Corebridge Financial (NYSE:CRBG) Reaches New 52-Week Low on Analyst Downgrade

Corebridge Financial, Inc. (NYSE:CRBG)’s share price hit a new 52-week low during mid-day trading on Wednesday after Barclays lowered their price target on the stock from $34.00 to $33.00. Barclays currently has an overweight rating on the stock. Corebridge Financial traded as low as $23.29 and last traded at $23.3890, with a volume of 1070641 shares. The stock had previously closed at $24.62.

Several other analysts have also issued reports on CRBG. Zacks Research raised shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Weiss Ratings downgraded shares of Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, January 15th. TD Cowen dropped their target price on shares of Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Tuesday. UBS Group reduced their price target on Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating for the company in a report on Thursday, January 8th. Finally, Wells Fargo & Company dropped their price objective on Corebridge Financial from $37.00 to $36.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 25th. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $37.09.

Institutional Investors Weigh In On Corebridge Financial

A number of institutional investors have recently made changes to their positions in CRBG. Vanguard Group Inc. lifted its holdings in Corebridge Financial by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company’s stock worth $818,906,000 after purchasing an additional 311,133 shares during the last quarter. Pzena Investment Management LLC boosted its holdings in Corebridge Financial by 5.8% in the 4th quarter. Pzena Investment Management LLC now owns 23,632,410 shares of the company’s stock valued at $712,990,000 after purchasing an additional 1,303,211 shares during the period. Norges Bank acquired a new position in shares of Corebridge Financial during the 4th quarter worth approximately $611,550,000. State Street Corp increased its holdings in shares of Corebridge Financial by 44.3% during the fourth quarter. State Street Corp now owns 11,295,692 shares of the company’s stock worth $340,791,000 after purchasing an additional 3,465,371 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in shares of Corebridge Financial by 6.9% in the third quarter. Dimensional Fund Advisors LP now owns 6,686,747 shares of the company’s stock valued at $214,372,000 after buying an additional 430,308 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Trading Down 4.7%

The firm has a market capitalization of $11.30 billion, a P/E ratio of -44.30, a PEG ratio of 0.38 and a beta of 1.11. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.11. The firm has a 50 day moving average of $29.53 and a 200-day moving average of $30.83.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Wednesday, February 11th. The company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.11. The firm had revenue of $6.34 billion during the quarter, compared to analysts’ expectations of $5.02 billion. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.During the same period in the previous year, the firm earned $1.06 EPS. On average, equities research analysts predict that Corebridge Financial, Inc. will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $1.00 annualized dividend and a yield of 4.3%. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.24. Corebridge Financial’s payout ratio is -181.13%.

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.