Corebridge Financial’s (CRBG) “Equal Weight” Rating Reaffirmed at Morgan Stanley

Corebridge Financial (NYSE:CRBG)‘s stock had its “equal weight” rating restated by investment analysts at Morgan Stanley in a research note issued to investors on Monday,Benzinga reports. They currently have a $33.00 price target on the stock, down from their prior price target of $39.00. Morgan Stanley’s price objective points to a potential upside of 13.40% from the company’s current price.

CRBG has been the topic of several other reports. Barclays decreased their target price on shares of Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 8th. Wolfe Research began coverage on shares of Corebridge Financial in a research report on Friday, October 10th. They issued a “peer perform” rating on the stock. Wells Fargo & Company lowered their price objective on shares of Corebridge Financial from $44.00 to $43.00 and set an “overweight” rating for the company in a research note on Wednesday, November 5th. Keefe, Bruyette & Woods dropped their target price on shares of Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating for the company in a report on Thursday, October 9th. Finally, Wall Street Zen upgraded Corebridge Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Nine research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.18.

Corebridge Financial Trading Down 0.1%

Shares of CRBG stock opened at $29.10 on Monday. The stock has a market capitalization of $15.15 billion, a PE ratio of 17.32, a P/E/G ratio of 0.40 and a beta of 1.02. Corebridge Financial has a 1-year low of $23.69 and a 1-year high of $36.57. The business has a 50-day moving average of $31.90 and a 200 day moving average of $33.04. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.13 and a quick ratio of 0.13.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.12). Corebridge Financial had a return on equity of 19.90% and a net margin of 5.01%.The company had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $4.85 billion. During the same period last year, the firm earned $1.23 earnings per share. Corebridge Financial’s revenue for the quarter was up 34.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Corebridge Financial will post 5.43 earnings per share for the current year.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 1,184,160 shares of the firm’s stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $33.65, for a total value of $39,846,984.00. Following the completion of the sale, the insider directly owned 82,711,853 shares in the company, valued at $2,783,253,853.45. This trade represents a 1.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.29% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. IFP Advisors Inc lifted its stake in shares of Corebridge Financial by 1,223.6% in the 2nd quarter. IFP Advisors Inc now owns 728 shares of the company’s stock valued at $26,000 after purchasing an additional 673 shares during the period. Allworth Financial LP bought a new position in Corebridge Financial in the second quarter worth $26,000. Community Bank N.A. purchased a new position in Corebridge Financial during the third quarter valued at $26,000. Smartleaf Asset Management LLC lifted its position in Corebridge Financial by 83.6% during the third quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock valued at $27,000 after buying an additional 377 shares during the period. Finally, Assetmark Inc. boosted its holdings in shares of Corebridge Financial by 60.9% during the 2nd quarter. Assetmark Inc. now owns 941 shares of the company’s stock valued at $33,000 after buying an additional 356 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Company Profile

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.