Corebridge Financial (NYSE:CRBG) Price Target Cut to $31.00 by Analysts at Piper Sandler

Corebridge Financial (NYSE:CRBG) had its target price dropped by analysts at Piper Sandler from $35.00 to $31.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price objective suggests a potential upside of 11.87% from the company’s previous close.

Several other brokerages have also recently weighed in on CRBG. UBS Group lowered their target price on Corebridge Financial from $33.00 to $29.00 and set a “neutral” rating on the stock in a report on Tuesday, April 28th. Morgan Stanley lowered their target price on Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 3rd. Keefe, Bruyette & Woods boosted their target price on Corebridge Financial from $31.00 to $38.00 and gave the stock an “outperform” rating in a report on Wednesday, May 6th. TD Cowen lowered their target price on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Tuesday, March 10th. Finally, Mizuho boosted their target price on Corebridge Financial from $31.00 to $35.00 and gave the stock an “outperform” rating in a report on Thursday, May 7th. Nine research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $35.17.

Corebridge Financial Trading Down 0.1%

CRBG stock opened at $27.71 on Tuesday. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.99. Corebridge Financial has a 12-month low of $22.19 and a 12-month high of $36.57. The stock has a market cap of $12.66 billion, a price-to-earnings ratio of 50.38, a PEG ratio of 0.30 and a beta of 1.18. The business’s 50-day moving average is $25.66 and its 200 day moving average is $28.21.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.02). The firm had revenue of $4.09 billion during the quarter, compared to analyst estimates of $5.06 billion. Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.During the same quarter in the previous year, the firm posted $1.16 earnings per share. On average, sell-side analysts anticipate that Corebridge Financial will post 4.88 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Corebridge Financial by 7.2% in the third quarter. Vanguard Group Inc. now owns 26,831,915 shares of the company’s stock valued at $859,963,000 after acquiring an additional 1,805,819 shares during the last quarter. Machina Capital S.A.S. acquired a new position in Corebridge Financial in the third quarter valued at approximately $1,182,000. State of Michigan Retirement System acquired a new position in Corebridge Financial in the fourth quarter valued at approximately $2,130,000. Dimensional Fund Advisors LP lifted its holdings in Corebridge Financial by 6.9% in the third quarter. Dimensional Fund Advisors LP now owns 6,686,747 shares of the company’s stock valued at $214,372,000 after acquiring an additional 430,308 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in Corebridge Financial by 19.3% in the third quarter. Russell Investments Group Ltd. now owns 1,518,492 shares of the company’s stock valued at $48,712,000 after acquiring an additional 245,695 shares during the last quarter. 98.25% of the stock is currently 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.