Corebridge Financial (NYSE:CRBG) Sets New 12-Month Low – Here’s What Happened

Corebridge Financial, Inc. (NYSE:CRBG)’s stock price hit a new 52-week low during mid-day trading on Monday . The company traded as low as $23.69 and last traded at $24.15, with a volume of 150903 shares trading hands. The stock had previously closed at $25.71.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. BMO Capital Markets initiated coverage on shares of Corebridge Financial in a report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price target for the company. UBS Group downgraded shares of Corebridge Financial from a “buy” rating to a “sell” rating and reduced their price target for the stock from $40.00 to $28.00 in a research report on Wednesday, April 2nd. Piper Sandler raised their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, April 2nd. Wells Fargo & Company boosted their price objective on Corebridge Financial from $35.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Finally, Barclays upgraded Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price on the stock in a research report on Monday, January 6th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $37.00.

Corebridge Financial Trading Down 2.2 %

The company has a market capitalization of $13.98 billion, a PE ratio of 6.67, a PEG ratio of 0.43 and a beta of 0.98. The company has a fifty day simple moving average of $32.48 and a 200-day simple moving average of $31.35. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 0.16.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.04). Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. Analysts predict that Corebridge Financial, Inc. will post 5.43 EPS for the current year.

Corebridge Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.82%. The ex-dividend date of this dividend was Monday, March 17th. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s payout ratio is presently 25.40%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Corebridge Financial in the 3rd quarter valued at $27,000. Fortitude Family Office LLC acquired a new position in Corebridge Financial in the fourth quarter valued at about $27,000. FNY Investment Advisers LLC acquired a new position in Corebridge Financial in the fourth quarter valued at about $27,000. Smartleaf Asset Management LLC boosted its stake in Corebridge Financial by 112.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock worth $27,000 after buying an additional 480 shares during the period. Finally, Oarsman Capital Inc. acquired a new stake in shares of Corebridge Financial during the fourth quarter valued at about $30,000. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Company Profile

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.