UBS Group Forecasts Strong Price Appreciation for Corebridge Financial (NYSE:CRBG) Stock

Corebridge Financial (NYSE:CRBG – Get Free Report) had its price objective increased by equities research analysts at UBS Group from $32.00 to $36.00 in a report released on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. UBS Group’s target price indicates a potential upside of 4.70% from the company’s previous close.

CRBG has been the topic of a number of other research reports. Wells Fargo & Company increased their price objective on Corebridge Financial from $36.00 to $39.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 19th. Barclays boosted their target price on Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Weiss Ratings raised Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a report on Thursday, August 6th. Jefferies Financial Group raised their price target on Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a report on Friday, July 10th. Finally, Keefe, Bruyette & Woods lifted their price target on Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a research report on Tuesday, August 11th. Nine equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, Corebridge Financial presently has an average rating of “Moderate Buy” and a consensus target price of $38.58.

Read Our Latest Stock Analysis on CRBG

Corebridge Financial Price Performance

Shares of NYSE:CRBG opened at $34.38 on Tuesday. The company has a 50 day moving average of $33.57 and a 200 day moving average of $29.71. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14. The stock has a market cap of $15.33 billion, a P/E ratio of 20.11, a P/E/G ratio of 0.45 and a beta of 1.07. Corebridge Financial has a 12 month low of $22.19 and a 12 month high of $35.64.

Corebridge Financial (NYSE:CRBG – Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.04. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The business had revenue of $4.30 billion for the quarter, compared to analysts’ expectations of $4.66 billion. During the same period in the prior year, the company posted $1.36 EPS. As a group, sell-side analysts forecast that Corebridge Financial will post 4.64 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Life Insurance Co Nippon purchased 65,711 shares of the company’s stock in a transaction on Monday, October 5th. The stock was purchased at an average price of $34.75 per share, with a total value of $2,283,457.25. Following the completion of the purchase, the insider directly owned 126,669,761 shares in the company, valued at approximately $4,401,774,194.75. This trade represents a 0.05% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In the last quarter, insiders bought 4,509,090 shares of company stock worth $154,581,597 and sold 28,895 shares worth $983,886. 0.32% of the stock is owned by insiders.

Hedge Funds Weigh In On Corebridge Financial

Institutional investors have recently modified their holdings of the company. Bell Investment Advisors Inc bought a new stake in Corebridge Financial in the 2nd quarter worth approximately $27,000. Sonoma Allocations LLC bought a new position in Corebridge Financial during the first quarter valued at approximately $30,000. Allworth Financial LP bought a new position in Corebridge Financial during the second quarter valued at approximately $41,000. Versant Capital Management Inc raised its stake in shares of Corebridge Financial by 1,124.2% during the second quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock worth $46,000 after acquiring an additional 1,484 shares in the last quarter. Finally, Global Retirement Partners LLC purchased a new position in shares of Corebridge Financial during the second quarter worth approximately $57,000. 98.25% of the stock is currently owned by institutional investors.

Key Stories Impacting Corebridge Financial

Here are the key news stories impacting Corebridge Financial this week:

  • Positive Sentiment: Analysts raised price targets. Mizuho lifted its target from $38 to $40 and maintained an “outperform” rating, while Barclays raised its target from $33 to $39 and retained an “overweight” rating. The revisions imply further upside and reflect increased analyst confidence in CRBG’s outlook.
  • Positive Sentiment: Major shareholder continues aggressive buying. Life Insurance Co. Nippon purchased 65,711 shares at an average of $34.75 on October 5, following purchases of 187,155 shares at $34.27 on October 2 and 272,208 shares at $33.07 on October 1. Across the disclosed purchases since September 18, Nippon has accumulated more than 3.1 million shares, bringing its direct ownership to approximately 126.7 million shares. The repeated buying can be interpreted as a strong vote of confidence in Corebridge’s value. SEC ownership filing
  • Neutral Sentiment: UBS raised its target but remained cautious. UBS increased its price target from $32 to $36 while keeping a “neutral” rating, indicating modest expected upside but no strong change in its investment stance. UBS Corebridge Financial price target article
  • Negative Sentiment: Fundamental risks remain. Corebridge’s latest earnings beat estimates, but revenue fell short of expectations and earnings were below the prior-year quarter. The company’s low valuation and approximately 2.8% dividend yield may support the shares, but slowing year-over-year profitability could limit the rally if future results disappoint.

Corebridge Financial Company Profile

(Get Free Report)

Corebridge Financial, Inc (NYSE: CRBG) is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers and institutional clients through businesses focused on retirement services, life insurance and institutional markets.

Its offerings include fixed, variable and registered index-linked annuities; individual life insurance; employer-sponsored retirement plans; and investment, funding and risk-management solutions for institutions.

Further Reading

Analyst Recommendations for Corebridge Financial (NYSE:CRBG)

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