Wells Fargo & Company Issues Pessimistic Forecast for Corebridge Financial (NYSE:CRBG) Stock Price

Corebridge Financial (NYSE:CRBG) had its target price dropped by equities researchers at Wells Fargo & Company from $37.00 to $36.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 31.52% from the company’s previous close.

Other analysts have also issued research reports about the company. Mizuho assumed coverage on Corebridge Financial in a report on Tuesday, December 16th. They set an “outperform” rating and a $38.00 price target for the company. Weiss Ratings downgraded shares of Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, January 15th. UBS Group lowered their price target on shares of Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating for the company in a research report on Thursday, January 8th. Evercore reduced their price objective on shares of Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating for the company in a research note on Wednesday, November 5th. Finally, JPMorgan Chase & Co. cut their target price on Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating on the stock in a research report on Monday, January 5th. Seven research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $37.50.

Corebridge Financial Stock Performance

CRBG traded down $0.16 during mid-day trading on Wednesday, reaching $27.37. 172,355 shares of the company traded hands, compared to its average volume of 4,050,729. The stock has a market capitalization of $13.18 billion, a P/E ratio of -51.75, a P/E/G ratio of 0.38 and a beta of 1.04. Corebridge Financial has a 52-week low of $23.69 and a 52-week 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’s fifty day moving average price is $30.44 and its 200-day moving average price is $31.40.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Monday, February 9th. The company reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.11. The company had revenue of $6.34 billion during the quarter, compared to analysts’ expectations of $5.02 billion. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.During the same quarter in the prior year, the business earned $1.06 earnings per share. On average, sell-side analysts expect that Corebridge Financial will post 5.43 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Allworth Financial LP bought a new position in Corebridge Financial during the second quarter worth about $26,000. Community Bank N.A. bought a new position in shares of Corebridge Financial during the 3rd quarter worth approximately $26,000. Salomon & Ludwin LLC boosted its stake in Corebridge Financial by 179.7% in the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock valued at $26,000 after buying an additional 532 shares in the last quarter. Smartleaf Asset Management LLC grew its position in Corebridge Financial by 83.6% in the third quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock valued at $27,000 after acquiring an additional 377 shares during the period. Finally, Rothschild Investment LLC raised its stake in Corebridge Financial by 133.3% during the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after acquiring an additional 520 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

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.