Wells Fargo & Company Issues Pessimistic Forecast for Corebridge Financial (NYSE:CRBG) Stock Price

Corebridge Financial (NYSE:CRBG) had its price target decreased by Wells Fargo & Company from $37.00 to $35.00 in a report published on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

CRBG has been the topic of a number of other research reports. Barclays raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price objective on the stock in a research note on Monday, January 6th. DOWLING & PARTN downgraded shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft raised shares of Corebridge Financial from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $33.00 to $40.00 in a research note on Friday, January 10th. TD Cowen increased their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Finally, Piper Sandler lifted their price target on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, Corebridge Financial presently has an average rating of “Moderate Buy” and a consensus price target of $35.92.

Corebridge Financial Stock Performance

Shares of CRBG opened at $29.86 on Tuesday. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. The firm has a 50-day moving average price of $30.87 and a 200 day moving average price of $29.66. Corebridge Financial has a 52-week low of $23.01 and a 52-week high of $34.66.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.21. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The business had revenue of $5.53 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same period last year, the firm posted $1.05 earnings per share. The business’s revenue was up 39.5% on a year-over-year basis. On average, sell-side analysts predict that Corebridge Financial will post 4.82 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th were given a $0.23 dividend. The ex-dividend date was Tuesday, December 17th. This represents a $0.92 annualized dividend and a dividend yield of 3.08%. Corebridge Financial’s dividend payout ratio (DPR) is presently -44.02%.

Insider Buying and Selling

In related news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the completion of the sale, the insider now directly owns 249,238,898 shares in the company, valued at approximately $7,776,253,617.60. This trade represents a 10.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.08% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Covestor Ltd lifted its holdings in shares of Corebridge Financial by 118.8% during the 3rd quarter. Covestor Ltd now owns 1,050 shares of the company’s stock valued at $31,000 after buying an additional 570 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Corebridge Financial by 2.8% during the second quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock valued at $625,000 after acquiring an additional 585 shares in the last quarter. Commonwealth Equity Services LLC lifted its stake in Corebridge Financial by 2.7% in the second quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock valued at $650,000 after acquiring an additional 597 shares during the last quarter. Xponance Inc. lifted its stake in Corebridge Financial by 3.0% in the second quarter. Xponance Inc. now owns 21,037 shares of the company’s stock valued at $613,000 after acquiring an additional 612 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC grew its position in Corebridge Financial by 3.1% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 25,403 shares of the company’s stock worth $740,000 after acquiring an additional 770 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

About Corebridge Financial

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.