Corebridge Financial (NYSE:CRBG) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Corebridge Financial (NYSE:CRBG) had its price target boosted by stock analysts at Wells Fargo & Company from $39.00 to $40.00 in a report issued on Monday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 16.36% from the stock’s previous close.

CRBG has been the topic of several other reports. Keefe, Bruyette & Woods boosted their price objective on shares of Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a report on Tuesday, August 11th. Piper Sandler upped their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an “overweight” rating in a research report on Monday. Weiss Ratings raised shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. Jefferies Financial Group increased their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. Finally, Mizuho lifted their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday, October 7th. Nine research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Corebridge Financial currently has an average rating of “Moderate Buy” and an average price target of $38.83.

Corebridge Financial Price Performance

NYSE:CRBG opened at $34.38 on Monday. Corebridge Financial has a 52 week low of $22.19 and a 52 week high of $35.64. 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 company has a market capitalization of $15.32 billion, a P/E ratio of 7.95, a P/E/G ratio of 0.44 and a beta of 1.07. The stock’s fifty day moving average is $33.80 and its two-hundred day moving average is $30.01.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, beating the consensus estimate of $1.08 by $0.04. The business 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 quarter in the prior year, the company posted $1.36 EPS. Equities analysts expect that Corebridge Financial will post 4.63 EPS for the current year.

Insider Activity at Corebridge Financial

In other Corebridge Financial news, major shareholder Life Insurance Co Nippon purchased 805,782 shares of the company’s stock in a transaction on Monday, September 28th. The stock was acquired at an average price of $34.15 per share, for a total transaction of $27,517,455.30. Following the completion of the purchase, the insider directly owned 125,579,654 shares in the company, valued at approximately $4,288,545,184.10. The trade was a 0.65% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders have acquired 5,493,545 shares of company stock valued at $188,517,295 and have sold 28,895 shares valued at $983,886. 0.32% of the stock is currently owned by company insiders.

Institutional Trading of Corebridge Financial

Hedge funds have recently modified their holdings of the stock. Bell Investment Advisors Inc purchased a new position in Corebridge Financial in the second quarter valued at $27,000. Sonoma Allocations LLC acquired a new stake in Corebridge Financial in the first quarter valued at $30,000. Allworth Financial LP purchased a new stake in Corebridge Financial during the 2nd quarter worth about $41,000. Versant Capital Management Inc lifted its holdings in Corebridge Financial by 1,124.2% during the 2nd quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock worth $46,000 after buying an additional 1,484 shares during the last quarter. Finally, Global Retirement Partners LLC acquired a new position in shares of Corebridge Financial during the 2nd quarter worth about $57,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

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.