Wells Fargo & Company Cuts Corebridge Financial (NYSE:CRBG) Price Target to $35.00

Corebridge Financial (NYSE:CRBG) had its target price decreased by Wells Fargo & Company from $38.00 to $35.00 in a report released on Thursday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other equities analysts have also recently issued reports on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and lifted their target price for the stock from $33.00 to $40.00 in a research report on Friday, January 10th. Piper Sandler increased their target price on Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, April 2nd. Morgan Stanley cut their price target on Corebridge Financial from $43.00 to $32.00 and set an “overweight” rating for the company in a report on Thursday. BMO Capital Markets assumed coverage on Corebridge Financial in a research note on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price objective on the stock. Finally, Barclays raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price for the company in a research note on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Corebridge Financial has a consensus rating of “Moderate Buy” and a consensus price target of $36.15.

Corebridge Financial Trading Up 0.2 %

Shares of Corebridge Financial stock opened at $26.71 on Thursday. The company has a 50-day moving average of $31.56 and a two-hundred day moving average of $31.24. Corebridge Financial has a 12-month low of $23.69 and a 12-month high of $35.36. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.16. The stock has a market cap of $14.85 billion, a PE ratio of 7.07, a price-to-earnings-growth ratio of 0.43 and a beta of 0.98.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Wednesday, February 12th. The company reported $1.23 EPS for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.04). Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. On average, research analysts anticipate that Corebridge Financial will post 5.43 EPS for the current fiscal year.

Corebridge Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were given a $0.24 dividend. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a dividend yield of 3.59%. The ex-dividend date of this dividend was Monday, March 17th. Corebridge Financial’s dividend payout ratio (DPR) is 25.40%.

Hedge Funds Weigh In On Corebridge Financial

Several hedge funds and other institutional investors have recently modified their holdings of CRBG. Renaissance Capital LLC raised its holdings in Corebridge Financial by 73.8% in the first quarter. Renaissance Capital LLC now owns 409,659 shares of the company’s stock valued at $12,933,000 after buying an additional 173,995 shares during the period. Vest Financial LLC raised its stake in shares of Corebridge Financial by 704.3% in the 1st quarter. Vest Financial LLC now owns 665,445 shares of the company’s stock valued at $21,008,000 after acquiring an additional 582,712 shares during the period. Chesley Taft & Associates LLC acquired a new position in shares of Corebridge Financial during the 1st quarter valued at $436,000. Merit Financial Group LLC purchased a new stake in Corebridge Financial during the 1st quarter worth $832,000. Finally, Rhumbline Advisers increased its holdings in Corebridge Financial by 0.4% in the 1st quarter. Rhumbline Advisers now owns 307,352 shares of the company’s stock valued at $9,703,000 after purchasing an additional 1,215 shares in the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

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.