Corebridge Financial (NYSE:CRBG) Rating Increased to Overweight at Barclays

Corebridge Financial (NYSE:CRBG) was upgraded by research analysts at Barclays from an “equal weight” rating to an “overweight” rating in a research note issued on Monday, MarketBeat Ratings reports. The brokerage presently has a $37.00 price objective on the stock. Barclays‘s price target indicates a potential upside of 18.17% from the company’s current price.

Several other analysts also recently weighed in on CRBG. TD Cowen upped their price objective on Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. DOWLING & PARTN cut shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. Morgan Stanley lifted their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Finally, Piper Sandler increased their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Three research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.15.

Corebridge Financial Price Performance

Shares of NYSE:CRBG opened at $31.31 on Monday. The firm has a 50 day moving average of $30.97 and a 200-day moving average of $29.62. Corebridge Financial has a 12 month low of $23.01 and a 12 month high of $34.66. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. The stock has a market capitalization of $17.81 billion, a PE ratio of -14.98, a PEG ratio of 0.39 and a beta of 0.92.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Monday, November 4th. The company reported $1.38 EPS for the quarter, beating the consensus estimate of $1.17 by $0.21. The business had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The company’s revenue was up 39.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.05 earnings per share. On average, equities research analysts predict that Corebridge Financial will post 4.81 EPS for the current fiscal year.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 121,956,256 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the sale, the insider now directly owns 127,282,642 shares of the company’s stock, valued at approximately $4,005,584,743.74. This represents a 48.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Corebridge Financial

A number of hedge funds have recently bought and sold shares of CRBG. Covestor Ltd boosted its position in Corebridge Financial by 118.8% during the third quarter. Covestor Ltd now owns 1,050 shares of the company’s stock valued at $31,000 after acquiring an additional 570 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Corebridge Financial by 2.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock valued at $625,000 after purchasing an additional 585 shares during the period. Commonwealth Equity Services LLC boosted its position in shares of Corebridge Financial by 2.7% during the 2nd quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock valued at $650,000 after purchasing an additional 597 shares in the last quarter. Xponance Inc. grew its stake in Corebridge Financial by 3.0% during the second quarter. Xponance Inc. now owns 21,037 shares of the company’s stock worth $613,000 after purchasing an additional 612 shares during the period. Finally, Vanguard Personalized Indexing Management LLC increased its holdings in Corebridge Financial by 3.1% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 25,403 shares of the company’s stock worth $740,000 after purchasing an additional 770 shares in the last quarter. Institutional investors 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.