Corebridge Financial (NYSE:CRBG) Price Target Raised to $36.00

Corebridge Financial (NYSE:CRBG) had its target price raised by analysts at Wells Fargo & Company from $35.00 to $36.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 17.97% from the stock’s previous close.

CRBG has been the subject of a number of other reports. Bank of America reduced their price target 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. Piper Sandler dropped their price objective on shares of Corebridge Financial from $35.00 to $31.00 and set an “overweight” rating for the company in a research note on Tuesday, May 26th. Barclays lifted 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. Zacks Research raised shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Corebridge Financial from $31.00 to $38.00 and gave the company an “outperform” rating in a report on Wednesday, May 6th. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $35.09.

Corebridge Financial Stock Performance

CRBG stock traded up $0.67 during midday trading on Thursday, reaching $30.52. 1,261,342 shares of the company were exchanged, compared to its average volume of 5,241,852. The firm has a market capitalization of $13.60 billion, a price-to-earnings ratio of 55.54, a price-to-earnings-growth ratio of 0.34 and a beta of 1.10. The business has a 50-day moving average price of $27.95 and a two-hundred day moving average price of $27.86. Corebridge Financial has a one year low of $22.19 and a one year high of $36.57. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Wednesday, May 6th. The company reported $1.05 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 firm had revenue of $4.08 billion during the quarter, compared to the consensus estimate of $5.06 billion. During the same period in the previous year, the firm earned $1.16 earnings per share. Equities research analysts forecast that Corebridge Financial will post 4.75 EPS for the current year.

Insiders Place Their Bets

In other Corebridge Financial news, insider David Ditillo sold 4,250 shares of the business’s stock in a transaction that occurred on 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 directly 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 document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On Corebridge Financial

Several large investors have recently bought and sold shares of CRBG. State of Michigan Retirement System bought a new stake in shares of Corebridge Financial during the fourth quarter valued at approximately $2,130,000. Russell Investments Group Ltd. raised its stake in shares of Corebridge Financial by 19.3% during the third quarter. Russell Investments Group Ltd. now owns 1,518,492 shares of the company’s stock worth $48,712,000 after purchasing an additional 245,695 shares during the last quarter. Yousif Capital Management LLC increased its position in Corebridge Financial by 873.3% during the 4th quarter. Yousif Capital Management LLC now owns 88,066 shares of the company’s stock worth $2,591,000 after purchasing an additional 79,018 shares in the last quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund purchased a new stake in Corebridge Financial during the fourth quarter valued at about $5,358,000. Finally, Retirement Systems of Alabama increased its holdings in shares of Corebridge Financial by 241.4% in the 4th quarter. Retirement Systems of Alabama now owns 453,751 shares of the company’s stock valued at $13,690,000 after acquiring an additional 320,851 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors.

About Corebridge Financial

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.