Keefe, Bruyette & Woods Has Lowered Expectations for Corebridge Financial (NYSE:CRBG) Stock Price

Key Points

• Keefe, Bruyette & Woods cut its price target on Corebridge Financial (CRBG) from $32 to $31 while maintaining an "outperform" rating, implying roughly a 26.8% upside from the prior close.
• Analyst sentiment is mixed but generally positive with a MarketBeat consensus of "Moderate Buy" and a consensus target of $35.55, amid recent target and rating changes from TD Cowen, Piper Sandler, JPMorgan and Morgan Stanley.
• Shares traded at $24.46 (down 1.4%); Corebridge recently beat quarterly EPS and revenue estimates but reported a negative net margin (-1.73%) and has a 1‑year range of $22.19–$36.57.

Corebridge Financial (NYSE:CRBG - Get Free Report) had its price target reduced by analysts at Keefe, Bruyette & Woods from $32.00 to $31.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Keefe, Bruyette & Woods' price objective suggests a potential upside of 26.76% from the company's previous close.

Several other equities research analysts have also recently issued reports on CRBG. TD Cowen lowered their price objective on Corebridge Financial from $38.00 to $35.00 and set a "buy" rating on the stock in a report on Tuesday, March 10th. Piper Sandler upgraded Corebridge Financial to a "strong-buy" rating in a report on Thursday, April 2nd. Weiss Ratings cut Corebridge Financial from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, January 15th. JPMorgan Chase & Co. lowered their price objective on Corebridge Financial from $40.00 to $39.00 and set a "neutral" rating on the stock in a report on Monday, January 5th. Finally, Morgan Stanley lowered their price objective on Corebridge Financial from $35.00 to $32.00 and set an "equal weight" rating on the stock in a report on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, Corebridge Financial presently has a consensus rating of "Moderate Buy" and a consensus target price of $35.55.

Corebridge Financial Stock Down 1.4%

Shares of CRBG traded down $0.34 during mid-day trading on Friday, hitting $24.46. 2,064,244 shares of the company traded hands, compared to its average volume of 4,422,220. Corebridge Financial has a 1-year low of $22.19 and a 1-year 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. The company has a market capitalization of $11.78 billion, a PE ratio of -46.17, a price-to-earnings-growth ratio of 0.40 and a beta of 1.12. The business has a 50 day moving average of $26.61 and a 200 day moving average of $29.36.

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

Institutional Trading of Corebridge Financial

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