Corebridge Financial (NYSE:CRBG) Stock Rating Lowered by Wall Street Zen

Wall Street Zen cut shares of Corebridge Financial (NYSE:CRBG - Free Report) from a hold rating to a sell rating in a research report released on Thursday morning.

Other equities research analysts have also recently issued research reports about the stock. Keefe, Bruyette & Woods increased their price target on shares of Corebridge Financial from $37.00 to $39.00 and gave the company an "outperform" rating in a research report on Wednesday, May 7th. Piper Sandler raised 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, April 2nd. BMO Capital Markets initiated coverage on Corebridge Financial in a research report on Thursday, January 23rd. They set an "outperform" rating and a $43.00 price target for the company. Barclays increased their price objective on Corebridge Financial from $36.00 to $38.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. Finally, Wells Fargo & Company boosted their target price on Corebridge Financial from $35.00 to $37.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, Corebridge Financial currently has an average rating of "Moderate Buy" and a consensus price target of $37.00.

Corebridge Financial Trading Up 2.3%

CRBG stock traded up $0.73 during trading on Thursday, hitting $32.48. 843,607 shares of the company traded hands, compared to its average volume of 3,147,756. The company has a 50-day moving average of $30.15 and a 200-day moving average of $31.18. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13. Corebridge Financial has a 1 year low of $23.69 and a 1 year high of $35.36. The firm has a market capitalization of $17.85 billion, a PE ratio of 8.59, a P/E/G ratio of 0.43 and a beta of 1.01.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $1.16 earnings per share for the quarter, beating analysts' consensus estimates of $1.15 by $0.01. Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. The firm had revenue of $4.74 billion during the quarter, compared to analyst estimates of $5.28 billion. During the same quarter in the prior year, the firm posted $1.10 earnings per share. Analysts predict that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.96 dividend on an annualized basis and a yield of 2.96%. Corebridge Financial's dividend payout ratio (DPR) is currently 81.36%.

Institutional Investors Weigh In On Corebridge Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Focus Partners Wealth purchased a new position in shares of Corebridge Financial during the first quarter valued at approximately $384,000. Woodline Partners LP bought a new position in Corebridge Financial during the 1st quarter valued at approximately $4,908,000. Meiji Yasuda Life Insurance Co purchased a new position in Corebridge Financial during the first quarter valued at $373,000. Goldman Sachs Group Inc. boosted its holdings in Corebridge Financial by 229.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company's stock worth $41,042,000 after acquiring an additional 905,918 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in Corebridge Financial in the first quarter worth $1,257,000. Hedge funds and other institutional investors 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.