UBS Group Lowers Corebridge Financial (NYSE:CRBG) Price Target to $33.00

Corebridge Financial (NYSE:CRBG) had its target price lowered by analysts at UBS Group from $35.00 to $33.00 in a report released on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. UBS Group’s target price would indicate a potential upside of 6.50% from the company’s current price.

Other equities analysts have also recently issued reports about the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Corebridge Financial in a research note on Monday, December 29th. Keefe, Bruyette & Woods reduced their target price on Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating on the stock in a report on Thursday, October 9th. JPMorgan Chase & Co. cut their price target on Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating for the company in a report on Monday. Evercore ISI decreased their price objective on Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating on the stock in a report on Wednesday, November 5th. Finally, Wolfe Research initiated coverage on shares of Corebridge Financial in a research report on Friday, October 10th. They issued a “peer perform” rating on the stock. Nine equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $38.82.

Corebridge Financial Stock Performance

CRBG stock traded up $0.86 during midday trading on Thursday, reaching $30.99. 1,386,302 shares of the company’s stock traded hands, compared to its average volume of 3,337,760. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.77. The stock’s 50-day moving average is $30.19 and its 200 day moving average is $32.47. The stock has a market cap of $16.13 billion, a P/E ratio of 18.46, a PEG ratio of 0.44 and a beta of 1.04. Corebridge Financial has a 52-week low of $23.69 and a 52-week high of $36.57.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Tuesday, November 4th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.12). Corebridge Financial had a return on equity of 19.90% and a net margin of 5.01%.The business had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $4.85 billion. During the same quarter in the previous year, the company posted $1.23 EPS. The company’s quarterly revenue was up 34.2% on a year-over-year basis. As a group, analysts anticipate that Corebridge Financial will post 5.43 EPS for the current year.

Institutional Investors Weigh In On Corebridge Financial

A number of large investors have recently made changes to their positions in CRBG. Vanguard Group Inc. grew its stake in Corebridge Financial by 7.2% during the 3rd quarter. Vanguard Group Inc. now owns 26,831,915 shares of the company’s stock valued at $859,963,000 after purchasing an additional 1,805,819 shares during the last quarter. Pzena Investment Management LLC boosted its holdings in Corebridge Financial by 19.3% in the third quarter. Pzena Investment Management LLC now owns 22,329,199 shares of the company’s stock valued at $715,651,000 after purchasing an additional 3,605,498 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Corebridge Financial by 6.9% in the third quarter. Dimensional Fund Advisors LP now owns 6,686,747 shares of the company’s stock valued at $214,372,000 after purchasing an additional 430,308 shares during the last quarter. LSV Asset Management raised its stake in shares of Corebridge Financial by 2.1% during the 3rd quarter. LSV Asset Management now owns 4,685,535 shares of the company’s stock valued at $150,171,000 after buying an additional 98,435 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Corebridge Financial in the 2nd quarter valued at about $145,632,000. 98.25% of the stock is owned by hedge funds and other institutional investors.

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.