Morgan Stanley Issues Positive Forecast for Corebridge Financial (NYSE:CRBG) Stock Price

Corebridge Financial (NYSE:CRBG) had its price target hoisted by Morgan Stanley from $32.00 to $37.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s price objective would indicate a potential upside of 13.39% from the stock’s current price.

Several other analysts also recently issued reports on CRBG. UBS Group downgraded Corebridge Financial from a “buy” rating to a “sell” rating and decreased their target price for the company from $40.00 to $28.00 in a research note on Wednesday, April 2nd. Piper Sandler increased their price target on Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, April 2nd. Keefe, Bruyette & Woods upped their price objective on Corebridge Financial from $37.00 to $39.00 and gave the stock an “outperform” rating in a report on Wednesday, May 7th. Barclays increased their price objective on shares of Corebridge Financial from $36.00 to $38.00 and gave the company an “overweight” rating in a research report on Tuesday, May 6th. Finally, Wells Fargo & Company increased their price target on shares of Corebridge Financial from $35.00 to $37.00 and gave the company an “overweight” rating in a report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $37.00.

Corebridge Financial Stock Performance

CRBG traded down $0.15 during mid-day trading on Monday, reaching $32.63. 230,628 shares of the company traded hands, compared to its average volume of 3,399,348. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16. Corebridge Financial has a 52-week low of $23.69 and a 52-week high of $35.36. The stock has a market capitalization of $17.96 billion, a P/E ratio of 8.65, a P/E/G ratio of 0.43 and a beta of 1.01. The company’s fifty day moving average price is $30.11 and its 200-day moving average price is $31.15.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Monday, May 5th. The company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.01. Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. The company had revenue of $4.74 billion for the quarter, compared to analysts’ expectations of $5.28 billion. During the same quarter in the previous year, the company earned $1.10 EPS. On average, sell-side analysts expect that Corebridge Financial will post 5.43 EPS for the current year.

Institutional Trading of Corebridge Financial

A number of hedge funds have recently bought and sold shares of the stock. Nippon Life Insurance Co. purchased a new position in shares of Corebridge Financial in the 4th quarter worth approximately $3,650,151,000. Price T Rowe Associates Inc. MD grew its holdings in Corebridge Financial by 31.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,961,533 shares of the company’s stock worth $986,539,000 after purchasing an additional 7,828,929 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Corebridge Financial by 1.4% during the first quarter. Vanguard Group Inc. now owns 24,249,948 shares of the company’s stock worth $765,571,000 after purchasing an additional 324,692 shares in the last quarter. Norges Bank purchased a new stake in shares of Corebridge Financial during the 4th quarter valued at $283,212,000. Finally, AQR Capital Management LLC lifted its holdings in shares of Corebridge Financial by 50.0% during the 1st quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company’s stock valued at $258,880,000 after purchasing an additional 2,780,764 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

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.