Corebridge Financial (NYSE:CRBG) Price Target Cut to $35.00 by Analysts at Wells Fargo & Company

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

CRBG has been the subject of several other reports. DOWLING & PARTN downgraded shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. TD Cowen raised their target price on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Deutsche Bank Aktiengesellschaft upgraded Corebridge Financial from a “hold” rating to a “buy” rating and boosted their price target for the stock from $33.00 to $40.00 in a research note on Friday, January 10th. Morgan Stanley raised their price objective 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. Finally, Barclays raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price on the stock in a research report on Monday, January 6th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.92.

Corebridge Financial Price Performance

NYSE:CRBG opened at $29.86 on Tuesday. Corebridge Financial has a 12 month low of $23.01 and a 12 month high of $34.66. The business’s 50-day moving average is $30.87 and its two-hundred day moving average is $29.66. 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 announced its earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, beating the consensus estimate of $1.17 by $0.21. The business had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The company’s revenue was up 39.5% on a year-over-year basis. During the same period last year, the business posted $1.05 EPS. Equities research analysts anticipate that Corebridge Financial will post 4.82 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th were issued a dividend of $0.23 per share. The ex-dividend date was Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.08%. Corebridge Financial’s dividend payout ratio (DPR) is -44.02%.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 121,956,256 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the sale, the insider now directly owns 127,282,642 shares in the company, valued at approximately $4,005,584,743.74. This represents a 48.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.08% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio lifted its stake in Corebridge Financial by 11.3% in the third quarter. Public Employees Retirement System of Ohio now owns 167,038 shares of the company’s stock valued at $4,871,000 after buying an additional 16,970 shares during the last quarter. Virtu Financial LLC bought a new stake in Corebridge Financial in the 3rd quarter valued at about $581,000. State Street Corp boosted its stake in Corebridge Financial by 11.7% during the 3rd quarter. State Street Corp now owns 8,035,438 shares of the company’s stock valued at $234,313,000 after purchasing an additional 843,559 shares during the period. First Hawaiian Bank bought a new position in Corebridge Financial in the 4th quarter worth about $1,168,000. Finally, Qsemble Capital Management LP acquired a new stake in shares of Corebridge Financial in the third quarter valued at approximately $2,370,000. 98.25% of the stock is currently owned by institutional investors.

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.