UBS Group Cuts Corebridge Financial (NYSE:CRBG) Price Target to $29.00

Key Points

• UBS cut its price target on Corebridge Financial (CRBG) from $33 to $29 and maintained a "neutral" rating, with the new target implying about a 7.4% upside from the recent close.
• Analyst views are mixed: the consensus is a Moderate Buy with an average target of $35, while firms range from a Piper Sandler "strong-buy" to several banks trimming targets into the low $30s.
• CRBG traded near $27 (12‑month range $22.19–$36.57) and recently beat quarterly expectations (Q1 EPS $1.22 vs. $1.11) despite a negative net margin and P/E, and is roughly 98.25% institutionally owned.

Corebridge Financial (NYSE:CRBG - Get Free Report) had its price objective cut by analysts at UBS Group from $33.00 to $29.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. UBS Group's price target indicates a potential upside of 7.40% from the company's previous close.

CRBG has been the subject of several other research reports. JPMorgan Chase & Co. lowered their price target on shares of Corebridge Financial from $40.00 to $39.00 and set a "neutral" rating for the company in a research report on Monday, January 5th. Piper Sandler upgraded shares of Corebridge Financial to a "strong-buy" rating in a research report on Thursday, April 2nd. Mizuho lowered their price target on shares of Corebridge Financial from $39.00 to $31.00 and set an "outperform" rating for the company in a research report on Monday, April 13th. Wells Fargo & Company lowered their price target on shares of Corebridge Financial from $36.00 to $32.00 and set an "overweight" rating for the company in a research report on Friday, April 10th. Finally, Keefe, Bruyette & Woods lowered their price target on shares of Corebridge Financial from $32.00 to $31.00 and set an "outperform" rating for the company in a research report on Friday, April 10th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Corebridge Financial has a consensus rating of "Moderate Buy" and an average target price of $35.00.

Corebridge Financial Price Performance

CRBG traded up $0.30 during midday trading on Tuesday, hitting $27.00. The company had a trading volume of 1,734,784 shares, compared to its average volume of 4,457,478. Corebridge Financial has a twelve month low of $22.19 and a twelve month high of $36.57. The firm's 50-day simple moving average is $25.49 and its 200-day simple moving average is $28.77. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.12 and a current ratio of 0.12. The company has a market capitalization of $13.01 billion, a PE ratio of -50.93, a P/E/G ratio of 0.36 and a beta of 1.12.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings results 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 negative net margin of 1.73% and a positive return on equity of 18.92%. The company had revenue of $6.34 billion during the quarter, compared to analysts' expectations of $5.02 billion. During the same quarter in the previous year, the company earned $1.06 EPS. Equities research analysts predict that Corebridge Financial will post 4.95 EPS for the current fiscal year.

Institutional Investors Weigh In On Corebridge Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of Corebridge Financial by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company's stock worth $818,906,000 after acquiring an additional 311,133 shares during the period. Pzena Investment Management LLC lifted its position in shares of Corebridge Financial by 14.4% in the first quarter. Pzena Investment Management LLC now owns 27,045,794 shares of the company's stock worth $645,313,000 after purchasing an additional 3,413,384 shares in the last quarter. Norges Bank bought a new stake in shares of Corebridge Financial in the fourth quarter worth $611,550,000. State Street Corp lifted its position in shares of Corebridge Financial by 44.3% in 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 in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Corebridge Financial by 6.9% in the third quarter. Dimensional Fund Advisors LP now owns 6,686,747 shares of the company's stock worth $214,372,000 after purchasing an additional 430,308 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Company Profile

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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