TD Cowen Forecasts Strong Price Appreciation for Corebridge Financial (NYSE:CRBG) Stock

Corebridge Financial (NYSE:CRBG) had its price target increased by TD Cowen from $35.00 to $38.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s price target indicates a potential upside of 20.46% from the stock’s current price.

A number of other brokerages also recently commented on CRBG. Piper Sandler upped their target price on shares of Corebridge Financial from $31.00 to $36.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Jefferies Financial Group raised their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Wells Fargo & Company increased their price objective on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Bank of America reduced their price objective on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, April 14th. Finally, UBS Group boosted their target price on shares of Corebridge Financial from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, July 8th. Nine equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $36.75.

Corebridge Financial Stock Performance

CRBG traded up $0.01 during trading on Wednesday, hitting $31.55. The company’s stock had a trading volume of 838,373 shares, compared to its average volume of 5,158,418. The business’s 50 day simple moving average is $28.66 and its 200-day simple moving average is $27.90. The firm has a market cap of $14.06 billion, a PE ratio of 57.37, a P/E/G ratio of 0.38 and a beta of 1.10. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99. Corebridge Financial has a one year low of $22.19 and a one year high of $36.57.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The company had revenue of $4.08 billion for the quarter, compared to analysts’ expectations of $5.06 billion. During the same period last year, the business earned $1.16 earnings per share. As a group, sell-side analysts predict that Corebridge Financial will post 4.63 EPS for the current fiscal year.

Insider Transactions at Corebridge Financial

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

Institutional Trading of Corebridge Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in CRBG. Salomon & Ludwin LLC boosted its holdings in Corebridge Financial by 179.7% during the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock worth $26,000 after buying an additional 532 shares in the last quarter. Rothschild Investment LLC raised its holdings in Corebridge Financial by 133.3% in the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock valued at $27,000 after acquiring an additional 520 shares during the last quarter. Sonoma Allocations LLC purchased a new stake in Corebridge Financial in the 1st quarter valued at $30,000. True Wealth Design LLC boosted its holdings in Corebridge Financial by 50.2% in the 4th quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock valued at $37,000 after purchasing an additional 412 shares during the last quarter. Finally, Versant Capital Management Inc grew its position in Corebridge Financial by 1,124.2% in 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 during the period. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Company Profile

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.