Wells Fargo & Company Has Lowered Expectations for Corebridge Financial (NYSE:CRBG) Stock Price

Corebridge Financial (NYSE:CRBG) had its target price cut by Wells Fargo & Company from $36.00 to $32.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 29.52% from the company’s current price.

Other equities research analysts have also issued reports about the stock. JPMorgan Chase & Co. lowered their price target on shares of Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating on the stock in a report on Monday, January 5th. Keefe, Bruyette & Woods reissued a “moderate buy” rating and set a $32.00 target price on shares of Corebridge Financial in a research note on Thursday, March 26th. Barclays lowered their target price on shares of Corebridge Financial from $33.00 to $30.00 and set an “overweight” rating on the stock in a research note on Wednesday. Weiss Ratings lowered shares of Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, January 15th. Finally, UBS Group lowered their target price on shares of Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating on the stock in a research note on Thursday, January 8th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $35.64.

Corebridge Financial Stock Performance

NYSE:CRBG traded down $0.08 during mid-day trading on Friday, hitting $24.71. The company’s stock had a trading volume of 555,640 shares, compared to its average volume of 4,395,021. Corebridge Financial has a 1 year low of $22.19 and a 1 year high of $36.57. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.12 and a quick ratio of 0.12. The stock has a market cap of $11.90 billion, a price-to-earnings ratio of -46.61, a PEG ratio of 0.40 and a beta of 1.12. The business’s fifty day moving average is $26.61 and its two-hundred day moving average is $29.36.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Wednesday, February 11th. The company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.11 by $0.11. Corebridge Financial had a negative net margin of 1.73% and a positive return on equity of 18.92%. The company had revenue of $6.34 billion for the quarter, compared to analyst estimates of $5.02 billion. During the same period in the prior year, the company earned $1.06 earnings per share. Analysts anticipate that Corebridge Financial will post 5.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CRBG. Goldman Sachs Group Inc. lifted its stake in Corebridge Financial by 229.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock valued at $41,042,000 after buying an additional 905,918 shares in the last quarter. Focus Partners Wealth purchased a new position in Corebridge Financial in the 1st quarter valued at about $384,000. Creative Planning purchased a new position in Corebridge Financial in the 2nd quarter valued at about $243,000. EverSource Wealth Advisors LLC lifted its stake in Corebridge Financial by 58.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,558 shares of the company’s stock valued at $162,000 after buying an additional 1,688 shares in the last quarter. Finally, Cerity Partners LLC lifted its stake in Corebridge Financial by 64.4% in the 2nd quarter. Cerity Partners LLC now owns 92,554 shares of the company’s stock valued at $3,286,000 after buying an additional 36,239 shares in the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

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.