Bank of America Cuts Corebridge Financial (NYSE:CRBG) Price Target to $40.00

Corebridge Financial (NYSE:CRBG) had its price target cut by Bank of America from $42.00 to $40.00 in a report issued on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also issued reports about the company. TD Cowen dropped their price target on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday, March 10th. Morgan Stanley lowered their target price on Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 3rd. Weiss Ratings lowered Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, January 15th. Mizuho lowered their target price on Corebridge Financial from $39.00 to $31.00 and set an “outperform” rating on the stock in a research report on Monday. Finally, JPMorgan Chase & Co. decreased their price target on Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating for the company in a report on Monday, January 5th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Corebridge Financial currently has a consensus rating of “Moderate Buy” and an average price target of $35.33.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $26.82 on Tuesday. The stock has a market cap of $12.92 billion, a P/E ratio of -50.60, a price-to-earnings-growth ratio of 0.44 and a beta of 1.12. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.11. The stock’s 50-day moving average is $26.12 and its 200-day moving average is $29.11. Corebridge Financial has a 1-year low of $22.19 and a 1-year high of $36.57.

Corebridge Financial (NYSE:CRBG) last announced its 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. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.The business had revenue of $6.34 billion for the quarter, compared to analysts’ expectations of $5.02 billion. During the same period in the prior year, the business posted $1.06 earnings per share. Equities research analysts anticipate that Corebridge Financial will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th were issued a dividend of $0.25 per share. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Tuesday, March 17th. This represents a $1.00 dividend on an annualized basis and a yield of 3.7%. Corebridge Financial’s payout ratio is currently -188.68%.

Institutional Trading of Corebridge Financial

Several institutional investors and hedge funds have recently modified their holdings of CRBG. Norges Bank purchased a new stake in shares of Corebridge Financial in the 4th quarter valued at about $611,550,000. Pzena Investment Management LLC raised its holdings in shares of Corebridge Financial by 19.3% in the 3rd quarter. Pzena Investment Management LLC now owns 22,329,199 shares of the company’s stock valued at $715,651,000 after acquiring an additional 3,605,498 shares in the last quarter. State Street Corp raised its holdings in shares of Corebridge Financial by 44.3% in the 4th quarter. State Street Corp now owns 11,295,692 shares of the company’s stock valued at $340,791,000 after acquiring an additional 3,465,371 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Corebridge Financial by 91.5% during the 4th quarter. AQR Capital Management LLC now owns 5,911,164 shares of the company’s stock valued at $178,340,000 after purchasing an additional 2,823,801 shares during the last quarter. Finally, Amundi raised its holdings in shares of Corebridge Financial by 227.7% during the 4th quarter. Amundi now owns 3,551,944 shares of the company’s stock valued at $107,162,000 after buying an additional 2,467,981 shares in the last quarter. 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.