JPMorgan Chase & Co. Has Lowered Expectations for Corebridge Financial (NYSE:CRBG) Stock Price

Corebridge Financial (NYSE:CRBG) had its price target cut by equities research analysts at JPMorgan Chase & Co. from $37.00 to $36.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 36.17% from the company’s previous close.

Several other brokerages have also commented on CRBG. Weiss Ratings lowered shares of Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, January 15th. Bank of America decreased their price objective on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, April 14th. Piper Sandler upgraded shares of Corebridge Financial to a “strong-buy” rating in a research report on Thursday, April 2nd. TD Cowen decreased their price objective on shares of Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a research report on Tuesday, March 10th. Finally, Wells Fargo & Company boosted their price objective on shares of Corebridge Financial from $32.00 to $35.00 and gave the stock an “overweight” rating in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Corebridge Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.92.

Corebridge Financial Price Performance

Shares of NYSE CRBG opened at $26.44 on Tuesday. The firm has a market capitalization of $12.07 billion, a P/E ratio of 48.07, a PEG ratio of 0.36 and a beta of 1.18. Corebridge Financial has a one year low of $22.19 and a one year high of $36.57. The company’s fifty day moving average is $25.25 and its two-hundred day moving average is $28.45. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.12 and a current ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.02). The company had revenue of $4.09 billion for the quarter, compared to analysts’ expectations 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. Analysts forecast that Corebridge Financial will post 4.93 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Corebridge Financial by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company’s stock valued at $818,906,000 after purchasing an additional 311,133 shares in the last quarter. Pzena Investment Management LLC lifted its holdings in Corebridge Financial by 14.4% in the 1st quarter. Pzena Investment Management LLC now owns 27,045,794 shares of the company’s stock valued at $645,313,000 after purchasing an additional 3,413,384 shares in the last quarter. Norges Bank purchased a new position in Corebridge Financial in the 4th quarter valued at about $611,550,000. State Street Corp lifted its holdings in Corebridge Financial by 44.3% in the 4th quarter. State Street Corp now owns 11,295,692 shares of the company’s stock valued at $340,791,000 after purchasing an additional 3,465,371 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Corebridge Financial by 43.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company’s stock valued at $211,575,000 after purchasing an additional 2,689,611 shares in the last quarter. 98.25% of the stock is currently 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.