Corebridge Financial (NYSE:CRBG) Price Target Cut to $39.00 by Analysts at JPMorgan Chase & Co.

Corebridge Financial (NYSE:CRBG) had its price target lowered by research analysts at JPMorgan Chase & Co. from $40.00 to $39.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 28.38% from the stock’s current price.

CRBG has been the topic of several other reports. Mizuho began coverage on shares of Corebridge Financial in a report on Tuesday, December 16th. They set an “outperform” rating and a $38.00 target price on the stock. Wolfe Research assumed coverage on shares of Corebridge Financial in a research note on Friday, October 10th. They set a “peer perform” rating on the stock. Evercore ISI reduced their price objective on shares of Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating for the company in a research note on Wednesday, November 5th. Barclays lowered their target price on Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating for the company in a report on Wednesday, October 8th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $33.00 price target (down from $39.00) on shares of Corebridge Financial in a report on Monday, November 17th. Nine research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $39.18.

Corebridge Financial Trading Up 0.7%

CRBG opened at $30.38 on Monday. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.77. The stock’s fifty day moving average is $30.26 and its two-hundred day moving average is $32.51. The company has a market capitalization of $15.81 billion, a P/E ratio of 18.08, a PEG ratio of 0.36 and a beta of 1.04. Corebridge Financial has a 52 week low of $23.69 and a 52 week high of $36.57.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Tuesday, November 4th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.12). The firm 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%.Corebridge Financial’s quarterly revenue was up 34.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.23 earnings per share. Analysts forecast that Corebridge Financial will post 5.43 earnings per share for the current year.

Institutional Trading of Corebridge Financial

A number of institutional investors have recently made changes to their positions in CRBG. IFP Advisors Inc increased its position in Corebridge Financial by 1,223.6% during 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 in the last quarter. Allworth Financial LP acquired a new stake in Corebridge Financial in the second quarter worth about $26,000. Community Bank N.A. purchased a new stake in shares of Corebridge Financial during the third quarter worth about $26,000. Smartleaf Asset Management LLC increased its holdings in shares of Corebridge Financial by 83.6% during the third quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock valued at $27,000 after acquiring an additional 377 shares in the last quarter. Finally, Assetmark Inc. raised its position in shares of Corebridge Financial by 60.9% in the 2nd quarter. Assetmark Inc. now owns 941 shares of the company’s stock valued at $33,000 after purchasing an additional 356 shares during the last quarter. Institutional investors and hedge funds 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.