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

Corebridge Financial (NYSE:CRBG) had its price target upped by research analysts at Barclays from $30.00 to $33.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s price objective would indicate a potential upside of 6.20% from the stock’s previous close.

CRBG has been the subject of several other research reports. Piper Sandler dropped their price target 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. TD Cowen reduced their price objective on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday, March 10th. Bank of America decreased their target price on Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, April 14th. Keefe, Bruyette & Woods boosted their target price on Corebridge Financial from $31.00 to $38.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 6th. Finally, JPMorgan Chase & Co. cut their price target on Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating on the stock in a report on Tuesday, May 12th. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, Corebridge Financial has a consensus rating of “Moderate Buy” and an average target price of $34.64.

Corebridge Financial Stock Up 0.9%

Shares of NYSE CRBG traded up $0.26 during midday trading on Tuesday, hitting $31.07. The company’s stock had a trading volume of 142,841 shares, compared to its average volume of 5,257,521. The business’s fifty day simple moving average is $27.71 and its two-hundred day simple moving average is $27.87. 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 has a 1 year low of $22.19 and a 1 year high of $36.57. The firm has a market capitalization of $13.85 billion, a price-to-earnings ratio of 56.59, a price-to-earnings-growth ratio of 0.33 and a beta of 1.10.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). The business had revenue of $4.08 billion during the quarter, compared to analyst estimates of $5.06 billion. Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. During the same quarter last year, the firm posted $1.16 EPS. On average, equities analysts predict that Corebridge Financial will post 4.75 EPS for the current year.

Institutional Investors Weigh In On Corebridge Financial

Several institutional investors have recently modified their holdings of CRBG. Goldman Sachs Group Inc. increased its holdings in Corebridge Financial by 229.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock valued at $41,042,000 after buying an additional 905,918 shares during the last quarter. Focus Partners Wealth purchased a new stake in Corebridge Financial during the 1st quarter worth about $384,000. Creative Planning purchased a new stake in Corebridge Financial during the 2nd quarter worth about $243,000. EverSource Wealth Advisors LLC boosted its position in shares of Corebridge Financial by 58.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,558 shares of the company’s stock worth $162,000 after acquiring an additional 1,688 shares in the last quarter. Finally, Cerity Partners LLC boosted its position in shares of Corebridge Financial by 64.4% during the 2nd quarter. Cerity Partners LLC now owns 92,554 shares of the company’s stock worth $3,286,000 after acquiring an additional 36,239 shares in the last quarter. 98.25% of the stock is owned by hedge funds and other 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.