Corebridge Financial (NYSE:CRBG) Price Target Lowered to $26.00 at Bank of America

Posted by Defense World Staff on Jun 3rd, 2023

Corebridge Financial (NYSE:CRBG – Get Rating) had its target price trimmed by Bank of America from $28.00 to $26.00 in a research report released on Friday morning, The Fly reports.

CRBG has been the topic of a number of other reports. The Goldman Sachs Group upgraded shares of Corebridge Financial from a neutral rating to a buy rating and reduced their target price for the stock from $25.00 to $23.00 in a research report on Tuesday, April 4th. Royal Bank of Canada reiterated an outperform rating and set a $26.00 target price on shares of Corebridge Financial in a research report on Wednesday, April 5th. Wells Fargo & Company reduced their price objective on shares of Corebridge Financial from $28.00 to $21.00 and set an overweight rating on the stock in a research note on Wednesday, April 5th. Finally, Citigroup initiated coverage on shares of Corebridge Financial in a research note on Monday, April 10th. They issued a neutral rating on the stock. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $24.45.

Corebridge Financial Stock Up 5.7 %

Shares of Corebridge Financial stock opened at $18.06 on Friday. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.85. Corebridge Financial has a 1-year low of $14.01 and a 1-year high of $23.50. The firm’s 50-day moving average price is $16.46 and its two-hundred day moving average price is $18.98.

Corebridge Financial (NYSE:CRBG – Get Rating) last announced its earnings results on Tuesday, May 9th. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.13. The company had revenue of $5.36 billion for the quarter, compared to analyst estimates of $4.21 billion. During the same quarter in the previous year, the company posted $1.15 earnings per share. On average, sell-side analysts expect that Corebridge Financial will post 3.93 EPS for the current year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Friday, June 16th will be issued a dividend of $0.23 per share. The ex-dividend date of this dividend is Thursday, June 15th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 5.09%.

Institutional Investors Weigh In On Corebridge Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRBG. Tudor Investment Corp Et Al acquired a new position in shares of Corebridge Financial during the 3rd quarter worth about $1,466,000. Barclays PLC acquired a new position in shares of Corebridge Financial during the 3rd quarter worth about $291,000. Boothbay Fund Management LLC bought a new stake in shares of Corebridge Financial during the 3rd quarter worth about $1,500,000. Maven Securities LTD bought a new stake in shares of Corebridge Financial during the 3rd quarter worth about $1,477,000. Finally, Balyasny Asset Management LLC bought a new stake in shares of Corebridge Financial during the 3rd quarter worth about $72,898,000. 22.16% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Company Profile

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Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. It 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.