Corebridge Financial (NYSE:CRBG) Price Target Raised to $40.00

Corebridge Financial (NYSE:CRBG) had its target price raised by equities researchers at Keefe, Bruyette & Woods from $38.00 to $40.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 31.06% from the company’s previous close.

CRBG has been the topic of several other research reports. Piper Sandler decreased their target price on Corebridge Financial from $35.00 to $31.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 26th. Wells Fargo & Company upped their price objective on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an “overweight” rating in a research note on Thursday. JPMorgan Chase & Co. reduced their target price on shares of Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating for the company in a report on Tuesday, May 12th. UBS Group raised their price objective on shares of Corebridge Financial from $29.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, July 8th. Finally, Barclays upped their price objective on Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. Nine research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.08.

Corebridge Financial Trading Down 0.1%

Shares of CRBG stock opened at $30.52 on Monday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.12 and a current ratio of 0.12. The firm has a market capitalization of $13.61 billion, a P/E ratio of 55.49, a PEG ratio of 0.34 and a beta of 1.10. The stock’s fifty day moving average is $28.08 and its two-hundred day moving average is $27.86. Corebridge Financial has a fifty-two week low of $22.19 and a fifty-two week high of $36.57.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The business had revenue of $4.08 billion during the quarter, compared to analysts’ expectations of $5.06 billion. During the same quarter in the prior year, the firm earned $1.16 EPS. Research analysts expect that Corebridge Financial will post 4.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Corebridge Financial

In other news, insider David Ditillo sold 4,250 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $30.00, for a total transaction of $127,500.00. Following the completion of the transaction, the insider directly owned 128,153 shares of the company’s stock, valued at $3,844,590. This trade represents a 3.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.29% of the stock is currently owned by company insiders.

Institutional Trading of Corebridge Financial

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Goldman Sachs Group Inc. raised its stake in Corebridge Financial by 229.9% during the first quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock worth $41,042,000 after purchasing an additional 905,918 shares during the period. Focus Partners Wealth purchased a new stake in shares of Corebridge Financial during the 1st quarter valued at $384,000. Creative Planning acquired a new stake in shares of Corebridge Financial during the 2nd quarter worth $243,000. EverSource Wealth Advisors LLC raised its position in shares of Corebridge Financial by 58.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,558 shares of the company’s stock worth $162,000 after buying an additional 1,688 shares during the period. Finally, Cerity Partners LLC boosted its holdings in Corebridge Financial by 64.4% in the second quarter. Cerity Partners LLC now owns 92,554 shares of the company’s stock valued at $3,286,000 after acquiring an additional 36,239 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

About Corebridge Financial

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.