Corebridge Financial (NYSE:CRBG – Get Free Report) had its price target hoisted by research analysts at Wells Fargo & Company from $40.00 to $41.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential upside of 13.49% from the stock’s previous close.
A number of other brokerages also recently commented on CRBG. Piper Sandler lifted their target price on Corebridge Financial from $38.00 to $40.00 and gave the company an “overweight” rating in a research note on Monday, October 12th. Mizuho upped their target price on Corebridge Financial from $38.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday, October 7th. TD Cowen increased their price target on Corebridge Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, October 21st. Weiss Ratings raised Corebridge Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 29th. Finally, Keefe, Bruyette & Woods raised their price target on Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a report on Tuesday, August 11th. Nine research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $39.27.
View Our Latest Analysis on CRBG
Corebridge Financial Trading Up 0.6%
NYSE CRBG opened at $36.13 on Thursday. Corebridge Financial has a one year low of $22.19 and a one year high of $36.71. The company has a 50-day simple moving average of $34.63 and a 200-day simple moving average of $30.05. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.12 and a current ratio of 0.12. The firm has a market capitalization of $15.84 billion, a PE ratio of 7.75, a price-to-earnings-growth ratio of 0.52 and a beta of 1.05.
Corebridge Financial (NYSE:CRBG – Get Free Report) last announced its quarterly earnings data on Tuesday, November 3rd. The company reported $1.22 earnings per share for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.01). The business had revenue of $4.50 billion for the quarter, compared to the consensus estimate of $5.36 billion. Corebridge Financial had a net margin of 11.37% and a return on equity of 20.64%. Corebridge Financial’s quarterly revenue was down 20.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.96 EPS. On average, equities analysts forecast that Corebridge Financial will post 4.57 earnings per share for the current year.
Insider Activity at Corebridge Financial
In other Corebridge Financial news, major shareholder Life Insurance Co Nippon acquired 805,782 shares of Corebridge Financial stock in a transaction dated Monday, September 28th. The stock was acquired at an average cost of $34.15 per share, for a total transaction of $27,517,455.30. Following the completion of the transaction, the insider 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. Also, major shareholder Argon Holdco Llc sold 3,227,700 shares of the stock in a transaction that occurred on Friday, November 6th. The stock was sold at an average price of $34.09, for a total value of $110,032,293.00. Following the completion of the transaction, the insider directly owned 44,234,423 shares of the company’s stock, valued at $1,507,951,480.07. This trade represents a 6.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have bought 10,729,538 shares of company stock valued at $369,813,983 and have sold 3,244,181 shares valued at $110,594,103. Insiders own 0.32% of the company’s stock.
Institutional Trading of Corebridge Financial
Several hedge funds have recently added to or reduced their stakes in CRBG. ProShare Advisors LLC boosted its position in Corebridge Financial by 4.7% during the 3rd quarter. ProShare Advisors LLC now owns 9,994 shares of the company’s stock worth $331,000 after acquiring an additional 445 shares during the period. Parallel Advisors LLC grew its stake in shares of Corebridge Financial by 59.8% in the third quarter. Parallel Advisors LLC now owns 1,192 shares of the company’s stock worth $39,000 after purchasing an additional 446 shares in the last quarter. Voya Investment Management LLC grew its stake in shares of Corebridge Financial by 2.5% in the third quarter. Voya Investment Management LLC now owns 21,175 shares of the company’s stock worth $701,000 after purchasing an additional 508 shares in the last quarter. Bessemer Group Inc. grew its stake in shares of Corebridge Financial by 0.4% in the third quarter. Bessemer Group Inc. now owns 129,826 shares of the company’s stock worth $4,300,000 after purchasing an additional 547 shares in the last quarter. Finally, Pictet Asset Management Holding SA increased its holdings in shares of Corebridge Financial by 0.6% during the third quarter. Pictet Asset Management Holding SA now owns 100,478 shares of the company’s stock valued at $3,328,000 after purchasing an additional 580 shares during the period. Institutional investors own 98.25% of the company’s stock.
About Corebridge Financial
Corebridge Financial is a U.S.-based provider of retirement solutions and insurance products. Its offerings include annuities and other individual retirement products, life insurance, and retirement plans and services for employers and their workers. The company also serves institutional clients with products and services such as pension risk-transfer solutions and funding agreements. Its business is organized around individual retirement, group retirement, life insurance, and institutional markets, with products distributed through financial professionals and other channels.
Further Reading
- Five stocks we like better than Corebridge Financial
- The Post-Midterm Rally Clock Is Ticking—and These 3 AI Stocks Stand Out
- Hims & Hers Bounced Back 9%, But Its Earnings Reveal a Costly Trade-Off
- Palantir’s Real Washington Risk Isn’t the Budget—It’s Oversight
- Keeping AI Cool: AAON Rides the AI Heatwave to Record Growth
Receive News & Ratings for Corebridge Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corebridge Financial and related companies with MarketBeat.com's FREE daily email newsletter.
