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

Corebridge Financial (NYSE:CRBG) was downgraded by analysts at DOWLING & PARTN from a “strong-buy” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

A number of other research analysts have also commented on the company. TD Cowen upped their price objective on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday. Morgan Stanley upped their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Piper Sandler dropped their price objective on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. Barclays increased their target price on shares of 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, Royal Bank of Canada dropped their price target on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $35.00.

Corebridge Financial Price Performance

Shares of CRBG opened at $32.42 on Tuesday. The company’s 50-day moving average is $30.57 and its 200-day moving average is $29.42. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14. The firm has a market capitalization of $18.44 billion, a PE ratio of -15.51, a PEG ratio of 0.41 and a beta of 0.90. Corebridge Financial has a fifty-two week low of $20.07 and a fifty-two week high of $34.66.

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 the consensus estimate of $1.17 by $0.21. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The firm had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period last year, the business posted $1.05 earnings per share. The business’s revenue for the quarter was up 39.5% compared to the same quarter last year. Equities analysts forecast that Corebridge Financial will post 4.78 EPS for the current year.

Insider Activity

In other news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction 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 directly owns 249,238,898 shares in the company, valued at approximately $7,776,253,617.60. This represents a 10.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.08% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Corebridge Financial

Several hedge funds have recently added to or reduced their stakes in CRBG. Point72 Asia Singapore Pte. Ltd. acquired a new position in Corebridge Financial in the 3rd quarter valued at approximately $27,000. Capital Performance Advisors LLP acquired a new stake in Corebridge Financial in the third quarter valued at $28,000. ORG Wealth Partners LLC bought a new position in Corebridge Financial during the 3rd quarter worth $29,000. HM Payson & Co. acquired a new position in Corebridge Financial during the 3rd quarter worth about $29,000. Finally, LRI Investments LLC bought a new stake in shares of Corebridge Financial in the 2nd quarter valued at about $30,000. 98.25% of the stock is currently 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.