Wells Fargo & Company Cuts Corebridge Financial (NYSE:CRBG) Price Target to $36.00

Corebridge Financial (NYSE:CRBG) had its target price trimmed by Wells Fargo & Company from $37.00 to $36.00 in a research report sent to investors on Wednesday,Benzinga reports. The firm currently has an overweight rating on the stock.

CRBG has been the topic of a number of other reports. Evercore dropped their target price on shares of Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating on the stock in a report on Wednesday, November 5th. Mizuho initiated coverage on Corebridge Financial in a report on Tuesday, December 16th. They issued an “outperform” rating and a $38.00 price target on the stock. Morgan Stanley reissued an “equal weight” rating and set a $33.00 price objective (down from $39.00) on shares of Corebridge Financial in a research note on Monday, November 17th. Zacks Research cut Corebridge Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 27th. Finally, Barclays reduced their target price on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a report on Tuesday, February 10th. Seven analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $37.50.

Corebridge Financial Stock Down 7.4%

CRBG opened at $25.82 on Wednesday. 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 company has a market capitalization of $12.44 billion, a PE ratio of -48.71, a P/E/G ratio of 0.39 and a beta of 1.04. The stock’s fifty day moving average is $30.23 and its 200-day moving average is $31.30. Corebridge Financial has a one year low of $23.69 and a one year high of $36.57.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Monday, February 9th. The company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.11. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.The business had revenue of $6.34 billion during the quarter, compared to analysts’ expectations of $5.02 billion. During the same quarter last year, the business posted $1.06 earnings per share. On average, equities analysts predict that Corebridge Financial will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.9%. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, March 17th. Corebridge Financial’s payout ratio is -188.68%.

Institutional Investors Weigh In On Corebridge Financial

Several hedge funds have recently bought and sold shares of the business. Allworth Financial LP acquired a new position in shares of Corebridge Financial in the 2nd quarter valued at about $26,000. Community Bank N.A. acquired a new position in Corebridge Financial in the 3rd quarter valued at approximately $26,000. Smartleaf Asset Management LLC boosted its stake in shares of Corebridge Financial by 83.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock valued at $27,000 after buying an additional 377 shares during the period. Salomon & Ludwin LLC grew its holdings in shares of Corebridge Financial by 179.7% during the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock valued at $26,000 after acquiring an additional 532 shares in the last quarter. Finally, Rothschild Investment LLC increased its stake in shares of Corebridge Financial by 133.3% in the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after acquiring an additional 520 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other 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.