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

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

A number of other equities analysts have also recently issued reports on the stock. Piper Sandler cut their target price on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. TD Cowen lifted 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. Royal Bank of Canada lowered their target price on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Barclays raised their price target on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Finally, Morgan Stanley upped their price objective on Corebridge Financial from $31.00 to $34.00 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 assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $35.00.

Corebridge Financial Stock Performance

CRBG opened at $32.42 on Tuesday. The stock’s 50 day simple moving average is $30.57 and its 200 day simple moving average is $29.42. The stock has a market cap of $18.44 billion, a P/E ratio of -15.51, a P/E/G ratio of 0.41 and a beta of 0.90. Corebridge Financial has a 1-year low of $20.07 and a 1-year high of $34.66. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14.

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

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be given a dividend of $0.23 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a yield of 2.84%. Corebridge Financial’s dividend payout ratio (DPR) is -44.02%.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the company’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 completion of the transaction, the insider now owns 249,238,898 shares in the company, valued at $7,776,253,617.60. This represents a 10.74 % decrease in their position. The transaction 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 Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Covestor Ltd grew its holdings in Corebridge Financial by 118.8% during the 3rd quarter. Covestor Ltd now owns 1,050 shares of the company’s stock valued at $31,000 after purchasing an additional 570 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in Corebridge Financial by 2.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock valued at $625,000 after buying an additional 585 shares during the last quarter. Commonwealth Equity Services LLC grew its stake in shares of Corebridge Financial by 2.7% during the second quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock valued at $650,000 after acquiring an additional 597 shares in the last quarter. Xponance Inc. increased its position in shares of Corebridge Financial by 3.0% during the second quarter. Xponance Inc. now owns 21,037 shares of the company’s stock worth $613,000 after acquiring an additional 612 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Corebridge Financial by 3.4% during the third quarter. The Manufacturers Life Insurance Company now owns 22,211 shares of the company’s stock worth $648,000 after acquiring an additional 732 shares during the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Company Profile

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.