TD Cowen Cuts Corebridge Financial (NYSE:CRBG) Price Target to $35.00

Corebridge Financial (NYSE:CRBG) had its price objective decreased by TD Cowen from $38.00 to $35.00 in a research note issued to investors on Tuesday morning,Benzinga reports. TD Cowen currently has a buy rating on the stock.

CRBG has been the topic of a number of other research reports. Wells Fargo & Company reduced their target price on Corebridge Financial from $37.00 to $36.00 and set an “overweight” rating on the stock in a report on Wednesday, February 25th. Zacks Research upgraded Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, March 6th. Weiss Ratings downgraded Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, January 15th. UBS Group reduced their price objective on Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating on the stock in a research note on Thursday, January 8th. Finally, Barclays dropped their target price on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research report on Tuesday, February 10th. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.09.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $22.86 on Tuesday. 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 firm has a market capitalization of $11.01 billion, a price-to-earnings ratio of -43.13, a price-to-earnings-growth ratio of 0.36 and a beta of 1.11. Corebridge Financial has a one year low of $22.32 and a one year high of $36.57. The company has a 50 day moving average price of $29.25 and a 200 day moving average price of $30.72.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.11. The company had revenue of $6.34 billion for the quarter, compared to analyst estimates 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 last year, the business earned $1.06 EPS. Sell-side analysts anticipate that Corebridge Financial will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be paid a dividend of $0.25 per share. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date is Tuesday, March 17th. Corebridge Financial’s payout ratio is presently -181.13%.

Institutional Investors Weigh In On Corebridge Financial

Several hedge funds have recently modified their holdings of the stock. Allworth Financial LP purchased a new position in Corebridge Financial in the 2nd quarter worth approximately $26,000. Community Bank N.A. purchased a new stake in shares of Corebridge Financial during the third quarter valued at approximately $26,000. Salomon & Ludwin LLC lifted its position in shares of Corebridge Financial by 179.7% during the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock worth $26,000 after purchasing an additional 532 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Corebridge Financial by 83.6% during the third quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock worth $27,000 after purchasing an additional 377 shares in the last quarter. Finally, Rothschild Investment LLC boosted its stake in shares of Corebridge Financial by 133.3% in the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock valued at $27,000 after purchasing an additional 520 shares during the period. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

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.