Corebridge Financial (NYSE:CRBG) Stock Rating Lowered by Zacks Research

Corebridge Financial (NYSE:CRBG) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Monday,Zacks.com reports.

CRBG has been the topic of several other reports. Bank of America lowered their price objective on Corebridge Financial from $42.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, April 14th. Weiss Ratings cut Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, January 15th. Keefe, Bruyette & Woods lowered their price target on Corebridge Financial from $32.00 to $31.00 and set an “outperform” rating on the stock in a research note on Friday, April 10th. Barclays dropped their price target on Corebridge Financial from $33.00 to $30.00 and set an “overweight” rating for the company in a research report on Wednesday, April 8th. Finally, Piper Sandler raised Corebridge Financial to a “strong-buy” rating in a research note on Thursday, April 2nd. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $35.00.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $28.45 on Monday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.12 and a current ratio of 0.12. The stock has a market capitalization of $13.71 billion, a PE ratio of 51.74, a P/E/G ratio of 0.38 and a beta of 1.18. Corebridge Financial has a fifty-two week low of $22.19 and a fifty-two week high of $36.57. The company has a fifty day moving average of $25.25 and a two-hundred day moving average of $28.65.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Monday, May 4th. The company reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.02). The company had revenue of $4.09 billion during the quarter, compared to analyst estimates of $5.06 billion. Corebridge Financial had a net margin of 1.20% and a return on equity of 17.56%. During the same quarter last year, the business earned $1.16 EPS. As a group, research analysts forecast that Corebridge Financial will post 4.91 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CRBG. Bank of Nova Scotia grew its position in Corebridge Financial by 3.8% in the second quarter. Bank of Nova Scotia now owns 9,328 shares of the company’s stock worth $331,000 after acquiring an additional 340 shares during the period. Severin Investments LLC raised its position in Corebridge Financial by 1.4% in the third quarter. Severin Investments LLC now owns 24,778 shares of the company’s stock valued at $794,000 after purchasing an additional 350 shares during the period. Smartleaf Asset Management LLC lifted its stake 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 valued at $27,000 after purchasing an additional 377 shares during the last quarter. Integrated Wealth Concepts LLC grew its holdings in shares of Corebridge Financial by 2.5% during the 3rd 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 grew its holdings in shares of Corebridge Financial by 50.2% during the 4th 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 and hedge funds.

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.