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

Corebridge Financial (NYSE:CRBG) had its target price lowered by Barclays from $34.00 to $33.00 in a research report report published on Wednesday morning,Benzinga reports. Barclays currently has an overweight rating on the stock.

CRBG has been the topic of several other research reports. Morgan Stanley dropped their target price on Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 3rd. JPMorgan Chase & Co. reduced their price target on 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 dropped their price objective on Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating on the stock in a report on Thursday, January 8th. Wells Fargo & Company cut their target price on Corebridge Financial from $37.00 to $36.00 and set an “overweight” rating for the company in a research note on Wednesday, February 25th. Finally, Mizuho assumed coverage on Corebridge Financial in a report on Tuesday, December 16th. They set an “outperform” rating and a $38.00 target price for the company. Eight investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.09.

Corebridge Financial Stock Performance

NYSE CRBG opened at $23.48 on Wednesday. The firm has a market cap of $11.31 billion, a P/E ratio of -44.29, a price-to-earnings-growth ratio of 0.35 and a beta of 1.11. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.11. The company’s 50 day moving average is $29.11 and its 200-day moving average is $30.65. Corebridge Financial has a 12-month low of $22.32 and a 12-month high of $36.57.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Wednesday, February 11th. The company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.11 by $0.11. Corebridge Financial had a negative net margin of 1.73% and a positive return on equity of 18.92%. 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 firm earned $1.06 EPS. Sell-side analysts predict that Corebridge Financial will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

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

Institutional Investors Weigh In On Corebridge Financial

Large investors have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in Corebridge Financial during the fourth quarter worth about $611,550,000. Pzena Investment Management LLC raised its holdings in shares of Corebridge Financial by 19.3% in the 3rd quarter. Pzena Investment Management LLC now owns 22,329,199 shares of the company’s stock valued at $715,651,000 after acquiring an additional 3,605,498 shares in the last quarter. State Street Corp boosted its position in shares of Corebridge Financial by 44.3% during 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 during the last quarter. AQR Capital Management LLC boosted 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 last quarter. Finally, Amundi grew its holdings in shares of 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 purchasing an additional 2,467,981 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

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.