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

Corebridge Financial, Inc. (NYSE:CRBG) has been given a consensus rating of “Moderate Buy” by the thirteen ratings firms that are currently covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $34.46.

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

Corebridge Financial Stock Performance

Shares of Corebridge Financial stock opened at $31.77 on Tuesday. 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’s fifty day moving average price is $29.32 and its 200-day moving average price is $28.95. The firm has a market cap of $18.81 billion, a P/E ratio of 9.90, a P/E/G ratio of 0.42 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 posted 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 net margin of 10.16% and a return on equity of 23.57%. The business had revenue of $4.18 billion during the quarter, compared to analyst estimates of $5.73 billion. During the same quarter in the previous year, the business posted $1.04 EPS. On average, equities research analysts expect that Corebridge Financial will post 4.66 earnings per share for the current fiscal year.

Insider Activity at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 8,032,129 shares of Corebridge Financial stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 284,238,898 shares in the company, valued at approximately $7,077,548,560.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.08% of the stock is owned by insiders.

Hedge Funds Weigh In On Corebridge Financial

A number of institutional investors have recently modified their holdings of CRBG. Park Avenue Securities LLC acquired a new stake in Corebridge Financial during the first quarter worth about $284,000. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in shares of Corebridge Financial in the 1st quarter valued at $16,489,000. Denali Advisors LLC boosted its holdings in Corebridge Financial by 52.4% during the first quarter. Denali Advisors LLC now owns 37,249 shares of the company’s stock worth $1,070,000 after buying an additional 12,815 shares in the last quarter. Principal Financial Group Inc. grew its position in Corebridge Financial by 5.1% during the first quarter. Principal Financial Group Inc. now owns 97,243 shares of the company’s stock valued at $2,794,000 after buying an additional 4,719 shares during the period. Finally, Commonwealth Equity Services LLC increased its holdings in Corebridge Financial by 5.6% in the first quarter. Commonwealth Equity Services LLC now owns 21,725 shares of the company’s stock valued at $624,000 after buying an additional 1,149 shares in the last quarter. Hedge funds and other institutional investors 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.