Corebridge Financial (NYSE:CRBG) Downgraded by Zacks Research to “Strong Sell”

Zacks Research lowered shares of Corebridge Financial (NYSE:CRBG) from a hold rating to a strong sell rating in a research report sent to investors on Tuesday,Zacks.com reports.

CRBG has been the topic of a number of other reports. 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 research note on Monday, November 17th. Evercore ISI reduced their price target on Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 5th. Mizuho started coverage on shares of Corebridge Financial in a research note on Tuesday, December 16th. They set an “outperform” rating and a $38.00 target price on the stock. Weiss Ratings downgraded shares of Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, January 15th. Finally, Keefe, Bruyette & Woods dropped their target price on Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating on the stock in a report on Thursday, October 9th. Seven equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $37.70.

Corebridge Financial Trading Up 0.8%

Shares of Corebridge Financial stock traded up $0.24 on Tuesday, reaching $30.62. The company had a trading volume of 746,367 shares, compared to its average volume of 3,794,827. 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 firm has a market cap of $15.94 billion, a PE ratio of 18.16, a PEG ratio of 0.42 and a beta of 1.04. The firm’s 50 day moving average price is $30.32 and its two-hundred day moving average price is $32.01. Corebridge Financial has a 52-week low of $23.69 and a 52-week high of $36.57.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Tuesday, November 4th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.12). Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. The firm had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $4.85 billion. During the same period in the previous year, the firm earned $1.23 EPS. The firm’s revenue for the quarter was up 34.2% compared to the same quarter last year. Sell-side analysts predict that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Wednesday, December 17th. Corebridge Financial’s dividend payout ratio (DPR) is presently 57.14%.

Institutional Investors Weigh In On Corebridge Financial

Large investors have recently modified their holdings of the stock. IFP Advisors Inc grew its position in Corebridge Financial by 1,223.6% in the 2nd quarter. IFP Advisors Inc now owns 728 shares of the company’s stock valued at $26,000 after buying 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 about $26,000. Community Bank N.A. acquired a new position in shares of Corebridge Financial during the third quarter worth about $26,000. Smartleaf Asset Management LLC raised its holdings in Corebridge Financial by 83.6% during the third quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock worth $27,000 after purchasing an additional 377 shares in the last quarter. Finally, Salomon & Ludwin LLC lifted its position in Corebridge Financial by 179.7% in the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock valued at $26,000 after purchasing an additional 532 shares during the period. Hedge funds and other institutional investors own 98.25% of the company’s stock.

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.