Piper Sandler Issues Positive Forecast for Corebridge Financial (NYSE:CRBG) Stock Price

Corebridge Financial (NYSE:CRBG) had its target price boosted by stock analysts at Piper Sandler from $34.00 to $35.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price target suggests a potential upside of 20.32% from the stock’s current price.

Other equities analysts also recently issued reports about the stock. Barclays lifted their target price on shares of Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. TD Cowen lifted their price target on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Morgan Stanley upped their price objective on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Finally, DOWLING & PARTN cut Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $35.08.

Corebridge Financial Price Performance

NYSE:CRBG opened at $29.09 on Wednesday. Corebridge Financial has a one year low of $21.40 and a one year high of $34.66. The stock has a market cap of $16.55 billion, a PE ratio of -13.92, a P/E/G ratio of 0.39 and a beta of 0.86. 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 has a 50 day moving average price of $31.26 and a 200 day moving average price of $29.51.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period last year, the company earned $1.05 EPS. The company’s revenue for the quarter was up 39.5% on a year-over-year basis. Equities research analysts expect that Corebridge Financial will post 4.81 EPS for the current fiscal year.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the sale, the insider now directly owns 249,238,898 shares of the company’s stock, valued at $7,776,253,617.60. This represents a 10.74 % 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 currently owned by company insiders.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors have recently modified their holdings of the business. Canada Pension Plan Investment Board raised its stake in shares of Corebridge Financial by 249.3% in the second quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock valued at $183,894,000 after acquiring an additional 4,507,322 shares in the last quarter. Marshall Wace LLP increased its holdings in Corebridge Financial by 201.1% during the 2nd quarter. Marshall Wace LLP now owns 4,008,341 shares of the company’s stock worth $116,723,000 after purchasing an additional 2,677,105 shares during the period. Dimensional Fund Advisors LP raised its position in Corebridge Financial by 150.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,561,382 shares of the company’s stock valued at $103,707,000 after purchasing an additional 2,137,594 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of Corebridge Financial by 40.3% in the 2nd quarter. AQR Capital Management LLC now owns 4,462,933 shares of the company’s stock valued at $129,961,000 after buying an additional 1,282,154 shares during the period. Finally, Jacobs Levy Equity Management Inc. grew its position in shares of Corebridge Financial by 34.5% during the third quarter. Jacobs Levy Equity Management Inc. now owns 3,567,637 shares of the company’s stock worth $104,032,000 after buying an additional 915,848 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

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.