JPMorgan Chase & Co. Lowers Corebridge Financial (NYSE:CRBG) Price Target to $39.00

Corebridge Financial (NYSE:CRBG) had its price objective dropped by equities researchers at JPMorgan Chase & Co. from $40.00 to $39.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 25.74% from the company’s current price.

A number of other research analysts have also recently commented on CRBG. Weiss Ratings reissued a “buy (b-)” rating on shares of Corebridge Financial in a research report on Monday, December 29th. Mizuho initiated coverage on shares of Corebridge Financial in a 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 set a $33.00 target price (down from $39.00) on shares of Corebridge Financial in a research note on Monday, November 17th. Keefe, Bruyette & Woods dropped their target price on Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating on the stock in a research report on Thursday, October 9th. Finally, Wolfe Research initiated coverage on Corebridge Financial in a report on Friday, October 10th. They issued a “peer perform” rating for the company. Nine research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $39.18.

Corebridge Financial Stock Performance

NYSE CRBG opened at $31.02 on Monday. 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 has a 1-year low of $23.69 and a 1-year high of $36.57. The firm has a market capitalization of $16.14 billion, a P/E ratio of 18.46, a P/E/G ratio of 0.37 and a beta of 1.04. The business’s 50-day simple moving average is $30.22 and its 200-day simple moving average is $32.49.

Corebridge Financial (NYSE:CRBG) last released 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 business had revenue of $5.63 billion during 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%.Corebridge Financial’s revenue was up 34.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.23 EPS. Equities analysts predict that Corebridge Financial will post 5.43 EPS for the current year.

Institutional Trading of Corebridge Financial

A number of institutional investors and hedge funds have recently modified their holdings of the business. IFP Advisors Inc boosted its holdings in shares of Corebridge Financial by 1,223.6% in the 2nd quarter. IFP Advisors Inc now owns 728 shares of the company’s stock valued at $26,000 after buying an additional 673 shares during the period. Allworth Financial LP bought a new position in Corebridge Financial in the second quarter worth about $26,000. Community Bank N.A. acquired a new position in Corebridge Financial in the third quarter valued at approximately $26,000. Smartleaf Asset Management LLC grew its holdings in shares of Corebridge Financial by 83.6% during the third quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock valued at $27,000 after purchasing an additional 377 shares during the last quarter. Finally, Root Financial Partners LLC acquired a new stake in shares of Corebridge Financial during the 3rd quarter worth approximately $32,000. 98.25% of the stock is owned by institutional investors and hedge funds.

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.