Corebridge Financial (NYSE:CRBG) Downgraded by Zacks Research to Strong Sell

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

Other equities research analysts also recently issued research reports about the company. Keefe, Bruyette & Woods cut their price objective on Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating for the company in a research report on Thursday, October 9th. JPMorgan Chase & Co. reduced their price objective on shares of Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating for the company in a research note on Monday, January 5th. Mizuho started coverage on shares of Corebridge Financial in a research report on Tuesday, December 16th. They issued an “outperform” rating and a $38.00 target price on the stock. Barclays reduced their price target on shares of Corebridge Financial from $39.00 to $35.00 and set an “overweight” rating for the company in a research report on Thursday, January 8th. Finally, Wells Fargo & Company decreased their price objective on Corebridge Financial from $43.00 to $37.00 and set an “overweight” rating for the company in a research report on Tuesday, January 13th. Seven investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $37.70.

Corebridge Financial Stock Performance

CRBG stock opened at $30.40 on Tuesday. Corebridge Financial has a fifty-two week low of $23.69 and a fifty-two week high of $36.57. The company has a market capitalization of $15.82 billion, a P/E ratio of 18.10, a PEG ratio of 0.42 and a beta of 1.04. The company has a 50-day simple moving average of $30.32 and a 200 day simple moving average of $32.01. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.77.

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

Hedge Funds Weigh In On Corebridge Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. IFP Advisors Inc increased its position 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 valued at $26,000 after purchasing an additional 673 shares during the period. Allworth Financial LP acquired a new position in Corebridge Financial in the second quarter worth about $26,000. Community Bank N.A. bought a new position in Corebridge Financial during the third quarter worth about $26,000. Salomon & Ludwin LLC lifted its position in shares of Corebridge Financial by 179.7% during the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock worth $26,000 after buying an additional 532 shares during the period. Finally, Smartleaf Asset Management LLC lifted 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 during the period. 98.25% of the stock is currently owned by institutional investors.

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.