Corebridge Financial (NYSE:CRBG) Price Target Raised to $39.00

Corebridge Financial (NYSE:CRBG) had its price objective upped by investment analysts at Wells Fargo & Company from $36.00 to $39.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 17.59% from the company’s current price.

Several other analysts have also recently weighed in on CRBG. 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 report on Friday, July 10th. Keefe, Bruyette & Woods boosted their price target on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a report on Tuesday, August 11th. JPMorgan Chase & Co. dropped their price objective on shares of Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 12th. Piper Sandler raised their price objective on shares of Corebridge Financial from $36.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, August 12th. Finally, Barclays lifted their price objective on shares of Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Nine equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Corebridge Financial has an average rating of “Moderate Buy” and an average target price of $37.42.

Corebridge Financial Price Performance

CRBG stock opened at $33.17 on Wednesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. The firm has a market capitalization of $14.78 billion, a P/E ratio of 19.40, a P/E/G ratio of 0.44 and a beta of 1.08. The business’s 50-day moving average is $30.89 and its two-hundred day moving average is $28.22. Corebridge Financial has a 1 year low of $22.19 and a 1 year high of $35.22.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.The business had revenue of $4.30 billion during the quarter, compared to analysts’ expectations of $4.66 billion. During the same quarter last year, the business posted $1.36 EPS. Analysts anticipate that Corebridge Financial will post 4.58 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Corebridge Financial news, insider David Ditillo sold 12,414 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $34.00, for a total transaction of $422,076.00. Following the sale, the insider owned 111,153 shares of the company’s stock, valued at approximately $3,779,202. This trade represents a 10.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.32% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Corebridge Financial

Several large investors have recently bought and sold shares of the stock. Pzena Investment Management LLC acquired a new stake in shares of Corebridge Financial during the second quarter worth about $967,400,000. Vanguard Group Inc. grew its position in shares of Corebridge Financial by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company’s stock worth $818,906,000 after acquiring an additional 311,133 shares during the last quarter. BlackRock Inc. acquired a new position in Corebridge Financial in the second quarter valued at $726,494,000. Norges Bank acquired a new position in Corebridge Financial in the 4th quarter valued at about $611,550,000. Finally, State Street Corp increased its holdings in shares of Corebridge Financial by 44.3% in the fourth quarter. State Street Corp now owns 11,295,692 shares of the company’s stock valued at $340,791,000 after purchasing an additional 3,465,371 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.