Corebridge Financial (NYSE:CRBG) Lowered to Strong Sell Rating by Zacks Research

Zacks Research lowered shares of Corebridge Financial (NYSE:CRBG) from a hold rating to a strong sell rating in a research report released on Monday,Zacks.com reports.

Several other equities analysts have also recently issued reports on CRBG. Piper Sandler upgraded Corebridge Financial to a “strong-buy” rating in a research report on Thursday, April 2nd. JPMorgan Chase & Co. cut their price objective on Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating for the company in a research report on Monday, January 5th. Morgan Stanley decreased their target price on shares of Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 3rd. Mizuho lowered their price target on shares of Corebridge Financial from $39.00 to $31.00 and set an “outperform” rating on the stock in a research note on Monday, April 13th. Finally, Bank of America reduced their price objective on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, April 14th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Corebridge Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.00.

Corebridge Financial Trading Up 5.1%

NYSE:CRBG opened at $28.45 on Monday. Corebridge Financial has a 12-month low of $22.19 and a 12-month high of $36.57. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.11. The stock’s 50 day simple moving average is $25.25 and its 200-day simple moving average is $28.65. The firm has a market cap of $13.71 billion, a P/E ratio of 51.74, a PEG ratio of 0.38 and a beta of 1.18.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Monday, May 4th. The company reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). The firm had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $5.06 billion. Corebridge Financial had a return on equity of 17.56% and a net margin of 1.20%.During the same quarter in the previous year, the company posted $1.16 EPS. Equities analysts anticipate that Corebridge Financial will post 4.91 EPS for the current year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $1.00 annualized dividend and a yield of 3.5%. Corebridge Financial’s dividend payout ratio is 181.82%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Community Bank N.A. acquired a new stake in Corebridge Financial in the 3rd quarter valued at about $26,000. Salomon & Ludwin LLC increased its holdings in Corebridge Financial by 179.7% during the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock valued at $26,000 after acquiring an additional 532 shares in the last quarter. Smartleaf Asset Management LLC lifted its holdings in shares of 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 purchasing an additional 377 shares in the last quarter. Rothschild Investment LLC lifted its holdings 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 in the last quarter. Finally, Root Financial Partners LLC acquired a new stake in shares of Corebridge Financial in the third quarter valued at approximately $32,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

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.