Corebridge Financial (NYSE:CRBG) Cut to Hold at DOWLING & PARTN

DOWLING & PARTN downgraded shares of Corebridge Financial (NYSE:CRBG) from a strong-buy rating to a hold rating in a report issued on Tuesday,Zacks.com reports.

CRBG has been the topic of a number of other research reports. Piper Sandler reduced their target price on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 2nd. Morgan Stanley upped their target price on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. TD Cowen lifted their price target on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday. Royal Bank of Canada dropped their price objective on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Finally, Barclays lifted their target price on Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Corebridge Financial presently has an average rating of “Moderate Buy” and a consensus price target of $35.00.

Corebridge Financial Price Performance

Corebridge Financial stock opened at $32.41 on Tuesday. Corebridge Financial has a 52-week low of $20.07 and a 52-week high of $34.66. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83. The firm’s fifty day moving average is $30.66 and its 200 day moving average is $29.44. The company has a market cap of $18.44 billion, a price-to-earnings ratio of -15.51, a PEG ratio of 0.41 and a beta of 0.90.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The business had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same period last year, the company earned $1.05 EPS. The company’s revenue for the quarter was up 39.5% on a year-over-year basis. Sell-side analysts forecast that Corebridge Financial will post 4.78 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be paid a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 2.84%. The ex-dividend date is Tuesday, December 17th. Corebridge Financial’s payout ratio is -44.02%.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 5,000,000 shares of Corebridge Financial stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the completion of the transaction, the insider now owns 279,238,898 shares in the company, valued at approximately $8,058,834,596.28. This trade represents a 1.76 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Corebridge Financial

Several large investors have recently made changes to their positions in the company. Canada Pension Plan Investment Board boosted its position in Corebridge Financial by 249.3% during the second quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock worth $183,894,000 after purchasing an additional 4,507,322 shares in the last quarter. Marshall Wace LLP raised its stake in shares of Corebridge Financial by 201.1% during the 2nd quarter. Marshall Wace LLP now owns 4,008,341 shares of the company’s stock worth $116,723,000 after buying an additional 2,677,105 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Corebridge Financial by 150.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,561,382 shares of the company’s stock valued at $103,707,000 after buying an additional 2,137,594 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Corebridge Financial by 40.3% during the 2nd quarter. AQR Capital Management LLC now owns 4,462,933 shares of the company’s stock valued at $129,961,000 after buying an additional 1,282,154 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its holdings in Corebridge Financial by 34.5% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 3,567,637 shares of the company’s stock worth $104,032,000 after acquiring an additional 915,848 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

About Corebridge Financial

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.