Corebridge Financial (NYSE:CRBG) Shares Down 5% – What’s Next?

Corebridge Financial, Inc. (NYSE:CRBG)’s share price fell 5% on Tuesday . The stock traded as low as $29.96 and last traded at $29.97. 2,964,741 shares changed hands during mid-day trading, a decline of 23% from the average session volume of 3,851,435 shares. The stock had previously closed at $31.55.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. UBS Group upped their price target on Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. Royal Bank of Canada dropped their target price on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Piper Sandler lowered their price target on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. Morgan Stanley raised their target price on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday. Finally, Bank of America reduced their price objective on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Thursday, July 11th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $34.85.

Corebridge Financial Price Performance

The stock’s fifty day moving average price is $29.44 and its 200-day moving average price is $29.05. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14. The firm has a market cap of $17.76 billion, a PE ratio of 9.83, a price-to-earnings-growth ratio of 0.43 and a beta of 0.90.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Monday, November 4th. The company reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.21. The company had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. Corebridge Financial’s quarterly revenue was up 39.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.05 EPS. As a group, equities analysts expect that Corebridge Financial, Inc. will post 4.65 EPS for the current fiscal year.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 5,000,000 shares of the company’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the sale, the insider now owns 279,238,898 shares in the company, valued at $8,058,834,596.28. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.08% of the company’s stock.

Institutional Investors Weigh In On Corebridge Financial

Hedge funds and other institutional investors have recently made changes to their positions in the business. Capital Performance Advisors LLP acquired a new stake in shares of Corebridge Financial in the third quarter valued at about $28,000. ORG Wealth Partners LLC acquired a new stake in Corebridge Financial in the 3rd quarter valued at $29,000. HM Payson & Co. acquired a new position in shares of Corebridge Financial during the third quarter worth about $29,000. LRI Investments LLC acquired a new position in Corebridge Financial during the 2nd quarter worth approximately $30,000. Finally, Covestor Ltd boosted its holdings in Corebridge Financial by 118.8% in the 3rd quarter. Covestor Ltd now owns 1,050 shares of the company’s stock worth $31,000 after acquiring an additional 570 shares during the period. Institutional investors and hedge funds own 98.25% of the company’s stock.

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.