Wells Fargo & Company Issues Pessimistic Forecast for Corebridge Financial (NYSE:CRBG) Stock Price

Corebridge Financial (NYSE:CRBG) had its price objective cut by equities research analysts at Wells Fargo & Company from $37.00 to $35.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 13.82% from the company’s current price.

CRBG has been the subject of several other research reports. Morgan Stanley raised their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. DOWLING & PARTN lowered Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. Piper Sandler upped their price target on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. TD Cowen increased their price target on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Finally, Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $33.00 to $40.00 in a research report on Friday, January 10th. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $35.92.

Corebridge Financial Price Performance

CRBG stock opened at $30.75 on Tuesday. The business’s fifty day moving average price is $30.87 and its 200 day moving average price is $29.66. Corebridge Financial has a 12-month low of $23.01 and a 12-month high of $34.66. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $17.49 billion, a PE ratio of -14.71, a P/E/G ratio of 0.39 and a beta of 0.86.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The company had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period in the prior year, the firm earned $1.05 earnings per share. The business’s revenue for the quarter was up 39.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Corebridge Financial will post 4.82 EPS for the current year.

Insider Activity at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of Corebridge Financial 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 transaction, the insider now owns 127,282,642 shares of the company’s stock, valued at $4,005,584,743.74. The trade was a 48.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Corebridge Financial

A number of institutional investors have recently modified their holdings of CRBG. Public Employees Retirement System of Ohio grew its position in Corebridge Financial by 11.3% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 167,038 shares of the company’s stock worth $4,871,000 after purchasing an additional 16,970 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of Corebridge Financial during the third quarter worth about $581,000. State Street Corp grew its holdings in shares of Corebridge Financial by 11.7% during the third quarter. State Street Corp now owns 8,035,438 shares of the company’s stock worth $234,313,000 after buying an additional 843,559 shares during the last quarter. First Hawaiian Bank acquired a new position in Corebridge Financial in the 4th quarter valued at about $1,168,000. Finally, Qsemble Capital Management LP purchased a new stake in Corebridge Financial during the 3rd quarter valued at approximately $2,370,000. 98.25% of the stock is owned by institutional investors and hedge funds.

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.