Wells Fargo & Company Cuts Corebridge Financial (NYSE:CRBG) Price Target to $35.00

Corebridge Financial (NYSE:CRBG) had its price target trimmed by Wells Fargo & Company from $37.00 to $35.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other analysts also recently weighed in on the company. Morgan Stanley increased their target price on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price for the company in a research note on Monday, January 6th. Piper Sandler boosted their price target on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. TD Cowen raised their price objective on Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Finally, Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $33.00 to $40.00 in a report on Friday, January 10th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $35.92.

Corebridge Financial Stock Performance

Shares of CRBG opened at $31.64 on Tuesday. Corebridge Financial has a 52 week low of $23.01 and a 52 week high of $34.66. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14. The company has a market capitalization of $18.00 billion, a PE ratio of -15.14, a PEG ratio of 0.33 and a beta of 0.92. The company’s 50 day moving average price is $30.82 and its 200 day moving average price is $29.67.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. The firm had revenue of $5.53 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. Corebridge Financial’s revenue for the quarter was up 39.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.05 earnings per share. Research analysts expect that Corebridge Financial will post 4.83 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th were issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 2.91%. The ex-dividend date of this dividend was Tuesday, December 17th. Corebridge Financial’s payout ratio is -44.02%.

Insider Buying and Selling

In other news, major shareholder International Group American sold 30,000,000 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $31.20, for a total value of $936,000,000.00. Following the transaction, the insider now directly owns 249,238,898 shares of the company’s stock, valued at $7,776,253,617.60. The trade was a 10.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.08% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Corebridge Financial

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