Corebridge Financial (NYSE:CRBG) Price Target Raised to $36.00

Corebridge Financial (NYSE:CRBG) had its target price increased by investment analysts at Piper Sandler from $31.00 to $36.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price target suggests a potential upside of 17.21% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on the company. UBS Group boosted their price objective on Corebridge Financial from $29.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, July 8th. Wells Fargo & Company lifted their target price on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. Zacks Research upgraded shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Bank of America decreased their price target on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, April 14th. Finally, Jefferies Financial Group lifted their price objective 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. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $36.50.

Corebridge Financial Stock Down 0.3%

CRBG opened at $30.71 on Wednesday. Corebridge Financial has a one year low of $22.19 and a one year high of $36.57. 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 stock has a market capitalization of $13.69 billion, a P/E ratio of 55.85, a price-to-earnings-growth ratio of 0.35 and a beta of 1.10. The business’s 50-day simple moving average is $28.20 and its 200-day simple moving average is $27.86.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). The firm had revenue of $4.08 billion during the quarter, compared to analyst estimates of $5.06 billion. Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. During the same period last year, the company earned $1.16 earnings per share. Analysts anticipate that Corebridge Financial will post 4.7 EPS for the current year.

Insider Activity at Corebridge Financial

In related news, insider David Ditillo sold 4,250 shares of the stock in a transaction on Monday, July 6th. The stock was sold at an average price of $30.00, for a total transaction of $127,500.00. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.29% of the stock is owned by company insiders.

Institutional Trading of Corebridge Financial

Hedge funds and other institutional investors have recently made changes to their positions in the company. Salomon & Ludwin LLC raised its holdings in Corebridge Financial by 179.7% during the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock worth $26,000 after purchasing an additional 532 shares in the last quarter. Rothschild Investment LLC lifted its holdings in shares of Corebridge Financial by 133.3% in the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock valued at $27,000 after buying an additional 520 shares during the period. Sonoma Allocations LLC acquired a new stake in shares of Corebridge Financial in the 1st quarter valued at approximately $30,000. True Wealth Design LLC boosted its stake in shares of Corebridge Financial by 50.2% in the fourth quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock valued at $37,000 after buying an additional 412 shares in the last quarter. Finally, Versant Capital Management Inc grew its holdings in Corebridge Financial by 1,124.2% during the second quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock worth $46,000 after acquiring an additional 1,484 shares during the period. Hedge funds and other institutional investors own 98.25% of the company’s stock.

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.