Barclays Has Lowered Expectations for Corebridge Financial (NYSE:CRBG) Stock Price

Corebridge Financial (NYSE:CRBG) had its price target dropped by stock analysts at Barclays from $33.00 to $30.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s price objective points to a potential upside of 20.08% from the stock’s previous close.

Several other equities research analysts also recently issued reports on CRBG. Piper Sandler raised Corebridge Financial to a “strong-buy” rating in a research report on Thursday, April 2nd. Weiss Ratings downgraded Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, January 15th. TD Cowen lowered their price target on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a research report on Tuesday, March 10th. UBS Group lowered their price target on Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating on the stock in a research report on Thursday, January 8th. Finally, Keefe, Bruyette & Woods restated a “moderate buy” rating and issued a $32.00 price objective on shares of Corebridge Financial in a research note on Thursday, March 26th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $36.00.

Corebridge Financial Stock Performance

CRBG stock traded up $0.87 during midday trading on Wednesday, hitting $24.98. 2,223,772 shares of the company traded hands, compared to its average volume of 4,385,355. Corebridge Financial has a twelve month low of $22.19 and a twelve month high of $36.57. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.11. The business has a 50 day simple moving average of $26.84 and a 200-day simple moving average of $29.42. The stock has a market capitalization of $12.03 billion, a price-to-earnings ratio of -47.25, a price-to-earnings-growth ratio of 0.38 and a beta of 1.12.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.11 by $0.11. The company had revenue of $6.34 billion for the quarter, compared to the consensus estimate of $5.02 billion. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.During the same quarter last year, the company posted $1.06 earnings per share. As a group, equities research analysts predict that Corebridge Financial will post 5.43 earnings per share for the current year.

Institutional Investors Weigh In On Corebridge Financial

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in Corebridge Financial by 7.2% during the third quarter. Vanguard Group Inc. now owns 26,831,915 shares of the company’s stock valued at $859,963,000 after purchasing an additional 1,805,819 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Corebridge Financial by 6.9% during the third quarter. Dimensional Fund Advisors LP now owns 6,686,747 shares of the company’s stock valued at $214,372,000 after purchasing an additional 430,308 shares in the last quarter. Algebris UK Ltd. boosted its holdings in Corebridge Financial by 31.4% during the third quarter. Algebris UK Ltd. now owns 1,393,378 shares of the company’s stock valued at $44,624,000 after purchasing an additional 333,245 shares in the last quarter. Machina Capital S.A.S. acquired a new stake in Corebridge Financial during the third quarter valued at approximately $1,182,000. Finally, Assenagon Asset Management S.A. boosted its holdings in Corebridge Financial by 928.9% during the third quarter. Assenagon Asset Management S.A. now owns 68,226 shares of the company’s stock valued at $2,187,000 after purchasing an additional 61,595 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

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.