Corebridge Financial (NYSE:CRBG) Price Target Raised to $37.00 at TD Cowen

Corebridge Financial (NYSE:CRBG) had its target price hoisted by analysts at TD Cowen from $35.00 to $37.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s price objective suggests a potential upside of 14.16% from the company’s current price.

CRBG has been the topic of several other research reports. Morgan Stanley raised their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Royal Bank of Canada decreased their price target on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Barclays boosted their price target on Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Finally, Piper Sandler reduced their price objective on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $35.00.

Corebridge Financial Trading Up 1.1 %

CRBG opened at $32.41 on Wednesday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14. The stock’s 50 day moving average price is $30.66 and its 200-day moving average price is $29.44. Corebridge Financial has a one year low of $20.07 and a one year high of $34.66. The stock has a market cap of $18.44 billion, a price-to-earnings ratio of -15.51, a P/E/G ratio of 0.41 and a beta of 0.90.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Monday, November 4th. The company reported $1.38 EPS for the quarter, beating the consensus estimate of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The company had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the prior year, the company posted $1.05 EPS. Corebridge Financial’s quarterly revenue was up 39.5% on a year-over-year basis. On average, equities analysts forecast that Corebridge Financial will post 4.78 EPS for the current year.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the completion of the sale, the insider now owns 249,238,898 shares in the company, valued at approximately $7,776,253,617.60. This represents a 10.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.08% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Swedbank AB acquired a new stake in Corebridge Financial in the second quarter worth about $5,639,000. Diversified Trust Co acquired a new stake in Corebridge Financial in the 2nd quarter worth approximately $662,000. QRG Capital Management Inc. grew its position in Corebridge Financial by 145.1% during the 2nd quarter. QRG Capital Management Inc. now owns 207,097 shares of the company’s stock worth $6,031,000 after purchasing an additional 122,601 shares during the last quarter. Wedge Capital Management L L P NC acquired a new position in Corebridge Financial during the 2nd quarter valued at approximately $1,886,000. Finally, Senator Investment Group LP raised its holdings in shares of Corebridge Financial by 152.2% in the second quarter. Senator Investment Group LP now owns 1,160,000 shares of the company’s stock worth $33,779,000 after buying an additional 700,000 shares during the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Corebridge Financial Company Profile

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.