Bank of America Cuts Corebridge Financial (NYSE:CRBG) Price Target to $40.00

Key Points

• Bank of America trimmed its price target on Corebridge Financial to $40 (from $42) but kept a "buy" rating, implying roughly a 56% upside from the current share price.
• Analyst sentiment is mixed but positive overall — MarketBeat shows a consensus rating of Moderate Buy with a consensus target of $35.33 after multiple firms cut their price objectives.
• CRBG shares traded at $25.60 (up 2.6%); the company recently beat quarterly EPS and revenue estimates (EPS $1.22 vs. $1.11; revenue $6.34B vs. $5.02B) but still shows a negative trailing P/E and a market cap of about $12.33 billion.

Corebridge Financial (NYSE:CRBG - Get Free Report) had its target price decreased by equities research analysts at Bank of America from $42.00 to $40.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Bank of America's price target would indicate a potential upside of 56.28% from the company's current price.

A number of other equities analysts have also commented on the stock. Wells Fargo & Company cut their price objective on shares of Corebridge Financial from $36.00 to $32.00 and set an "overweight" rating on the stock in a report on Friday. Keefe, Bruyette & Woods cut their price objective on shares of Corebridge Financial from $32.00 to $31.00 and set an "outperform" rating on the stock in a report on Friday. Zacks Research upgraded shares of Corebridge Financial from a "strong sell" rating to a "hold" rating in a report on Friday, March 6th. JPMorgan Chase & Co. cut their price objective on shares of Corebridge Financial from $40.00 to $39.00 and set a "neutral" rating on the stock in a report on Monday, January 5th. Finally, Barclays cut their price objective on shares of Corebridge Financial from $33.00 to $30.00 and set an "overweight" rating on the stock in a report on Wednesday, April 8th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, Corebridge Financial presently has a consensus rating of "Moderate Buy" and a consensus target price of $35.33.

Corebridge Financial Stock Up 2.6%

CRBG stock traded up $0.66 during trading on Tuesday, reaching $25.60. The stock had a trading volume of 1,190,923 shares, compared to its average volume of 4,411,725. Corebridge Financial has a 1-year low of $22.19 and a 1-year high of $36.57. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $12.33 billion, a P/E ratio of -48.31, a PEG ratio of 0.39 and a beta of 1.12. The firm has a fifty day moving average price of $26.36 and a 200 day moving average price of $29.19.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings data on Wednesday, February 11th. The company reported $1.22 EPS for the quarter, topping analysts' consensus estimates of $1.11 by $0.11. Corebridge Financial had a negative net margin of 1.73% and a positive return on equity of 18.92%. The firm had revenue of $6.34 billion for the quarter, compared to analyst estimates of $5.02 billion. During the same quarter in the previous year, the business posted $1.06 EPS. On average, equities analysts anticipate that Corebridge Financial will post 5.43 earnings per share for the current year.

Institutional Investors Weigh In On Corebridge Financial

Several hedge funds and other institutional investors have recently modified their holdings of CRBG. Bank of Nova Scotia boosted its holdings in shares of Corebridge Financial by 3.8% in the 2nd quarter. Bank of Nova Scotia now owns 9,328 shares of the company's stock valued at $331,000 after buying an additional 340 shares during the period. Severin Investments LLC boosted its holdings in shares of Corebridge Financial by 1.4% in the 3rd quarter. Severin Investments LLC now owns 24,778 shares of the company's stock valued at $794,000 after buying an additional 350 shares during the period. Smartleaf Asset Management LLC boosted its stake in Corebridge Financial by 83.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 828 shares of the company's stock valued at $27,000 after purchasing an additional 377 shares during the period. Integrated Wealth Concepts LLC boosted its stake in Corebridge Financial by 2.5% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 15,424 shares of the company's stock valued at $494,000 after purchasing an additional 383 shares during the period. Finally, True Wealth Design LLC boosted its stake in Corebridge Financial by 50.2% during the 4th quarter. True Wealth Design LLC now owns 1,233 shares of the company's stock valued at $37,000 after purchasing an additional 412 shares during the period. Institutional investors own 98.25% of the company's stock.

About Corebridge Financial

Corebridge Financial NYSE: CRBG is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.

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