $384,000. Strs Ohio acquired a new position in Corebridge Financial in the first quarter valued at $1,823,000. Finally, Rhumbline Advisers grew its position in Corebridge Financial by 0.4% during the first quarter. Rhumbline Advisers now owns 307,352 shares of the company’s stock valued at $9,703,000 after acquiring an additional 1,215 shares during the period. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

About Corebridge Financial

(Get Free Report)

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.

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