- CRBG -2.52%
Corebridge Financial, Inc. (NYSE:CRBG) is included among the 14 Best Up and Coming Dividend Stocks to Buy.
Morgan Stanley Turns Cautious on Corebridge (CRBG) After Key Transaction Photo by Viacheslav Bublyk on Unsplash
On November 17, Morgan Stanley analyst Bob Huang downgraded Corebridge Financial, Inc. (NYSE:CRBG) from Overweight to Equal Weight, lowering the price target to $33 from $39, as reported by The Fly. Huang cited a “less attractive” outlook for the shares, noting that potential Federal Reserve rate cuts could weigh on the company’s base spread income. He also highlighted fewer near-term catalysts following the completion of Corebridge’s variable annuities (VA) reinsurance transaction.
Corebridge Financial, Inc. (NYSE:CRBG) posted another strong quarter, with its diversified businesses generating $12.3 billion in premiums and deposits, marking a recent high. The holding company ended the quarter with $1.8 billion in liquidity, which includes partial proceeds from the VA reinsurance deal.
The VA transaction has simplified the company’s structure, improved its risk profile, and strengthened earnings quality while supporting long-term growth potential. The capital ratios of Corebridge Financial, Inc. (NYSE:CRBG)’s insurance entities remain above target. During the period, the company returned $509 million to shareholders, including $381 million in share repurchases, representing an 80% year-to-date payout ratio.
Corebridge Financial, Inc. (NYSE:CRBG) offers retirement solutions and insurance products, including annuities, life insurance, and retirement plans for institutional clients.
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