Wells Fargo & Company Lowers Corebridge Financial (NYSE:CRBG) Price Target to $35.00

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

Several other equities research analysts have also recently weighed in on CRBG. Deutsche Bank Aktiengesellschaft upgraded Corebridge Financial from a "hold" rating to a "buy" rating and upped their price target for the company from $33.00 to $40.00 in a research report on Friday. Morgan Stanley boosted their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an "equal weight" rating in a research report on Tuesday, November 5th. TD Cowen increased their price objective on Corebridge Financial from $35.00 to $37.00 and gave the stock a "buy" rating in a research report on Wednesday, November 27th. DOWLING & PARTN lowered Corebridge Financial from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, November 26th. Finally, Barclays raised Corebridge Financial from an "equal weight" rating to an "overweight" rating and set a $37.00 price objective for the company in a report on Monday, January 6th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $35.92.

Corebridge Financial Stock Performance

NYSE CRBG traded up $0.25 during trading on Tuesday, hitting $29.86. 3,310,748 shares of the company's stock traded hands, compared to its average volume of 2,979,869. The business has a 50 day moving average of $30.87 and a 200-day moving average of $29.65. The stock has a market capitalization of $16.99 billion, a price-to-earnings ratio of -14.29, a PEG ratio of 0.39 and a beta of 0.92. Corebridge Financial has a 12-month low of $23.01 and a 12-month high of $34.66. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The firm had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the prior year, the business posted $1.05 earnings per share. The business's quarterly revenue was up 39.5% on a year-over-year basis. As a group, equities research analysts anticipate that Corebridge Financial will post 4.81 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

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

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the firm's stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the completion of the transaction, the insider now owns 249,238,898 shares of the company's stock, valued at approximately $7,776,253,617.60. This trade represents a 10.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.08% of the company's stock.

Hedge Funds Weigh In On Corebridge Financial

Institutional investors and hedge funds have recently modified their holdings of the stock. Massachusetts Financial Services Co. MA increased its holdings in Corebridge Financial by 2.8% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 10,483,856 shares of the company's stock worth $305,709,000 after buying an additional 284,781 shares in the last quarter. State Street Corp raised its holdings in shares of Corebridge Financial by 11.7% during the third 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 last quarter. Canada Pension Plan Investment Board raised its stake in Corebridge Financial by 249.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company's stock valued at $183,894,000 after buying an additional 4,507,322 shares during the last quarter. FMR LLC raised its stake in Corebridge Financial by 13.5% during the 3rd quarter. FMR LLC now owns 5,030,104 shares of the company's stock valued at $146,678,000 after buying an additional 598,373 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of Corebridge Financial by 40.3% during the 2nd quarter. AQR Capital Management LLC now owns 4,462,933 shares of the company's stock valued at $129,961,000 after buying an additional 1,282,154 shares during the period. 98.25% of the stock is currently owned by institutional investors.

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.