Evercore ISI Has Lowered Expectations for Corebridge Financial (NYSE:CRBG) Stock Price

Corebridge Financial (NYSE:CRBG) had its price objective dropped by Evercore ISI from $39.00 to $38.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Evercore ISI’s price objective points to a potential upside of 21.44% from the company’s previous close.

CRBG has been the topic of several other research reports. Wall Street Zen raised shares of Corebridge Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. Morgan Stanley reduced their price target on Corebridge Financial from $40.00 to $39.00 and set an “overweight” rating on the stock in a report on Tuesday. Keefe, Bruyette & Woods lifted their price target on Corebridge Financial from $39.00 to $42.00 and gave the stock an “outperform” rating in a report on Wednesday, July 9th. BMO Capital Markets lifted their price target on Corebridge Financial from $43.00 to $44.00 and gave the stock an “outperform” rating in a report on Friday, June 27th. Finally, Piper Sandler lifted their price target on Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a report on Thursday, July 3rd. Nine analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $39.91.

Corebridge Financial Trading Down 2.8%

Shares of CRBG opened at $31.29 on Thursday. Corebridge Financial has a 52-week low of $23.69 and a 52-week high of $36.57. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.86. The firm’s fifty day moving average is $33.44 and its two-hundred day moving average is $32.53. The stock has a market cap of $16.85 billion, a PE ratio of -51.29, a price-to-earnings-growth ratio of 0.56 and a beta of 1.02.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.21. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. The company had revenue of $4.42 billion for the quarter, compared to analysts’ expectations of $4.85 billion. During the same quarter in the previous year, the company posted $1.13 EPS. Research analysts forecast that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Insider Transactions at Corebridge Financial

In related news, major shareholder International Group American sold 1,184,160 shares of the business’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 sale, the insider directly owned 82,711,853 shares in the company, valued at approximately $2,783,253,853.45. The trade was a 1.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.29% of the company’s stock.

Institutional Trading of Corebridge Financial

Several institutional investors and hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC lifted its position in shares of Corebridge Financial by 4,834.7% during the first quarter. GAMMA Investing LLC now owns 20,331 shares of the company’s stock worth $644,000 after purchasing an additional 19,919 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of Corebridge Financial by 194.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 55,962 shares of the company’s stock worth $1,767,000 after buying an additional 36,977 shares during the period. Sound Income Strategies LLC grew its position in shares of Corebridge Financial by 1.8% during the first quarter. Sound Income Strategies LLC now owns 340,121 shares of the company’s stock worth $10,738,000 after acquiring an additional 6,015 shares during the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of Corebridge Financial by 3.4% during the first quarter. Janney Montgomery Scott LLC now owns 39,628 shares of the company’s stock worth $1,251,000 after purchasing an additional 1,287 shares during the period. Finally, Demars Financial Group LLC lifted its holdings in shares of Corebridge Financial by 11.6% during the first quarter. Demars Financial Group LLC now owns 375,936 shares of the company’s stock worth $11,908,000 after purchasing an additional 39,134 shares during the period. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

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.