JPMorgan Chase & Co. Has Lowered Expectations for Corebridge Financial (NYSE:CRBG) Stock Price

Corebridge Financial (NYSE:CRBG) had its price objective reduced by research analysts at JPMorgan Chase & Co. from $40.00 to $39.00 in a report issued on Monday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 28.38% from the company’s current price.

CRBG has been the subject of a number of other reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Corebridge Financial in a research note on Monday, December 29th. Wolfe Research initiated coverage on shares of Corebridge Financial in a report on Friday, October 10th. They issued a “peer perform” rating for the company. Mizuho assumed coverage on Corebridge Financial in a research report on Tuesday, December 16th. They issued an “outperform” rating and a $38.00 price target for the company. Evercore ISI decreased their price objective on Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 5th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $33.00 price objective (down from $39.00) on shares of Corebridge Financial in a research note on Monday, November 17th. Nine investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $39.18.

Corebridge Financial Stock Performance

NYSE CRBG opened at $30.38 on Monday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.13 and a quick ratio of 0.13. Corebridge Financial has a 1-year low of $23.69 and a 1-year high of $36.57. The business has a 50 day simple moving average of $30.26 and a two-hundred day simple moving average of $32.51. The stock has a market capitalization of $15.81 billion, a PE ratio of 18.08, a P/E/G ratio of 0.36 and a beta of 1.04.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Tuesday, November 4th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.12). Corebridge Financial had a return on equity of 19.90% and a net margin of 5.01%.The firm had revenue of $5.63 billion for the quarter, compared to analysts’ expectations of $4.85 billion. During the same period last year, the company earned $1.23 earnings per share. The firm’s revenue was up 34.2% on a year-over-year basis. On average, research analysts predict that Corebridge Financial will post 5.43 EPS for the current fiscal year.

Hedge Funds Weigh In On Corebridge Financial

Large investors have recently bought and sold shares of the business. IFP Advisors Inc increased its stake in Corebridge Financial by 1,223.6% in the second quarter. IFP Advisors Inc now owns 728 shares of the company’s stock worth $26,000 after purchasing an additional 673 shares during the period. Allworth Financial LP purchased a new stake in shares of Corebridge Financial during the second quarter valued at $26,000. Community Bank N.A. bought a new position in shares of Corebridge Financial in the third quarter worth about $26,000. Smartleaf Asset Management LLC increased its stake in Corebridge Financial by 83.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock worth $27,000 after buying an additional 377 shares during the period. Finally, Root Financial Partners LLC purchased a new position in Corebridge Financial in the 3rd quarter worth about $32,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Company Profile

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.