Corebridge Financial (NYSE:CRBG) Upgraded by Zacks Research to Hold Rating

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

Several other brokerages also recently commented on CRBG. Wells Fargo & Company upped their target price on shares of Corebridge Financial from $32.00 to $35.00 and gave the company an “overweight” rating in a research note on Tuesday, May 12th. Mizuho lifted their price target on shares of Corebridge Financial from $31.00 to $35.00 and gave the stock an “outperform” rating in a research report on Thursday, May 7th. TD Cowen decreased their price target on shares of Corebridge Financial from $38.00 to $35.00 and set a “buy” rating for the company in a report on Tuesday, March 10th. Barclays lowered their price objective on shares of Corebridge Financial from $33.00 to $30.00 and set an “overweight” rating for the company in a research report on Wednesday, April 8th. Finally, Weiss Ratings downgraded Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, Corebridge Financial presently has an average rating of “Moderate Buy” and a consensus target price of $35.17.

Corebridge Financial Price Performance

Corebridge Financial stock opened at $28.96 on Monday. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $13.23 billion, a P/E ratio of 52.66, a PEG ratio of 0.33 and a beta of 1.14. The business has a 50-day moving average of $27.32 and a 200-day moving average of $28.00. Corebridge Financial has a 1 year low of $22.19 and a 1 year high of $36.57.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The firm had revenue of $4.08 billion during the quarter, compared to analyst estimates of $5.06 billion. During the same quarter in the prior year, the business earned $1.16 earnings per share. On average, equities analysts anticipate that Corebridge Financial will post 4.75 EPS for the current year.

Corebridge Financial Dividend Announcement

The business 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 dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.5%. The ex-dividend date is Tuesday, June 16th. Corebridge Financial’s dividend payout ratio (DPR) is 181.82%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Community Bank N.A. acquired a new stake in shares of Corebridge Financial during the third quarter worth $26,000. Salomon & Ludwin LLC lifted its position 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 acquiring an additional 532 shares in the last quarter. Rothschild Investment LLC boosted its stake in Corebridge Financial by 133.3% in the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after purchasing an additional 520 shares during the period. True Wealth Design LLC boosted its stake in Corebridge Financial by 50.2% in the 4th quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock worth $37,000 after purchasing an additional 412 shares during the period. Finally, Sonoma Allocations LLC bought a new position in Corebridge Financial during the 1st quarter worth about $30,000. Institutional investors 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.