Corebridge Financial (NYSE:CRBG) Given New $41.00 Price Target at Wells Fargo & Company

Corebridge Financial (NYSE:CRBG) had its target price lifted by equities research analysts at Wells Fargo & Company from $40.00 to $41.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 13.49% from the company’s current price.

A number of other analysts have also issued reports on the company. Keefe, Bruyette & Woods lifted their target price on Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 11th. Piper Sandler increased their price target on Corebridge Financial from $38.00 to $40.00 and gave the company an “overweight” rating in a report on Monday, October 12th. Barclays increased their price target on Corebridge Financial from $33.00 to $39.00 and gave the company an “overweight” rating in a report on Wednesday, October 7th. UBS Group raised their price objective on Corebridge Financial from $32.00 to $36.00 and gave the company a “neutral” rating in a research note on Tuesday, October 6th. Finally, TD Cowen lifted their price objective on Corebridge Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, October 21st. Nine equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Corebridge Financial has an average rating of “Moderate Buy” and an average target price of $39.27.

Corebridge Financial Price Performance

Shares of CRBG stock opened at $36.13 on Thursday. The company has a market capitalization of $15.84 billion, a PE ratio of 7.75, a price-to-earnings-growth ratio of 0.52 and a beta of 1.05. The firm has a fifty day simple moving average of $34.63 and a 200-day simple moving average of $30.05. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 1.67. Corebridge Financial has a twelve month low of $22.19 and a twelve month high of $36.71.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Tuesday, November 3rd. The company reported $1.22 earnings per share for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.01). The firm had revenue of $4.50 billion for the quarter, compared to analyst estimates of $5.36 billion. Corebridge Financial had a net margin of 11.37% and a return on equity of 20.64%. Corebridge Financial’s revenue for the quarter was down 20.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.96 earnings per share. Equities research analysts anticipate that Corebridge Financial will post 4.57 earnings per share for the current fiscal year.

Insider Transactions at Corebridge Financial

In related news, major shareholder Life Insurance Co Nippon purchased 356,096 shares of Corebridge Financial stock in a transaction dated Tuesday, November 3rd. The shares were acquired at an average price of $36.13 per share, with a total value of $12,865,748.48. Following the completion of the transaction, the insider owned 132,890,209 shares of the company’s stock, valued at approximately $4,801,323,251.17. This trade represents a 0.27% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Argon Holdco Llc sold 3,227,700 shares of the stock in a transaction dated Friday, November 6th. The stock was sold at an average price of $34.09, for a total transaction of $110,032,293.00. Following the transaction, the insider directly owned 44,234,423 shares in the company, valued at $1,507,951,480.07. The trade was a 6.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders bought 10,729,538 shares of company stock worth $369,813,983 and sold 3,244,181 shares worth $110,594,103. Corporate insiders own 0.32% of the company’s stock.

Institutional Trading of Corebridge Financial

Several institutional investors and hedge funds have recently bought and sold shares of the company. ProShare Advisors LLC lifted its holdings in Corebridge Financial by 4.7% during the 3rd quarter. ProShare Advisors LLC now owns 9,994 shares of the company’s stock worth $331,000 after buying an additional 445 shares during the last quarter. Parallel Advisors LLC increased its holdings in shares of Corebridge Financial by 59.8% in the 3rd quarter. Parallel Advisors LLC now owns 1,192 shares of the company’s stock valued at $39,000 after acquiring an additional 446 shares during the last quarter. Voya Investment Management LLC increased its holdings in shares of Corebridge Financial by 2.5% in the 3rd quarter. Voya Investment Management LLC now owns 21,175 shares of the company’s stock valued at $701,000 after acquiring an additional 508 shares during the last quarter. Bessemer Group Inc. raised its position in shares of Corebridge Financial by 0.4% during the 3rd quarter. Bessemer Group Inc. now owns 129,826 shares of the company’s stock valued at $4,300,000 after acquiring an additional 547 shares in the last quarter. Finally, Pictet Asset Management Holding SA raised its position in shares of Corebridge Financial by 0.6% during the 3rd quarter. Pictet Asset Management Holding SA now owns 100,478 shares of the company’s stock valued at $3,328,000 after acquiring an additional 580 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

About Corebridge Financial

Corebridge Financial is a U.S.-based provider of retirement solutions and insurance products. Its offerings include annuities and other individual retirement products, life insurance, and retirement plans and services for employers and their workers. The company also serves institutional clients with products and services such as pension risk-transfer solutions and funding agreements. Its business is organized around individual retirement, group retirement, life insurance, and institutional markets, with products distributed through financial professionals and other channels.