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

Corebridge Financial (NYSE:CRBG) had its price target reduced by Piper Sandler from $35.00 to $31.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price target would suggest a potential upside of 11.87% from the stock’s current price.

A number of other research firms have also weighed in on CRBG. Weiss Ratings upgraded Corebridge Financial from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Mizuho lifted their price objective on Corebridge Financial from $31.00 to $35.00 and gave the company an “outperform” rating in a research note on Thursday, May 7th. UBS Group reduced their price objective on Corebridge Financial from $33.00 to $29.00 and set a “neutral” rating for the company in a research note on Tuesday, April 28th. Morgan Stanley cut their price target on Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 3rd. Finally, Barclays cut their price target on Corebridge Financial from $33.00 to $30.00 and set an “overweight” rating for the company in a research note on Wednesday, April 8th. Nine investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.17.

Corebridge Financial Stock Performance

NYSE CRBG opened at $27.71 on Tuesday. The stock has a 50-day simple moving average of $25.66 and a two-hundred day simple moving average of $28.21. The firm has a market capitalization of $12.66 billion, a P/E ratio of 50.38, a PEG ratio of 0.30 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 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 released its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates 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 net margin of 1.20% and a return on equity of 18.44%. During the same quarter in the previous year, the business posted $1.16 EPS. On average, equities analysts forecast that Corebridge Financial will post 4.88 earnings per share for the current year.

Institutional Investors Weigh In On Corebridge Financial

Institutional investors have recently bought and sold shares of the company. Community Bank N.A. acquired a new stake in Corebridge Financial in the 3rd quarter worth about $26,000. Smartleaf Asset Management LLC boosted its holdings in Corebridge Financial by 83.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock worth $27,000 after buying an additional 377 shares during the last quarter. Salomon & Ludwin LLC boosted its holdings in Corebridge Financial by 179.7% in the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock worth $26,000 after buying an additional 532 shares during the last quarter. Rothschild Investment LLC boosted its holdings in Corebridge Financial by 133.3% in the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after buying an additional 520 shares during the last quarter. Finally, Root Financial Partners LLC acquired a new stake in Corebridge Financial in the 3rd quarter worth about $32,000. 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.