Corebridge Financial (NYSE:CRBG) Lowered to "Strong Sell" Rating by Zacks Research

Corebridge Financial (NYSE:CRBG - Get Free Report) was downgraded by Zacks Research from a "hold" rating to a "strong sell" rating in a report issued on Monday,Zacks.com reports.

A number of other research analysts have also recently issued reports on the company. Weiss Ratings cut Corebridge Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, January 15th. TD Cowen decreased their target price on Corebridge Financial from $38.00 to $35.00 and set a "buy" rating on the stock in a research report on Tuesday, March 10th. Morgan Stanley decreased their target price on Corebridge Financial from $35.00 to $32.00 and set an "equal weight" rating on the stock in a research report on Tuesday, March 3rd. Piper Sandler upgraded Corebridge Financial to a "strong-buy" rating in a research report on Thursday, April 2nd. Finally, Barclays decreased their target price on Corebridge Financial from $33.00 to $30.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 8th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $35.00.

Corebridge Financial Stock Up 5.1%

CRBG stock opened at $28.45 on Monday. The company has a market cap of $13.71 billion, a PE ratio of 51.74, a price-to-earnings-growth ratio of 0.38 and a beta of 1.18. The business has a 50-day simple moving average of $25.25 and a 200 day simple moving average of $28.65. Corebridge Financial has a 52 week low of $22.19 and a 52 week high of $36.57. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.11.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its earnings results on Monday, May 4th. The company reported $1.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 17.56%. The business had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $5.06 billion. During the same quarter in the prior year, the firm earned $1.16 EPS. Sell-side analysts anticipate that Corebridge Financial will post 4.91 EPS for the current fiscal year.

Institutional Trading of Corebridge Financial

Several hedge funds and other institutional investors have recently made changes to their positions in CRBG. Norges Bank bought a new stake in shares of Corebridge Financial during the fourth quarter worth about $611,550,000. Pzena Investment Management LLC grew its holdings in shares of Corebridge Financial by 19.3% during the third quarter. Pzena Investment Management LLC now owns 22,329,199 shares of the company's stock worth $715,651,000 after purchasing an additional 3,605,498 shares during the last quarter. State Street Corp grew its holdings in shares of Corebridge Financial by 44.3% during the fourth quarter. State Street Corp now owns 11,295,692 shares of the company's stock worth $340,791,000 after purchasing an additional 3,465,371 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of Corebridge Financial by 91.5% during the fourth quarter. AQR Capital Management LLC now owns 5,911,164 shares of the company's stock worth $178,340,000 after purchasing an additional 2,823,801 shares during the last quarter. Finally, Amundi grew its holdings in shares of Corebridge Financial by 227.7% during the fourth quarter. Amundi now owns 3,551,944 shares of the company's stock worth $107,162,000 after purchasing an additional 2,467,981 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors.

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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