Corebridge Financial (NYSE:CRBG) Price Target Cut to $37.00 by Analysts at Wells Fargo & Company

Corebridge Financial (NYSE:CRBG) had its target price lowered by equities research analysts at Wells Fargo & Company from $43.00 to $37.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 22.02% from the company’s previous close.

Several other research firms have also weighed in on CRBG. Barclays reduced their target price on Corebridge Financial from $39.00 to $35.00 and set an “overweight” rating for the company in a report on Thursday, January 8th. UBS Group cut their price target on Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating on the stock in a research note on Thursday, January 8th. JPMorgan Chase & Co. dropped their target price on shares of Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating on the stock in a report on Monday, January 5th. Weiss Ratings restated a “buy (b-)” rating on shares of Corebridge Financial in a research note on Monday, December 29th. Finally, Wolfe Research assumed coverage on Corebridge Financial in a report on Friday, October 10th. They issued a “peer perform” rating for the company. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $37.70.

Corebridge Financial Trading Down 0.6%

Shares of CRBG traded down $0.19 during trading hours on Tuesday, hitting $30.32. The stock had a trading volume of 231,050 shares, compared to its average volume of 3,391,004. The company’s fifty day simple moving average is $30.13 and its 200 day simple moving average is $32.41. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.13 and a current ratio of 0.13. Corebridge Financial has a 12-month low of $23.69 and a 12-month high of $36.57. The firm has a market cap of $15.78 billion, a P/E ratio of 18.05, a P/E/G ratio of 0.44 and a beta of 1.04.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Tuesday, November 4th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.12). The company had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $4.85 billion. Corebridge Financial had a return on equity of 19.90% and a net margin of 5.01%.The business’s revenue for the quarter was up 34.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.23 EPS. Equities research analysts forecast that Corebridge Financial will post 5.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CRBG. IFP Advisors Inc lifted its stake in shares of Corebridge Financial by 1,223.6% during the second quarter. IFP Advisors Inc now owns 728 shares of the company’s stock worth $26,000 after buying an additional 673 shares during the period. Allworth Financial LP acquired a new stake in Corebridge Financial during the 2nd quarter worth $26,000. Community Bank N.A. acquired a new position in Corebridge Financial during the 3rd quarter worth about $26,000. Smartleaf Asset Management LLC grew its stake in shares of Corebridge Financial by 83.6% in the third quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock worth $27,000 after acquiring an additional 377 shares in the last quarter. Finally, Root Financial Partners LLC purchased a new position in Corebridge Financial in the third quarter worth approximately $32,000. 98.25% of the stock is owned by hedge funds and other institutional investors.

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.