Corebridge Financial (NYSE:CRBG) Price Target Cut to $31.00 by Analysts at Mizuho

Key Points

• Mizuho cut its price target on Corebridge Financial (CRBG) from $39 to $31 while maintaining an "outperform" rating, implying roughly a 25.6% upside from the current price.
• Several other brokers have also trimmed targets (Wells Fargo to $32, Barclays to $30, UBS to $33, TD Cowen to $35) and Weiss downgraded to hold; the consensus is a "Moderate Buy" with an average price target around $34.91.
• Shares trade near $24.68 after a recent earnings beat and strong revenue, but Corebridge still posts a negative net margin and a negative P/E, reflecting mixed fundamentals despite analyst optimism.

Corebridge Financial (NYSE:CRBG - Get Free Report) had its target price lowered by Mizuho from $39.00 to $31.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Mizuho's target price suggests a potential upside of 25.59% from the company's current price.

CRBG has been the subject of several other research reports. Wells Fargo & Company cut their price objective on Corebridge Financial from $36.00 to $32.00 and set an "overweight" rating for the company in a report on Friday. Barclays cut their price objective on Corebridge Financial from $33.00 to $30.00 and set an "overweight" rating for the company in a report on Wednesday, April 8th. UBS Group cut their target price on Corebridge Financial from $35.00 to $33.00 and set a "neutral" rating for the company in a research note on Thursday, January 8th. TD Cowen decreased their price target on shares of Corebridge Financial from $38.00 to $35.00 and set a "buy" rating on the stock in a research note on Tuesday, March 10th. Finally, Weiss Ratings downgraded shares of Corebridge Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, January 15th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Corebridge Financial presently has a consensus rating of "Moderate Buy" and an average price target of $34.91.

Corebridge Financial Price Performance

Shares of NYSE CRBG traded up $0.23 during midday trading on Monday, hitting $24.68. 1,483,561 shares of the company's stock were exchanged, compared to its average volume of 4,427,546. Corebridge Financial has a 12-month low of $22.19 and a 12-month 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 cap of $11.89 billion, a price-to-earnings ratio of -46.47, a PEG ratio of 0.39 and a beta of 1.12. The business's fifty day moving average price is $26.48 and its two-hundred day moving average price is $29.25.

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 the consensus estimate of $1.11 by $0.11. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.The company had revenue of $6.34 billion during the quarter, compared to analyst estimates of $5.02 billion. During the same quarter in the previous year, the firm earned $1.06 earnings per share. As a group, research analysts forecast that Corebridge Financial will post 5.43 EPS for the current fiscal year.

Institutional Trading of Corebridge Financial

A number of institutional investors have recently made changes to their positions in CRBG. Community Bank N.A. purchased a new stake in shares of Corebridge Financial during the third quarter valued at approximately $26,000. Salomon & Ludwin LLC boosted its stake in shares of Corebridge Financial by 179.7% during the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company's stock valued at $26,000 after purchasing an additional 532 shares during the period. Smartleaf Asset Management LLC boosted its stake in shares of Corebridge Financial by 83.6% during the third 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. Rothschild Investment LLC boosted its stake in shares of Corebridge Financial by 133.3% during the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company's stock valued at $27,000 after purchasing an additional 520 shares during the period. Finally, Root Financial Partners LLC purchased a new stake in shares of Corebridge Financial during the third quarter valued at approximately $32,000. Hedge funds and other 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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