Corebridge Financial (NYSE:CRBG) Stock Rating Lowered by Zacks Research

Corebridge Financial (NYSE:CRBG) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Other research analysts have also recently issued reports about the stock. JPMorgan Chase & Co. decreased their price objective on shares of Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating for the company in a report on Monday, January 5th. Weiss Ratings cut Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, January 15th. Keefe, Bruyette & Woods dropped their price target on Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating for the company in a research note on Thursday, October 9th. Morgan Stanley reissued an “equal weight” rating and set a $33.00 target price (down previously from $39.00) on shares of Corebridge Financial in a research report on Monday, November 17th. Finally, Wells Fargo & Company reduced their target price on shares of Corebridge Financial from $43.00 to $37.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 13th. Seven equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $37.70.

Corebridge Financial Trading Up 1.2%

Shares of NYSE CRBG traded up $0.37 during mid-day trading on Tuesday, hitting $30.75. The stock had a trading volume of 839,768 shares, compared to its average volume of 3,799,667. Corebridge Financial has a 1 year low of $23.69 and a 1 year high of $36.57. 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 business has a 50 day moving average price of $30.32 and a two-hundred day moving average price of $32.01. The firm has a market cap of $16.00 billion, a P/E ratio of 18.33, a price-to-earnings-growth ratio of 0.42 and a beta of 1.04.

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

Hedge Funds Weigh In On Corebridge Financial

Several large investors have recently made changes to their positions in the stock. IFP Advisors Inc lifted its stake in Corebridge Financial by 1,223.6% in the second quarter. IFP Advisors Inc now owns 728 shares of the company’s stock worth $26,000 after acquiring an additional 673 shares during the last quarter. Allworth Financial LP purchased a new stake in shares of Corebridge Financial in the second quarter valued at approximately $26,000. Community Bank N.A. purchased a new position in shares of Corebridge Financial in the 3rd quarter valued at about $26,000. Salomon & Ludwin LLC increased its stake in Corebridge Financial by 179.7% in the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock valued at $26,000 after purchasing an additional 532 shares in the last quarter. Finally, Smartleaf Asset Management LLC raised 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 worth $27,000 after buying an additional 377 shares during the last quarter. 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.