Barclays Issues Positive Forecast for Corebridge Financial (NYSE:CRBG) Stock Price

by · The Markets Daily

Corebridge Financial (NYSE:CRBG – Get Free Report) had its target price upped by stock analysts at Barclays from $33.00 to $39.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s price target suggests a potential upside of 12.84% from the stock’s current price.

Several other brokerages have also issued reports on CRBG. UBS Group boosted their price target on shares of Corebridge Financial from $32.00 to $36.00 and gave the company a “neutral” rating in a report on Tuesday. Jefferies Financial Group raised their price objective on Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. Keefe, Bruyette & Woods lifted their target price on Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a report on Tuesday, August 11th. Mizuho boosted their target price on Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a research note on Thursday, July 9th. Finally, Wells Fargo & Company increased their price target on Corebridge Financial from $36.00 to $39.00 and gave the stock an “overweight” rating in a report on Wednesday, August 19th. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Corebridge Financial has an average rating of “Moderate Buy” and an average price target of $38.25.

Read Our Latest Research Report on CRBG

Corebridge Financial Stock Down 1.7%

Corebridge Financial stock opened at $34.56 on Wednesday. The firm has a market capitalization of $15.41 billion, a price-to-earnings ratio of 20.28, a PEG ratio of 0.45 and a beta of 1.07. The company’s 50 day simple moving average is $33.52 and its 200 day simple moving average is $29.63. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. Corebridge Financial has a fifty-two week low of $22.19 and a fifty-two week high of $35.64.

Corebridge Financial (NYSE:CRBG – Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, beating the consensus estimate of $1.08 by $0.04. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The firm had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter in the prior year, the firm earned $1.36 earnings per share. As a group, sell-side analysts anticipate that Corebridge Financial will post 4.62 EPS for the current year.

Insider Activity

In other news, major shareholder Life Insurance Co Nippon bought 805,782 shares of the company’s stock in a transaction that occurred on Monday, September 28th. The shares were acquired at an average price of $34.15 per share, with a total value of $27,517,455.30. Following the transaction, the insider owned 125,579,654 shares in the company, valued at $4,288,545,184.10. This represents a 0.65% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last ninety days, insiders bought 4,443,379 shares of company stock worth $152,298,139 and sold 28,895 shares worth $983,886. Insiders own 0.32% of the company’s stock.

Institutional Investors Weigh In On Corebridge Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pzena Investment Management LLC acquired a new position in Corebridge Financial during the second quarter worth $967,400,000. BlackRock Inc. bought a new stake in Corebridge Financial during the second quarter worth $726,494,000. Donald Smith & CO. Inc. acquired a new stake in Corebridge Financial in the second quarter valued at $168,134,000. Davis Asset Management L.P. acquired a new stake in Corebridge Financial in the second quarter valued at $166,054,000. Finally, Wellington Management Group LLP bought a new position in shares of Corebridge Financial in the 2nd quarter valued at about $99,469,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

About Corebridge Financial

(Get Free Report)

Corebridge Financial, Inc (NYSE: CRBG) is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers and institutional clients through businesses focused on retirement services, life insurance and institutional markets.

Its offerings include fixed, variable and registered index-linked annuities; individual life insurance; employer-sponsored retirement plans; and investment, funding and risk-management solutions for institutions.

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