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

Corebridge Financial (NYSE:CRBG) had its target price increased by equities research analysts at Piper Sandler from $36.00 to $38.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price target suggests a potential upside of 13.53% from the stock’s previous close.

Several other equities analysts have also commented on CRBG. Keefe, Bruyette & Woods raised their price objective on Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a research report on Tuesday. Barclays increased their price target on shares of Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. Wells Fargo & Company boosted their price objective on shares of Corebridge Financial from $35.00 to $36.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Bank of America cut their price objective on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, April 14th. Finally, UBS Group raised their target price on shares of Corebridge Financial from $29.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, July 8th. Nine research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $37.17.

Corebridge Financial Stock Up 0.2%

Shares of NYSE:CRBG traded up $0.08 during trading on Wednesday, hitting $33.47. The stock had a trading volume of 2,008,696 shares, compared to its average volume of 5,162,648. The company has a market capitalization of $14.92 billion, a PE ratio of 19.57, a PEG ratio of 0.45 and a beta of 1.08. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14. The firm’s fifty day moving average is $30.19 and its 200 day moving average is $28.10. Corebridge Financial has a 12 month low of $22.19 and a 12 month high of $35.22.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Tuesday, August 4th. The company reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.04. The company had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.During the same period in the previous year, the company posted $1.36 earnings per share. Analysts anticipate that Corebridge Financial will post 4.56 EPS for the current fiscal year.

Insider Activity

In related news, insider David Ditillo sold 12,414 shares of the company’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $34.00, for a total value of $422,076.00. Following the transaction, the insider owned 111,153 shares in the company, valued at $3,779,202. The trade was a 10.05% 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. 0.32% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Pzena Investment Management LLC bought a new position in Corebridge Financial in the 2nd quarter valued at approximately $967,400,000. BlackRock Inc. bought a new stake in shares of Corebridge Financial in the 2nd quarter worth $726,494,000. Norges Bank purchased a new position in shares of Corebridge Financial in the fourth quarter worth $611,550,000. Donald Smith & CO. Inc. purchased a new position in shares of Corebridge Financial in the second quarter worth $168,134,000. Finally, State Street Corp lifted its holdings in shares of Corebridge Financial by 44.3% during the fourth quarter. State Street Corp now owns 11,295,692 shares of the company’s stock valued at $340,791,000 after purchasing an additional 3,465,371 shares in the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Company Profile

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.