Wells Fargo & Company Cuts Corebridge Financial (NYSE:CRBG) Price Target to $37.00

Corebridge Financial (NYSE:CRBG) had its price objective lowered by Wells Fargo & Company from $43.00 to $37.00 in a research note released on Tuesday,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other analysts also recently weighed in on the company. Morgan Stanley reiterated an “equal weight” rating and set a $33.00 price target (down from $39.00) on shares of Corebridge Financial in a report on Monday, November 17th. Evercore ISI decreased their price target on Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating for the company in a report on Wednesday, November 5th. UBS Group dropped their target price on shares of Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating on the stock in a research report on Thursday, January 8th. Weiss Ratings reissued a “buy (b-)” rating on shares of Corebridge Financial in a research report on Monday, December 29th. Finally, Wolfe Research began coverage on shares of Corebridge Financial in a research note on Friday, October 10th. They issued a “peer perform” rating for the company. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $37.70.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $30.42 on Tuesday. The company has a 50-day simple moving average of $30.12 and a 200 day simple moving average of $32.34. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.13 and a current ratio of 0.13. The company has a market capitalization of $15.83 billion, a price-to-earnings ratio of 18.11, a PEG ratio of 0.44 and a beta of 1.04. Corebridge Financial has a 52 week low of $23.69 and a 52 week high of $36.57.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Tuesday, November 4th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.12). Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. The company had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $4.85 billion. During the same quarter last year, the firm posted $1.23 earnings per share. The company’s quarterly revenue was up 34.2% on a year-over-year basis. On average, sell-side analysts predict that Corebridge Financial will post 5.43 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Wednesday, December 17th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.2%. Corebridge Financial’s dividend payout ratio (DPR) is currently 57.14%.

Institutional Trading of Corebridge Financial

A number of hedge funds have recently made changes to their positions in CRBG. Nisa Investment Advisors LLC raised its stake in Corebridge Financial by 173.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 4,710 shares of the company’s stock valued at $142,000 after buying an additional 2,987 shares during the last quarter. Fifth Third Wealth Advisors LLC purchased a new stake in shares of Corebridge Financial in the fourth quarter worth $225,000. Foster & Motley Inc. bought a new position in shares of Corebridge Financial during the fourth quarter valued at $283,000. Retirement Systems of Alabama raised its position in shares of Corebridge Financial by 241.4% in the 4th quarter. Retirement Systems of Alabama now owns 453,751 shares of the company’s stock worth $13,690,000 after purchasing an additional 320,851 shares during the last quarter. Finally, J. Safra Sarasin Holding AG bought a new position in Corebridge Financial in the 4th quarter worth about $859,000. 98.25% of the stock is owned by institutional investors.

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.