Corebridge Financial (NYSE:CRBG) Hits New 52-Week Low at $16.40

Corebridge Financial, Inc. (NYSE:CRBG – Get Rating) shares reached a new 52-week low on Wednesday . The company traded as low as $16.40 and last traded at $16.51, with a volume of 284915 shares. The stock had previously closed at $17.24.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Morgan Stanley raised their target price on shares of Corebridge Financial from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 17th. Credit Suisse Group downgraded shares of Corebridge Financial from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $26.00 to $23.00 in a report on Friday, January 13th. Finally, Wells Fargo & Company raised their price target on shares of Corebridge Financial from $27.00 to $28.00 and gave the stock an “overweight” rating in a report on Wednesday, February 22nd. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Corebridge Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.91.

Corebridge Financial Price Performance

The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.16 and a current ratio of 0.16. The business’s fifty day moving average is $20.49.

Corebridge Financial (NYSE:CRBG – Get Rating) last posted its earnings results on Friday, February 17th. The company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.17. The company had revenue of $5.34 billion during the quarter, compared to analyst estimates of $5.28 billion. Equities analysts expect that Corebridge Financial, Inc. will post 3.77 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Friday, March 17th will be paid a $0.23 dividend. The ex-dividend date is Thursday, March 16th. This represents a $0.92 annualized dividend and a dividend yield of 5.56%.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors have recently modified their holdings of CRBG. MetLife Investment Management LLC acquired a new position in shares of Corebridge Financial in the fourth quarter worth $33,000. Advisor Group Holdings Inc. acquired a new position in shares of Corebridge Financial in the fourth quarter worth $35,000. Steward Partners Investment Advisory LLC acquired a new position in shares of Corebridge Financial in the fourth quarter worth $41,000. Cubist Systematic Strategies LLC acquired a new position in shares of Corebridge Financial in the third quarter worth $85,000. Finally, SG Americas Securities LLC acquired a new position in shares of Corebridge Financial in the fourth quarter worth $123,000. Institutional investors and hedge funds own 22.16% of the company’s stock.

About Corebridge Financial

(Get Rating)

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. It 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.