Corebridge Financial (NYSE:CRBG) Given New $36.00 Price Target at Barclays

by · The Markets Daily

Corebridge Financial (NYSE:CRBG – Free Report) had its price target boosted by Barclays from $34.00 to $36.00 in a research report sent to investors on Tuesday, Benzinga reports. They currently have an equal weight rating on the stock.

Several other analysts also recently weighed in on CRBG. Bank of America dropped their target price on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Thursday, July 11th. Royal Bank of Canada dropped their price objective on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. UBS Group upped their price objective on shares of Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. TD Cowen started coverage on shares of Corebridge Financial in a report on Wednesday, October 9th. They issued a “buy” rating and a $35.00 price objective on the stock. Finally, Morgan Stanley upped their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $34.85.

Read Our Latest Stock Analysis on Corebridge Financial

Corebridge Financial Stock Down 5.0 %

NYSE:CRBG opened at $29.99 on Tuesday. The company has a market cap of $17.75 billion, a PE ratio of 9.34, a P/E/G ratio of 0.43 and a beta of 0.90. Corebridge Financial has a twelve month low of $18.83 and a twelve month high of $34.66. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.97. The company’s 50 day moving average is $29.46 and its two-hundred day moving average is $29.07.

Corebridge Financial (NYSE:CRBG – Get Free Report) last released its earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.21. The company had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. Corebridge Financial’s revenue was up 39.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.05 EPS. Analysts anticipate that Corebridge Financial will post 4.65 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder International Group American sold 5,000,000 shares of the stock in a transaction on Monday, September 16th. The shares were sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the sale, the insider now directly owns 279,238,898 shares of the company’s stock, valued at approximately $8,058,834,596.28. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.08% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Corebridge Financial

A number of large investors have recently added to or reduced their stakes in CRBG. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in Corebridge Financial during the first quarter worth $16,489,000. Commonwealth Equity Services LLC raised its position in Corebridge Financial by 5.6% during the first quarter. Commonwealth Equity Services LLC now owns 21,725 shares of the company’s stock worth $624,000 after acquiring an additional 1,149 shares during the period. Daiwa Securities Group Inc. raised its position in Corebridge Financial by 43.8% during the first quarter. Daiwa Securities Group Inc. now owns 54,200 shares of the company’s stock worth $1,557,000 after acquiring an additional 16,500 shares during the period. Mediolanum International Funds Ltd acquired a new position in Corebridge Financial during the first quarter worth $1,927,000. Finally, Envestnet Portfolio Solutions Inc. acquired a new position in Corebridge Financial during the first quarter worth $251,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Company Profile

(Get Free Report)

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.

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