Corebridge Financial, Inc. (NYSE:CRBG) Receives $34.46 Average Target Price from Analysts

Corebridge Financial, Inc. (NYSE:CRBG) has been given an average recommendation of “Moderate Buy” by the thirteen brokerages that are currently covering the company, MarketBeat.com reports. Three analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $34.46.

A number of research analysts recently issued reports on CRBG shares. Morgan Stanley lowered their target price on shares of Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Monday, August 19th. Piper Sandler cut their price objective on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. TD Cowen began coverage on shares of Corebridge Financial in a report on Wednesday, October 9th. They issued a “buy” rating and a $35.00 price target for the company. Royal Bank of Canada decreased their price objective on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Finally, UBS Group lifted their target price on shares of Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 8,032,129 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $24.90, for a total value of $200,000,012.10. Following the transaction, the insider now directly owns 284,238,898 shares in the company, valued at approximately $7,077,548,560.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.08% 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 CRBG. Park Avenue Securities LLC bought a new stake in Corebridge Financial in the first quarter valued at approximately $284,000. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in shares of Corebridge Financial in the 1st quarter valued at approximately $16,489,000. Denali Advisors LLC grew its position in shares of Corebridge Financial by 52.4% in the 1st quarter. Denali Advisors LLC now owns 37,249 shares of the company’s stock valued at $1,070,000 after acquiring an additional 12,815 shares during the period. Principal Financial Group Inc. grew its holdings in Corebridge Financial by 5.1% during the first quarter. Principal Financial Group Inc. now owns 97,243 shares of the company’s stock worth $2,794,000 after purchasing an additional 4,719 shares during the period. Finally, Commonwealth Equity Services LLC boosted its stake in shares of Corebridge Financial by 5.6% during the 1st 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. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Stock Performance

Shares of NYSE CRBG opened at $31.62 on Tuesday. The business’s 50-day simple moving average is $29.38 and its 200-day simple moving average is $29.00. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.14 and a current ratio of 0.14. Corebridge Financial has a 52 week low of $18.83 and a 52 week high of $34.66. The firm has a market cap of $18.72 billion, a price-to-earnings ratio of 9.85, a P/E/G ratio of 0.44 and a beta of 0.97.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Thursday, August 1st. The company reported $1.13 EPS for the quarter, beating the consensus estimate of $1.09 by $0.04. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. The company had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $5.73 billion. During the same quarter last year, the company posted $1.04 earnings per share. As a group, equities research analysts expect that Corebridge Financial will post 4.65 earnings per share for the current fiscal year.

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.