Corebridge Financial (NYSE:CRBG) Reaches New 12-Month Low on Analyst Downgrade

Corebridge Financial, Inc. (NYSE:CRBG) reached a new 52-week low on Wednesday after Barclays lowered their price target on the stock from $34.00 to $33.00. Barclays currently has an overweight rating on the stock. Corebridge Financial traded as low as $23.29 and last traded at $23.3890, with a volume of 1070641 shares. The stock had previously closed at $24.62.

Several other research firms have also weighed in on CRBG. TD Cowen reduced their price objective on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday. Morgan Stanley reduced their price target on shares of Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 3rd. UBS Group decreased their price target 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. JPMorgan Chase & Co. lowered their price objective on shares of Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating for the company in a research report on Monday, January 5th. Finally, Wells Fargo & Company cut their target price on shares of Corebridge Financial from $37.00 to $36.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 25th. Eight investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, Corebridge Financial has an average rating of “Moderate Buy” and a consensus price target of $37.09.

Institutional Investors Weigh In On Corebridge Financial

Large investors have recently modified their holdings of the company. Norges Bank acquired a new stake in Corebridge Financial during the 4th quarter worth about $611,550,000. Pzena Investment Management LLC grew its position in shares of Corebridge Financial by 19.3% during the 3rd quarter. Pzena Investment Management LLC now owns 22,329,199 shares of the company’s stock worth $715,651,000 after buying an additional 3,605,498 shares during the period. State Street Corp increased its stake in shares of Corebridge Financial by 44.3% in the 4th quarter. State Street Corp now owns 11,295,692 shares of the company’s stock valued at $340,791,000 after acquiring an additional 3,465,371 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Corebridge Financial by 91.5% during the 4th quarter. AQR Capital Management LLC now owns 5,911,164 shares of the company’s stock valued at $178,340,000 after acquiring an additional 2,823,801 shares during the period. Finally, Amundi boosted its stake in Corebridge Financial by 227.7% during the fourth quarter. Amundi now owns 3,551,944 shares of the company’s stock worth $107,162,000 after acquiring an additional 2,467,981 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Price Performance

The company has a debt-to-equity ratio of 0.11, a current ratio of 0.12 and a quick ratio of 0.12. The firm has a market capitalization of $11.30 billion, a price-to-earnings ratio of -44.30, a PEG ratio of 0.38 and a beta of 1.11. The business’s fifty day simple moving average is $29.53 and its 200 day simple moving average is $30.83.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Wednesday, February 11th. The company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.11 by $0.11. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.The company had revenue of $6.34 billion during the quarter, compared to the consensus estimate of $5.02 billion. During the same period last year, the business posted $1.06 EPS. On average, research analysts forecast that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be issued a $0.25 dividend. The ex-dividend date is Tuesday, March 17th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.3%. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.24. Corebridge Financial’s dividend payout ratio (DPR) is -181.13%.

Corebridge Financial Company Profile

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.