Zacks Research Upgrades Corebridge Financial (NYSE:CRBG) to “Hold”

Corebridge Financial (NYSE:CRBG) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Other equities research analysts also recently issued research reports about the stock. Weiss Ratings downgraded shares of Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Mizuho lifted their price target on shares of Corebridge Financial from $31.00 to $35.00 and gave the stock an “outperform” rating in a research report on Thursday, May 7th. Morgan Stanley decreased their price target on shares of Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating for the company in a report on Tuesday, March 3rd. JPMorgan Chase & Co. lowered their price objective on shares of Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating for the company in a research report on Tuesday, May 12th. Finally, Wells Fargo & Company raised their price objective on Corebridge Financial from $32.00 to $35.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. Nine investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Corebridge Financial has a consensus rating of “Moderate Buy” and an average price target of $35.17.

Corebridge Financial Price Performance

Corebridge Financial stock opened at $28.96 on Monday. The firm has a market capitalization of $13.23 billion, a P/E ratio of 52.66, a PEG ratio of 0.33 and a beta of 1.14. Corebridge Financial has a 1 year low of $22.19 and a 1 year high of $36.57. The business has a 50-day moving average of $27.32 and a 200-day moving average of $28.00. 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 (NYSE:CRBG) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). The company had revenue of $4.08 billion during the quarter, compared to the consensus estimate of $5.06 billion. Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. During the same period last year, the company earned $1.16 earnings per share. On average, equities analysts anticipate that Corebridge Financial will post 4.75 EPS for the current year.

Institutional Investors Weigh In On Corebridge Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in CRBG. Glenmede Trust Co. NA boosted its stake in Corebridge Financial by 11.2% in the 1st quarter. Glenmede Trust Co. NA now owns 8,742 shares of the company’s stock worth $209,000 after purchasing an additional 884 shares during the period. Sonoma Allocations LLC acquired a new position in Corebridge Financial during the 1st quarter worth approximately $30,000. Janus Henderson Group PLC grew its stake in shares of Corebridge Financial by 414.3% during the 1st quarter. Janus Henderson Group PLC now owns 56,229 shares of the company’s stock worth $1,342,000 after acquiring an additional 45,295 shares in the last quarter. Sunbelt Securities Inc. boosted its holdings in Corebridge Financial by 7.4% during the first quarter. Sunbelt Securities Inc. now owns 28,907 shares of the company’s stock worth $690,000 after purchasing an additional 2,003 shares during the last quarter. Finally, Amundi increased its stake in Corebridge Financial by 50.1% in the 1st quarter. Amundi now owns 5,332,396 shares of the company’s stock valued at $127,231,000 after buying an additional 1,780,452 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.