Corebridge Financial (NYSE:CRBG) Price Target Raised to $38.00

Corebridge Financial (NYSE:CRBG) had its price objective boosted by equities researchers at Wells Fargo & Company from $35.00 to $38.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 12.32% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a “hold” rating to a “buy” rating and upped their target price for the stock from $33.00 to $40.00 in a research report on Friday, January 10th. DOWLING & PARTN lowered shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Barclays raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price for the company in a research report on Monday, January 6th. BMO Capital Markets began coverage on Corebridge Financial in a research report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price target on the stock. Finally, TD Cowen boosted their price objective on Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.64.

Corebridge Financial Price Performance

Shares of CRBG opened at $33.83 on Wednesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13. The firm has a market cap of $18.81 billion, a PE ratio of 8.95, a PEG ratio of 0.42 and a beta of 0.94. The firm’s 50 day moving average price is $31.53 and its 200 day moving average price is $30.28. Corebridge Financial has a twelve month low of $23.77 and a twelve month high of $34.66.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Wednesday, February 12th. The company reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. As a group, research analysts expect that Corebridge Financial will post 5.47 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder International Group American sold 121,956,256 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the completion of the transaction, the insider now owns 127,282,642 shares in the company, valued at $4,005,584,743.74. This trade represents a 48.93 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.08% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Corebridge Financial during the 3rd quarter worth about $27,000. Fortitude Family Office LLC acquired a new stake in shares of Corebridge Financial during the fourth quarter worth approximately $27,000. FNY Investment Advisers LLC bought a new position in shares of Corebridge Financial in the fourth quarter valued at approximately $27,000. Smartleaf Asset Management LLC raised its stake in shares of Corebridge Financial by 112.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock valued at $27,000 after acquiring an additional 480 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new stake in Corebridge Financial during the 3rd quarter worth approximately $28,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

About Corebridge Financial

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.