Corebridge Financial (NYSE:CRBG) Earns Buy Rating from Analysts at TD Cowen

TD Cowen initiated coverage on shares of Corebridge Financial (NYSE:CRBG) in a report issued on Wednesday, Stock Target Advisor reports. The brokerage set a “buy” rating and a $35.00 price target on the stock. TD Cowen’s price objective would suggest a potential upside of 18.72% from the company’s previous close.

A number of other research firms also recently weighed in on CRBG. Royal Bank of Canada cut their target price on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. UBS Group upped their target price on Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. Jefferies Financial Group upped their target price on Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Bank of America cut their target price on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. Finally, Piper Sandler dropped their price target on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Corebridge Financial currently has an average rating of “Moderate Buy” and a consensus price target of $34.46.

Corebridge Financial Stock Performance

Shares of NYSE CRBG opened at $29.48 on Wednesday. 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 stock has a 50 day simple moving average of $27.89 and a 200-day simple moving average of $28.57. The company has a market cap of $17.94 billion, a PE ratio of 7.76, a P/E/G ratio of 0.39 and a beta of 0.97. Corebridge Financial has a 12-month low of $18.83 and a 12-month high of $34.66.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. The firm had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $5.73 billion. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. During the same period in the prior year, the firm posted $1.04 earnings per share. On average, equities research analysts forecast that Corebridge Financial will post 4.73 EPS for the current year.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 8,032,129 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $24.90, for a total transaction of $200,000,012.10. Following the sale, the insider now directly owns 284,238,898 shares of the company’s stock, valued at $7,077,548,560.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.09% of the company’s stock.

Hedge Funds Weigh In On Corebridge Financial

Institutional investors and hedge funds have recently modified their holdings of the stock. Riverview Trust Co purchased a new position in shares of Corebridge Financial during the 1st quarter valued at $25,000. LRI Investments LLC purchased a new position in shares of Corebridge Financial during the 2nd quarter valued at $30,000. ORG Partners LLC purchased a new position in shares of Corebridge Financial during the 2nd quarter valued at $32,000. Fifth Third Bancorp bought a new stake in Corebridge Financial in the second quarter worth $54,000. Finally, Deseret Mutual Benefit Administrators boosted its holdings in Corebridge Financial by 73.2% in the second quarter. Deseret Mutual Benefit Administrators now owns 2,075 shares of the company’s stock worth $60,000 after purchasing an additional 877 shares in the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

About Corebridge Financial

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.