Corebridge Financial (NYSE:CRBG) Downgraded by UBS Group to “Sell”

Corebridge Financial (NYSE:CRBG) was downgraded by stock analysts at UBS Group from a “buy” rating to a “sell” rating in a note issued to investors on Wednesday,Finviz reports. They presently have a $28.00 target price on the stock, down from their previous target price of $40.00. UBS Group’s target price suggests a potential downside of 11.25% from the company’s current price.

CRBG has been the subject of a number of other reports. BMO Capital Markets initiated coverage on Corebridge Financial in a report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price objective for the company. Deutsche Bank Aktiengesellschaft upgraded Corebridge Financial from a “hold” rating to a “buy” rating and lifted their price objective for the company from $33.00 to $40.00 in a research report on Friday, January 10th. Morgan Stanley raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $35.00 to $43.00 in a report on Friday, February 28th. Piper Sandler boosted their target price on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. Finally, Barclays raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target on the stock in a research note on Monday, January 6th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $36.79.

Corebridge Financial Trading Down 0.1 %

Shares of CRBG stock opened at $31.55 on Wednesday. The firm has a fifty day moving average of $32.72 and a 200-day moving average of $31.32. The stock has a market cap of $17.54 billion, a price-to-earnings ratio of 8.35, a P/E/G ratio of 0.43 and a beta of 0.92. Corebridge Financial has a 52-week low of $23.97 and a 52-week high of $35.36. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. On average, equities research analysts forecast that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors have recently modified their holdings of CRBG. Nippon Life Insurance Co. acquired a new position in Corebridge Financial during the fourth quarter valued at approximately $3,650,151,000. Norges Bank bought a new position in shares of Corebridge Financial during the fourth quarter worth $283,212,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Corebridge Financial by 31.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,961,533 shares of the company’s stock valued at $986,539,000 after buying an additional 7,828,929 shares during the period. Wellington Management Group LLP increased its position in shares of Corebridge Financial by 4,624.2% in the 4th quarter. Wellington Management Group LLP now owns 3,707,960 shares of the company’s stock valued at $110,979,000 after buying an additional 3,629,472 shares in the last quarter. Finally, Pzena Investment Management LLC raised its stake in Corebridge Financial by 222.9% during the 4th quarter. Pzena Investment Management LLC now owns 4,638,455 shares of the company’s stock worth $138,829,000 after buying an additional 3,202,145 shares during the period. 98.25% of the stock is currently owned by institutional investors and hedge funds.

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.