Corebridge Financial (NYSE:CRBG) Cut to Sell at Wall Street Zen

Corebridge Financial (NYSE:CRBG) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Thursday.

A number of other research analysts have also weighed in on the company. Wells Fargo & Company increased their price target on Corebridge Financial from $35.00 to $37.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 7th. Piper Sandler upped their price objective on Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, April 2nd. BMO Capital Markets started coverage on Corebridge Financial in a report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price objective for the company. Barclays upped their price objective on Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a report on Tuesday, May 6th. Finally, UBS Group downgraded Corebridge Financial from a “buy” rating to a “sell” rating and dropped their price objective for the stock from $40.00 to $28.00 in a report on Wednesday, April 2nd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $37.00.

Corebridge Financial Trading Up 0.5%

Shares of Corebridge Financial stock opened at $31.80 on Thursday. Corebridge Financial has a fifty-two week low of $23.69 and a fifty-two week high of $35.36. The firm has a market cap of $17.48 billion, a PE ratio of 8.41, a P/E/G ratio of 0.43 and a beta of 1.01. The business’s fifty day moving average is $30.16 and its two-hundred day moving average is $31.19. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Monday, May 5th. The company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.01. Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. The company had revenue of $4.74 billion for the quarter, compared to analyst estimates of $5.28 billion. During the same quarter in the prior year, the company posted $1.10 EPS. Analysts anticipate that Corebridge Financial will post 5.43 earnings per share for the current year.

Institutional Trading of Corebridge Financial

Large investors have recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC boosted its position 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. purchased a new position in Corebridge Financial in the 4th quarter valued at about $30,000. Sunbelt Securities Inc. purchased a new position in Corebridge Financial in the 4th quarter valued at about $30,000. Blue Trust Inc. boosted its position in Corebridge Financial by 183.2% in the 4th quarter. Blue Trust Inc. now owns 1,127 shares of the company’s stock valued at $33,000 after buying an additional 729 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. boosted its position in Corebridge Financial by 58.4% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 1,147 shares of the company’s stock valued at $34,000 after buying an additional 423 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

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.