Corebridge Financial (NYSE:CRBG) Price Target Lowered to $33.00 at Barclays

Corebridge Financial (NYSE:CRBG) had its price target decreased by stock analysts at Barclays from $34.00 to $33.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s price target suggests a potential upside of 38.86% from the company’s previous close.

A number of other research analysts also recently commented on CRBG. UBS Group reduced their price objective on shares of Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating on the stock in a research note on Thursday, January 8th. Mizuho initiated coverage on shares of Corebridge Financial in a research note on Tuesday, December 16th. They issued an “outperform” rating and a $38.00 target price on the stock. Zacks Research raised shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Weiss Ratings lowered Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, January 15th. Finally, Morgan Stanley cut their price objective on 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. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $37.09.

Corebridge Financial Stock Down 3.5%

Shares of NYSE:CRBG traded down $0.86 during mid-day trading on Wednesday, hitting $23.77. 622,803 shares of the company traded hands, compared to its average volume of 3,980,896. The firm’s 50 day simple moving average is $29.53 and its 200 day simple moving average is $30.83. The firm has a market cap of $11.45 billion, a P/E ratio of -44.67, a PEG ratio of 0.38 and a beta of 1.11. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.12 and a current ratio of 0.12. Corebridge Financial has a 52-week low of $23.69 and a 52-week high of $36.57.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Wednesday, February 11th. The company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.11. The firm had revenue of $6.34 billion during the quarter, compared to analysts’ expectations of $5.02 billion. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.During the same quarter in the prior year, the business earned $1.06 EPS. On average, equities analysts anticipate that Corebridge Financial will post 5.43 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CRBG. Allworth Financial LP bought a new stake in Corebridge Financial in the second quarter valued at $26,000. Community Bank N.A. bought a new position in shares of Corebridge Financial during the third quarter worth about $26,000. Smartleaf Asset Management LLC increased its holdings in shares of 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 acquiring an additional 377 shares during the period. Salomon & Ludwin LLC increased its holdings in shares of Corebridge Financial by 179.7% in the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock worth $26,000 after acquiring an additional 532 shares during the period. Finally, Rothschild Investment LLC lifted its position in Corebridge Financial by 133.3% in the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock valued at $27,000 after purchasing an additional 520 shares during the last quarter. 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.