TD Cowen Forecasts Strong Price Appreciation for Corebridge Financial (NYSE:CRBG) Stock

Corebridge Financial (NYSE:CRBG) had its price objective raised by equities researchers at TD Cowen from $38.00 to $40.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. TD Cowen’s price objective points to a potential upside of 13.23% from the stock’s previous close.

Several other research firms have also commented on CRBG. Mizuho boosted their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 7th. Keefe, Bruyette & Woods upped their price target on Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a report on Tuesday, August 11th. Wells Fargo & Company increased their price objective on Corebridge Financial from $39.00 to $40.00 and gave the company an “overweight” rating in a research report on Monday, October 12th. UBS Group lifted their price objective on Corebridge Financial from $32.00 to $36.00 and gave the stock a “neutral” rating in a report on Tuesday, October 6th. Finally, Piper Sandler boosted their target price on Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a research report on Monday, October 12th. Nine analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $39.00.

Corebridge Financial Stock Up 1.1%

Corebridge Financial stock opened at $35.33 on Wednesday. Corebridge Financial has a 12-month low of $22.19 and a 12-month high of $35.64. The company has a market capitalization of $15.75 billion, a PE ratio of 20.46, a PEG ratio of 0.49 and a beta of 1.07. 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 firm’s fifty day moving average is $33.86 and its 200 day moving average is $30.40.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.04. The firm had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.66 billion. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. During the same period in the prior year, the firm earned $1.36 EPS. As a group, sell-side analysts predict that Corebridge Financial will post 4.59 EPS for the current fiscal year.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder Life Insurance Co Nippon purchased 805,782 shares of the company’s stock in a transaction dated Monday, September 28th. The shares were purchased at an average cost of $34.15 per share, for a total transaction of $27,517,455.30. Following the purchase, the insider directly owned 125,579,654 shares in the company, valued at approximately $4,288,545,184.10. This represents a 0.65% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last quarter, insiders acquired 7,687,432 shares of company stock worth $263,349,130 and sold 28,895 shares worth $983,886. 0.32% of the stock is owned by insiders.

Institutional Trading of Corebridge Financial

A number of hedge funds have recently bought and sold shares of CRBG. Wellington Management Group LLP bought a new stake in shares of Corebridge Financial during the 2nd quarter valued at about $99,469,000. WINTON GROUP Ltd purchased a new stake in shares of Corebridge Financial during the 2nd quarter valued at about $1,729,000. Nykredit A S bought a new position in shares of Corebridge Financial in the 2nd quarter worth approximately $1,347,000. Man Group plc bought a new position in shares of Corebridge Financial in the 2nd quarter worth approximately $1,089,000. Finally, Public Employees Retirement System of Ohio bought a new position in shares of Corebridge Financial in the 2nd quarter worth approximately $2,744,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Company Profile

Corebridge Financial, Inc (NYSE: CRBG) is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers and institutions through offerings designed to support retirement savings, income planning and financial protection.

Its products and services include individual and group retirement plans, annuities, life insurance and institutional retirement solutions. Corebridge also provides investment and administrative services associated with retirement plans, helping employers and employees manage long-term savings and retirement income needs.

Corebridge was established through the separation of American International Group’s (AIG) Life and Retirement business and began operating as an independent publicly traded company in 2022.