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

Corebridge Financial (NYSE:CRBG) had its price objective dropped by research analysts at Wells Fargo & Company from $43.00 to $37.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 21.43% from the stock’s current price.

Several other equities research analysts also recently commented on CRBG. Evercore ISI decreased their target price on shares of Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating for the company in a research report on Wednesday, November 5th. Mizuho started coverage on Corebridge Financial in a research note on Tuesday, December 16th. They set an “outperform” rating and a $38.00 price target for the company. Morgan Stanley reissued an “equal weight” rating and set a $33.00 price objective (down from $39.00) on shares of Corebridge Financial in a report on Monday, November 17th. UBS Group dropped their target price on Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating on the stock in a report on Thursday, January 8th. Finally, Keefe, Bruyette & Woods decreased their price target on Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating for the company in a report on Thursday, October 9th. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $37.70.

Corebridge Financial Trading Up 1.5%

Shares of Corebridge Financial stock opened at $30.47 on Tuesday. The stock has a market capitalization of $15.86 billion, a PE ratio of 18.14, a price-to-earnings-growth ratio of 0.43 and a beta of 1.04. Corebridge Financial has a 52 week low of $23.69 and a 52 week high of $36.57. The stock has a 50 day moving average price of $30.11 and a two-hundred day moving average price of $32.35. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.13 and a current ratio of 0.13.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Tuesday, November 4th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.12). The firm had revenue of $5.63 billion for the quarter, compared to analyst estimates of $4.85 billion. Corebridge Financial had a return on equity of 19.90% and a net margin of 5.01%.Corebridge Financial’s revenue for the quarter was up 34.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.23 earnings per share. As a group, equities analysts anticipate that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CRBG. IFP Advisors Inc raised its stake in shares of Corebridge Financial by 1,223.6% during the 2nd 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 bought a new stake in Corebridge Financial in the second quarter worth about $26,000. Community Bank N.A. purchased a new position in Corebridge Financial in the third quarter valued at about $26,000. Smartleaf Asset Management LLC grew its position in shares of Corebridge Financial by 83.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock valued at $27,000 after acquiring an additional 377 shares during the period. Finally, Root Financial Partners LLC purchased a new stake in shares of Corebridge Financial during the 3rd quarter worth approximately $32,000. 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.