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

Corebridge Financial (NYSE:CRBG) had its target price dropped by stock analysts at Wells Fargo & Company from $37.00 to $36.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 29.12% from the company’s current price.

A number of other research firms have also commented on CRBG. Zacks Research lowered shares of Corebridge Financial from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 27th. Barclays cut their target price on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research note on Tuesday, February 10th. Evercore decreased their price target 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. UBS Group cut their price objective on Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating for the company in a research report on Thursday, January 8th. Finally, Mizuho assumed coverage on Corebridge Financial in a report on Tuesday, December 16th. They set an “outperform” rating and a $38.00 target price on the stock. Seven research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $37.50.

Corebridge Financial Price Performance

Shares of CRBG stock opened at $27.88 on Wednesday. The stock’s fifty day simple moving average is $30.33 and its 200 day simple moving average is $31.35. Corebridge Financial has a one year low of $23.69 and a one year high of $36.57. The firm has a market cap of $13.43 billion, a price-to-earnings ratio of -52.60, a P/E/G ratio of 0.39 and a beta of 1.04. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.12 and a quick ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Monday, February 9th. The company reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.11. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.The company had revenue of $6.34 billion during the quarter, compared to analysts’ expectations of $5.02 billion. During the same period last year, the business earned $1.06 earnings per share. On average, analysts expect that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Corebridge Financial

Several large investors have recently made changes to their positions in the company. Norges Bank acquired a new stake in Corebridge Financial in the fourth quarter worth about $611,550,000. Pzena Investment Management LLC grew its position in shares of Corebridge Financial by 19.3% during the 3rd quarter. Pzena Investment Management LLC now owns 22,329,199 shares of the company’s stock worth $715,651,000 after buying an additional 3,605,498 shares during the period. State Street Corp grew its position in shares of Corebridge Financial by 44.3% during the 4th quarter. State Street Corp now owns 11,295,692 shares of the company’s stock worth $340,791,000 after buying an additional 3,465,371 shares during the period. AQR Capital Management LLC raised its stake in shares of Corebridge Financial by 91.5% during the fourth quarter. AQR Capital Management LLC now owns 5,911,164 shares of the company’s stock worth $178,340,000 after buying an additional 2,823,801 shares during the last quarter. Finally, Amundi lifted its holdings in Corebridge Financial by 227.7% in the fourth quarter. Amundi now owns 3,551,944 shares of the company’s stock valued at $107,162,000 after buying an additional 2,467,981 shares during the period. Institutional investors and hedge funds 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.