Corebridge Financial (NYSE:CRBG) Stock Rating Lowered by DOWLING & PARTN

Corebridge Financial (NYSE:CRBG) was downgraded by research analysts at DOWLING & PARTN from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Other equities analysts have also issued research reports about the company. TD Cowen lifted their price target on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday. Piper Sandler cut their price target on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. Morgan Stanley lifted their price target on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Barclays lifted their price target on Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Finally, Royal Bank of Canada cut their price objective on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.00.

Corebridge Financial Stock Performance

NYSE CRBG opened at $32.42 on Tuesday. The stock has a 50-day simple moving average of $30.57 and a two-hundred day simple moving average of $29.42. The firm has a market capitalization of $18.44 billion, a P/E ratio of -15.51, a PEG ratio of 0.41 and a beta of 0.90. Corebridge Financial has a fifty-two week low of $20.07 and a fifty-two week high of $34.66. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The firm had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the previous year, the business earned $1.05 EPS. Corebridge Financial’s revenue for the quarter was up 39.5% compared to the same quarter last year. On average, equities analysts forecast that Corebridge Financial will post 4.78 earnings per share for the current year.

Insider Transactions at Corebridge Financial

In related news, major shareholder International Group American sold 5,000,000 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $28.86, for a total value of $144,300,000.00. Following the transaction, the insider now directly owns 279,238,898 shares in the company, valued at approximately $8,058,834,596.28. This represents a 1.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.08% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CRBG. Point72 Asia Singapore Pte. Ltd. acquired a new position in Corebridge Financial in the third quarter valued at approximately $27,000. Capital Performance Advisors LLP purchased a new stake in Corebridge Financial in the third quarter valued at approximately $28,000. ORG Wealth Partners LLC purchased a new stake in Corebridge Financial in the third quarter valued at approximately $29,000. HM Payson & Co. purchased a new stake in Corebridge Financial in the third quarter valued at approximately $29,000. Finally, LRI Investments LLC purchased a new stake in Corebridge Financial in the second quarter valued at approximately $30,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

About Corebridge Financial

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.