Corebridge Financial (NYSE:CRBG) Sets New 12-Month Low – Should You Sell?

Corebridge Financial, Inc. (NYSE:CRBG)’s stock price reached a new 52-week low on Monday . The company traded as low as $23.69 and last traded at $24.15, with a volume of 150903 shares traded. The stock had previously closed at $25.71.

Wall Street Analyst Weigh In

Several analysts have weighed in on CRBG shares. Morgan Stanley raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $35.00 to $43.00 in a report on Friday, February 28th. Piper Sandler lifted their price target on Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, April 2nd. UBS Group downgraded Corebridge Financial from a “buy” rating to a “sell” rating and lowered their price target for the company from $40.00 to $28.00 in a research report on Wednesday, April 2nd. BMO Capital Markets started coverage on Corebridge Financial in a research note on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft upgraded Corebridge Financial from a “hold” rating to a “buy” rating and boosted their target price for the stock from $33.00 to $40.00 in a report on Friday, January 10th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Corebridge Financial presently has an average rating of “Moderate Buy” and a consensus price target of $37.00.

Corebridge Financial Stock Down 1.1 %

The company has a market cap of $13.97 billion, a price-to-earnings ratio of 6.69, a price-to-earnings-growth ratio of 0.43 and a beta of 0.98. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.16. The stock has a 50-day simple moving average of $32.01 and a 200-day simple moving average of $31.28.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.04). Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. As a group, analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Monday, March 17th. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.82%. Corebridge Financial’s payout ratio is 25.40%.

Institutional Investors Weigh In On Corebridge Financial

A number of large investors have recently made changes to their positions in the company. Fortitude Family Office LLC acquired a new stake in Corebridge Financial during the 4th quarter worth about $27,000. FNY Investment Advisers LLC bought a new stake in shares of Corebridge Financial during the 4th quarter worth $27,000. Smartleaf Asset Management LLC grew its stake in Corebridge Financial by 112.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock valued at $27,000 after buying an additional 480 shares during the last quarter. Oarsman Capital Inc. acquired a new stake in shares of Corebridge Financial in the fourth quarter valued at about $30,000. Finally, Sunbelt Securities Inc. bought a new position in shares of Corebridge Financial in the fourth quarter worth about $30,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Company Profile

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.