Corebridge Financial (NYSE:CRBG) Downgraded by UBS Group to "Sell"

UBS Group downgraded shares of Corebridge Financial (NYSE:CRBG - Free Report) from a buy rating to a sell rating in a research note released on Wednesday morning, Marketbeat Ratings reports. The brokerage currently has $28.00 price objective on the stock, down from their previous price objective of $40.00.

Several other analysts have also recently issued reports on the company. Morgan Stanley raised Corebridge Financial from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $35.00 to $43.00 in a research report on Friday, February 28th. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a "hold" rating to a "buy" rating and raised their price target 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 objective for the company in a research note on Monday, January 6th. Wells Fargo & Company raised their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an "overweight" rating in a research note on Wednesday, February 19th. Finally, Piper Sandler upped their price target on Corebridge Financial from $34.00 to $35.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $37.00.

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Corebridge Financial Stock Down 3.3 %

NYSE:CRBG traded down $0.85 during mid-day trading on Wednesday, reaching $24.86. The company's stock had a trading volume of 1,394,429 shares, compared to its average volume of 3,547,562. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16. Corebridge Financial has a 1 year low of $23.79 and a 1 year high of $35.36. The stock has a fifty day moving average of $32.48 and a 200-day moving average of $31.35. The firm has a market capitalization of $13.82 billion, a PE ratio of 6.59, a price-to-earnings-growth ratio of 0.43 and a beta of 0.98.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share 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 earnings per share for the current 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 issued a $0.24 dividend. The ex-dividend date of this dividend was Monday, March 17th. This is an increase from Corebridge Financial's previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a yield of 3.86%. Corebridge Financial's payout ratio is presently 25.40%.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors have recently made changes to their positions in CRBG. Cerity Partners LLC increased its holdings in Corebridge Financial by 104.4% in the third quarter. Cerity Partners LLC now owns 21,595 shares of the company's stock valued at $630,000 after buying an additional 11,029 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Corebridge Financial by 3.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 22,211 shares of the company's stock valued at $648,000 after purchasing an additional 732 shares in the last quarter. FMR LLC increased its stake in shares of Corebridge Financial by 13.5% in the 3rd quarter. FMR LLC now owns 5,030,104 shares of the company's stock valued at $146,678,000 after purchasing an additional 598,373 shares in the last quarter. D.A. Davidson & CO. acquired a new position in Corebridge Financial in the 3rd quarter worth about $359,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Corebridge Financial by 79.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 55,836 shares of the company's stock worth $1,628,000 after purchasing an additional 24,724 shares in the last quarter. 98.25% of the stock is owned by hedge funds and other 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.