Corebridge Financial (NYSE:CRBG) Rating Reiterated by Royal Bank of Canada

Corebridge Financial (NYSE:CRBG)‘s stock had its “outperform” rating restated by equities researchers at Royal Bank of Canada in a research report issued on Friday, Benzinga reports. They presently have a $33.00 target price on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 13.32% from the stock’s current price.

CRBG has been the subject of a number of other research reports. Evercore ISI boosted their price target on Corebridge Financial from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, April 11th. Morgan Stanley upped their target price on Corebridge Financial from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. Keefe, Bruyette & Woods upped their target price on Corebridge Financial from $35.00 to $38.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. Wells Fargo & Company upped their target price on Corebridge Financial from $33.00 to $34.00 and gave the stock an “overweight” rating in a research report on Friday, May 10th. Finally, Piper Sandler upped their target price on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Monday, May 6th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Corebridge Financial presently has an average rating of “Moderate Buy” and an average price target of $31.18.

Corebridge Financial Stock Performance

Corebridge Financial stock opened at $29.12 on Friday. The firm has a market capitalization of $17.72 billion, a P/E ratio of 7.66, a PEG ratio of 0.31 and a beta of 0.99. The stock has a fifty day moving average price of $29.21 and a 200 day moving average price of $26.27. Corebridge Financial has a 52 week low of $17.37 and a 52 week 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 0.94.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Friday, May 3rd. The company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.05. Corebridge Financial had a return on equity of 23.64% and a net margin of 11.25%. The firm had revenue of $5.85 billion during the quarter, compared to the consensus estimate of $5.50 billion. During the same quarter in the previous year, the business earned $0.97 earnings per share. Equities research analysts anticipate that Corebridge Financial will post 4.95 earnings per share for the current year.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $29.20, for a total transaction of $876,000,000.00. Following the sale, the insider now owns 294,203,636 shares in the company, valued at $8,590,746,171.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.09% of the stock is currently owned by insiders.

Institutional Trading of Corebridge Financial

Institutional investors and hedge funds have recently made changes to their positions in the stock. Riverview Trust Co acquired a new stake in shares of Corebridge Financial during the 1st quarter worth approximately $25,000. Vestor Capital LLC acquired a new stake in Corebridge Financial in the 4th quarter valued at approximately $43,000. Headlands Technologies LLC acquired a new stake in Corebridge Financial in the 4th quarter valued at approximately $65,000. Plato Investment Management Ltd acquired a new stake in Corebridge Financial in the 1st quarter valued at approximately $100,000. Finally, UniSuper Management Pty Ltd acquired a new stake in Corebridge Financial in the 1st quarter valued at approximately $103,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

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.