Corebridge Financial (NYSE:CRBG) Stock Price Expected to Rise, Barclays Analyst Says

Corebridge Financial (NYSE:CRBG) had its price objective boosted by analysts at Barclays from $33.00 to $39.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price target points to a potential upside of 12.84% from the company’s previous close.

A number of other equities analysts have also issued reports on the stock. Keefe, Bruyette & Woods boosted their target price on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 11th. Wells Fargo & Company upped their price objective on shares of Corebridge Financial from $36.00 to $39.00 and gave the company an “overweight” rating in a research report on Wednesday, August 19th. Jefferies Financial Group increased their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Weiss Ratings upgraded Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. Finally, Piper Sandler raised their price objective on Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 12th. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $38.25.

Corebridge Financial Trading Down 1.7%

Shares of NYSE:CRBG opened at $34.56 on Wednesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. The stock’s 50-day moving average is $33.52 and its 200-day moving average is $29.63. The company has a market cap of $15.41 billion, a P/E ratio of 20.28, a P/E/G ratio of 0.45 and a beta of 1.07. Corebridge Financial has a 52-week low of $22.19 and a 52-week high of $35.64.

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

Insider Activity at Corebridge Financial

In other news, major shareholder Life Insurance Co Nippon bought 187,155 shares of the stock in a transaction dated Friday, October 2nd. The shares were acquired at an average price of $34.27 per share, with a total value of $6,413,801.85. Following the acquisition, the insider owned 126,604,050 shares in the company, valued at $4,338,720,793.50. This trade represents a 0.15% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last 90 days, insiders have acquired 4,443,379 shares of company stock valued at $152,298,139 and have sold 28,895 shares valued at $983,886. Corporate insiders own 0.32% of the company’s stock.

Institutional Trading of Corebridge Financial

Hedge funds have recently modified their holdings of the company. Sequoia Financial Advisors LLC raised its holdings in shares of Corebridge Financial by 23.7% in the second quarter. Sequoia Financial Advisors LLC now owns 14,676 shares of the company’s stock valued at $420,000 after buying an additional 2,814 shares during the last quarter. Tidal Investments LLC lifted its position in Corebridge Financial by 42.8% during the 2nd quarter. Tidal Investments LLC now owns 93,351 shares of the company’s stock valued at $2,673,000 after purchasing an additional 27,992 shares during the period. National Pension Service boosted its stake in Corebridge Financial by 83.2% in the second quarter. National Pension Service now owns 20,647 shares of the company’s stock valued at $591,000 after acquiring an additional 9,375 shares during the last quarter. WINTON GROUP Ltd bought a new position in shares of Corebridge Financial in the 2nd quarter worth $1,729,000. Finally, Engineers Gate Manager LP acquired a new stake in shares of Corebridge Financial during the second quarter worth $4,186,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

About Corebridge Financial

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.