Corebridge Financial (NYSE:CRBG) Hits New 52-Week Low – Time to Sell?

Corebridge Financial, Inc. (NYSE:CRBG) hit a new 52-week low during mid-day trading on Monday . The company traded as low as $23.69 and last traded at $24.15, with a volume of 150903 shares changing hands. The stock had previously closed at $25.71.

Wall Street Analysts Forecast Growth

CRBG has been the subject of several research analyst reports. Piper Sandler raised their price target on Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 2nd. Deutsche Bank Aktiengesellschaft upgraded Corebridge Financial from a “hold” rating to a “buy” rating and raised their target price for the company from $33.00 to $40.00 in a report on Friday, January 10th. Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target on the stock in a research note on Monday, January 6th. BMO Capital Markets initiated coverage on shares of Corebridge Financial in a research note on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price objective for the company. Finally, Morgan Stanley raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $35.00 to $43.00 in a research note on Friday, February 28th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $37.00.

Corebridge Financial Stock Down 2.2 %

The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16. The stock has a market cap of $13.98 billion, a PE ratio of 6.67, a price-to-earnings-growth ratio of 0.43 and a beta of 0.98. The firm has a fifty day moving average of $32.48 and a 200 day moving average of $31.35.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Wednesday, February 12th. The company reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. On average, equities research analysts anticipate that Corebridge Financial, Inc. will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were paid a $0.24 dividend. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a yield of 3.82%. The ex-dividend date was Monday, March 17th. Corebridge Financial’s dividend payout ratio is currently 25.40%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Corebridge Financial during the 3rd quarter worth $27,000. Fortitude Family Office LLC acquired a new position in Corebridge Financial in the fourth quarter valued at $27,000. FNY Investment Advisers LLC purchased a new position in shares of Corebridge Financial during the fourth quarter worth about $27,000. Smartleaf Asset Management LLC increased its position in shares of Corebridge Financial by 112.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock worth $27,000 after purchasing an additional 480 shares in the last quarter. Finally, Oarsman Capital Inc. acquired a new stake in shares of Corebridge Financial during the fourth quarter worth about $30,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

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.