Corebridge Financial (NYSE:CRBG) Stock Price Expected to Rise, UBS Group Analyst Says

Corebridge Financial (NYSE:CRBGGet Free Report) had its target price raised by research analysts at UBS Group from $29.00 to $32.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. UBS Group’s price objective points to a potential upside of 7.51% from the stock’s previous close.

Several other analysts also recently commented on CRBG. TD Cowen lowered their price objective on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Tuesday, March 10th. Keefe, Bruyette & Woods lifted their target price on Corebridge Financial from $31.00 to $38.00 and gave the company an “outperform” rating in a research report on Wednesday, May 6th. Mizuho increased their price target on Corebridge Financial from $31.00 to $35.00 and gave the company an “outperform” rating in a research report on Thursday, May 7th. Wells Fargo & Company raised their price objective on Corebridge Financial from $32.00 to $35.00 and gave the company an “overweight” rating in a research note on Tuesday, May 12th. Finally, Zacks Research raised shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. Eight investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.91.

Read Our Latest Stock Analysis on CRBG

Corebridge Financial Price Performance

CRBG stock traded down $0.84 during midday trading on Wednesday, reaching $29.77. 1,586,391 shares of the stock were exchanged, compared to its average volume of 5,258,167. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12. The stock has a market capitalization of $13.27 billion, a PE ratio of 53.99, a P/E/G ratio of 0.34 and a beta of 1.10. Corebridge Financial has a 52 week low of $22.19 and a 52 week high of $36.57. The company has a fifty day moving average price of $27.88 and a 200 day moving average price of $27.87.

Corebridge Financial (NYSE:CRBGGet Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The business had revenue of $4.08 billion for the quarter, compared to the consensus estimate of $5.06 billion. During the same period in the previous year, the business posted $1.16 EPS. As a group, analysts expect that Corebridge Financial will post 4.75 EPS for the current fiscal year.

Insiders Place Their Bets

In other Corebridge Financial news, insider David Ditillo sold 4,250 shares of the firm’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $30.00, for a total value of $127,500.00. Following the completion of the sale, the insider directly owned 128,153 shares in the company, valued at $3,844,590. This trade represents a 3.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.29% of the stock is currently owned by company insiders.

Institutional Trading of Corebridge Financial

Several institutional investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. boosted its position in Corebridge Financial by 229.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock worth $41,042,000 after purchasing an additional 905,918 shares during the last quarter. Focus Partners Wealth bought a new position in shares of Corebridge Financial in the 1st quarter worth approximately $384,000. Creative Planning bought a new stake in Corebridge Financial during the second quarter valued at approximately $243,000. EverSource Wealth Advisors LLC raised its position in Corebridge Financial by 58.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,558 shares of the company’s stock worth $162,000 after acquiring an additional 1,688 shares during the period. Finally, Cerity Partners LLC boosted its stake in shares of Corebridge Financial by 64.4% during the 2nd quarter. Cerity Partners LLC now owns 92,554 shares of the company’s stock worth $3,286,000 after acquiring an additional 36,239 shares during the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Corebridge Financial (NYSE:CRBG)

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