Corebridge Financial (NYSE:CRBG) Lowered to “Sell” Rating by UBS Group

UBS Group lowered shares of Corebridge Financial (NYSE:CRBG) from a buy rating to a sell rating in a research note released on Wednesday morning, MarketBeat.com reports. UBS Group currently has $28.00 price objective on the stock, down from their prior price objective of $40.00.

Several other analysts have also recently issued reports on CRBG. Morgan Stanley raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $35.00 to $43.00 in a research report on Friday, February 28th. Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price on the stock in a report on Monday, January 6th. BMO Capital Markets assumed coverage on shares of Corebridge Financial in a research note on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price target for the company. Piper Sandler increased their price objective on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Finally, Wells Fargo & Company boosted their target price on Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $31.98 on Wednesday. Corebridge Financial has a fifty-two week low of $23.97 and a fifty-two week high of $35.36. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13. The company has a 50 day moving average price of $32.71 and a 200 day moving average price of $31.32. The stock has a market capitalization of $17.78 billion, a P/E ratio of 8.46, a PEG ratio of 0.43 and a beta of 0.92.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Wednesday, February 12th. The company reported $1.23 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%. Equities research analysts forecast that Corebridge Financial will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were given a $0.24 dividend. The ex-dividend date of this dividend was Monday, March 17th. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a yield of 3.00%. Corebridge Financial’s payout ratio is 25.40%.

Institutional Trading of Corebridge Financial

Hedge funds and other institutional investors have recently made changes to their positions in the company. Fortitude Family Office LLC purchased a new position in Corebridge Financial during the 4th quarter worth approximately $27,000. Smartleaf Asset Management LLC grew 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 acquiring an additional 480 shares during the last quarter. FNY Investment Advisers LLC acquired a new position in shares of Corebridge Financial in the 4th quarter valued at $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Corebridge Financial in the 3rd quarter valued at $27,000. Finally, Oarsman Capital Inc. acquired a new stake in Corebridge Financial during the 4th quarter worth $30,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

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.