Barclays Has Lowered Expectations for Corebridge Financial (NYSE:CRBG) Stock Price

Corebridge Financial (NYSE:CRBG) had its price objective cut by analysts at Barclays from $33.00 to $30.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s target price would indicate a potential upside of 20.08% from the company’s previous close.

CRBG has been the subject of a number of other reports. TD Cowen reduced their price target on shares of Corebridge Financial from $38.00 to $35.00 and set a “buy” rating for the company in a research report on Tuesday, March 10th. JPMorgan Chase & Co. reduced their price target 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. UBS Group reduced their price target on shares of Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating for the company in a research report on Thursday, January 8th. Morgan Stanley cut their price objective on Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating for the company in a report on Tuesday, March 3rd. Finally, Mizuho initiated coverage on Corebridge Financial in a report on Tuesday, December 16th. They set an “outperform” rating and a $38.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $36.00.

Corebridge Financial Stock Up 3.6%

Shares of CRBG traded up $0.87 during mid-day trading on Wednesday, reaching $24.98. The company’s stock had a trading volume of 2,223,772 shares, compared to its average volume of 4,385,355. The business has a fifty day moving average of $26.84 and a 200 day moving average of $29.42. The company has a market cap of $12.03 billion, a price-to-earnings ratio of -47.25, a price-to-earnings-growth ratio of 0.38 and a beta of 1.12. Corebridge Financial has a 1 year low of $22.19 and a 1 year 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 posted its quarterly earnings results on Wednesday, February 11th. The company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.11. The business had revenue of $6.34 billion during the quarter, compared to analyst estimates 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 in the prior year, the firm earned $1.06 earnings per share. As a group, analysts forecast that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors have recently bought and sold shares of CRBG. Bank of Nova Scotia boosted its stake in shares of Corebridge Financial by 3.8% during the 2nd quarter. Bank of Nova Scotia now owns 9,328 shares of the company’s stock worth $331,000 after acquiring an additional 340 shares in the last quarter. Severin Investments LLC lifted its holdings in Corebridge Financial by 1.4% in the 3rd quarter. Severin Investments LLC now owns 24,778 shares of the company’s stock worth $794,000 after purchasing an additional 350 shares during the last quarter. Smartleaf Asset Management LLC lifted its holdings in Corebridge Financial by 83.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock worth $27,000 after purchasing an additional 377 shares during the last quarter. Integrated Wealth Concepts LLC boosted its position in Corebridge Financial by 2.5% during the third quarter. Integrated Wealth Concepts LLC now owns 15,424 shares of the company’s stock worth $494,000 after purchasing an additional 383 shares during the period. Finally, True Wealth Design LLC boosted its position in Corebridge Financial by 50.2% during the fourth quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock worth $37,000 after purchasing an additional 412 shares during the period. 98.25% of the stock is currently 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.