UBS Group Cuts Corebridge Financial (NYSE:CRBG) Price Target to $33.00

Corebridge Financial (NYSE:CRBG) had its target price trimmed by UBS Group from $35.00 to $33.00 in a research note published on Thursday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other research firms have also recently issued reports on CRBG. JPMorgan Chase & Co. cut their target price on Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating for the company in a research note on Monday, January 5th. Evercore ISI reduced their price objective on shares of Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating on the stock in a report on Wednesday, November 5th. Mizuho assumed 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 for the company. Keefe, Bruyette & Woods dropped their price target on shares of Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating for the company in a research report on Thursday, October 9th. Finally, Wells Fargo & Company decreased their price objective on shares of Corebridge Financial from $44.00 to $43.00 and set an “overweight” rating on the stock in a report on Wednesday, November 5th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $38.30.

Corebridge Financial Price Performance

Shares of CRBG stock opened at $31.07 on Thursday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.13 and a quick ratio of 0.13. The company has a market capitalization of $16.17 billion, a PE ratio of 18.49, a price-to-earnings-growth ratio of 0.44 and a beta of 1.04. The firm’s 50-day moving average is $30.14 and its two-hundred day moving average is $32.44. Corebridge Financial has a 12 month low of $23.69 and a 12 month high of $36.57.

Corebridge Financial (NYSE:CRBG) last announced its quarterly 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). The firm had revenue of $5.63 billion for the quarter, compared to analyst estimates of $4.85 billion. Corebridge Financial had a return on equity of 19.90% and a net margin of 5.01%.The firm’s quarterly revenue was up 34.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.23 EPS. Analysts predict that Corebridge Financial will post 5.43 earnings per share for the current year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th were paid 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 payout ratio is presently 57.14%.

Hedge Funds Weigh In On Corebridge Financial

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Pzena Investment Management LLC lifted its position in shares of Corebridge Financial by 132.6% during the 2nd quarter. Pzena Investment Management LLC now owns 18,723,701 shares of the company’s stock worth $664,691,000 after purchasing an additional 10,673,099 shares during the last quarter. Norges Bank acquired a new position in Corebridge Financial in the second quarter valued at approximately $145,632,000. Alyeska Investment Group L.P. purchased a new position in Corebridge Financial in the third quarter valued at approximately $69,738,000. Vanguard Group Inc. raised 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 worth $859,963,000 after purchasing an additional 1,805,819 shares in the last quarter. Finally, Marshall Wace LLP raised its holdings in Corebridge Financial by 16,388.6% during the third quarter. Marshall Wace LLP now owns 1,525,031 shares of the company’s stock worth $48,877,000 after purchasing an additional 1,515,782 shares in the last quarter. Hedge funds and other institutional investors 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.