Wall Street Zen Downgrades Corebridge Financial (NYSE:CRBG) to Sell

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

A number of other brokerages have also weighed in on CRBG. Wells Fargo & Company boosted their price objective on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. Piper Sandler boosted their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an "overweight" rating in a report on Wednesday, April 2nd. UBS Group lowered shares of Corebridge Financial from a "buy" rating to a "sell" rating and lowered their price objective for the stock from $40.00 to $28.00 in a report on Wednesday, April 2nd. Keefe, Bruyette & Woods boosted their price objective on shares of Corebridge Financial from $37.00 to $39.00 and gave the stock an "outperform" rating in a report on Wednesday, May 7th. Finally, Barclays boosted their price objective on shares of Corebridge Financial from $36.00 to $38.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. Two analysts have rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $37.00.

Corebridge Financial Price Performance

CRBG stock traded up $0.15 during midday trading on Thursday, reaching $31.80. The company had a trading volume of 2,922,961 shares, compared to its average volume of 3,412,223. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13. Corebridge Financial has a 1 year low of $23.69 and a 1 year high of $35.36. The company has a market capitalization of $17.48 billion, a P/E ratio of 8.41, a P/E/G ratio of 0.43 and a beta of 1.01. The firm has a 50-day moving average price of $30.16 and a 200-day moving average price of $31.18.

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

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.96 annualized dividend and a yield of 3.02%. Corebridge Financial's dividend payout ratio (DPR) is presently 81.36%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC raised its holdings in Corebridge Financial by 112.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 907 shares of the company's stock worth $27,000 after purchasing an additional 480 shares in the last quarter. Oarsman Capital Inc. bought a new position in Corebridge Financial in the 4th quarter worth $30,000. Sunbelt Securities Inc. bought a new position in Corebridge Financial in the 4th quarter worth $30,000. Blue Trust Inc. raised its holdings in Corebridge Financial by 183.2% in the 4th quarter. Blue Trust Inc. now owns 1,127 shares of the company's stock worth $33,000 after purchasing an additional 729 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. raised its holdings in Corebridge Financial by 58.4% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 1,147 shares of the company's stock worth $34,000 after purchasing an additional 423 shares in the last quarter. 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.