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

Corebridge Financial (NYSE:CRBG) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

A number of other research analysts also recently issued reports on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 12th. Morgan Stanley dropped their target price on shares of Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 3rd. Wells Fargo & Company lifted their target price on shares of Corebridge Financial from $32.00 to $35.00 and gave the company an “overweight” rating in a research note on Tuesday, May 12th. Bank of America reduced their price target on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, April 14th. Finally, Mizuho increased their price target on shares of Corebridge Financial from $31.00 to $35.00 and gave the stock an “outperform” rating in a research note on Thursday, May 7th. Nine analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Corebridge Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.17.

Corebridge Financial Price Performance

Shares of CRBG stock opened at $28.96 on Monday. 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 has a fifty-two week low of $22.19 and a fifty-two week high of $36.57. The firm has a market cap of $13.23 billion, a P/E ratio of 52.66, a P/E/G ratio of 0.33 and a beta of 1.14. The business’s 50 day moving average price is $27.32 and its 200-day moving average price is $28.00.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The business had revenue of $4.08 billion for the quarter, compared to the consensus estimate of $5.06 billion. During the same quarter in the prior year, the company earned $1.16 EPS. On average, equities research analysts anticipate that Corebridge Financial will post 4.75 earnings per share for the current year.

Institutional Trading of Corebridge Financial

A number of hedge funds have recently modified their holdings of the business. Bank of Nova Scotia increased its position in Corebridge Financial by 3.8% during the second quarter. Bank of Nova Scotia now owns 9,328 shares of the company’s stock valued at $331,000 after acquiring an additional 340 shares during the last quarter. Severin Investments LLC boosted its position in Corebridge Financial by 1.4% in the third quarter. Severin Investments LLC now owns 24,778 shares of the company’s stock worth $794,000 after purchasing an additional 350 shares during the last quarter. Integrated Wealth Concepts LLC boosted its position in Corebridge Financial by 2.5% in the third quarter. Integrated Wealth Concepts LLC now owns 15,424 shares of the company’s stock worth $494,000 after purchasing an additional 383 shares during the last quarter. True Wealth Design LLC grew its stake in shares of Corebridge Financial by 50.2% during the 4th quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock valued at $37,000 after purchasing an additional 412 shares during the period. Finally, Van ECK Associates Corp increased its position in shares of Corebridge Financial by 10.2% during the 4th quarter. Van ECK Associates Corp now owns 4,684 shares of the company’s stock valued at $141,000 after purchasing an additional 435 shares during the last quarter. 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.