Corebridge Financial (NYSE:CRBG) Price Target Raised to $34.00 at Morgan Stanley

Corebridge Financial (NYSE:CRBG) had its price objective raised by research analysts at Morgan Stanley from $31.00 to $34.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price target suggests a potential upside of 1.95% from the company’s current price.

Several other analysts also recently issued reports on the stock. Piper Sandler decreased their price objective on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. UBS Group increased their price objective on Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. Royal Bank of Canada dropped their target price on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Bank of America dropped their price target on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. Finally, TD Cowen started coverage on shares of Corebridge Financial in a research note on Wednesday, October 9th. They issued a “buy” rating and a $35.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $34.85.

Corebridge Financial Trading Up 11.2 %

NYSE CRBG opened at $33.35 on Tuesday. The stock has a market cap of $19.74 billion, a price-to-earnings ratio of 10.39, a PEG ratio of 0.43 and a beta of 0.90. Corebridge Financial has a twelve month low of $18.83 and a twelve month high of $34.66. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.14 and a current ratio of 0.14. The firm’s 50 day moving average price is $29.55 and its two-hundred day moving average price is $29.10.

Corebridge Financial (NYSE:CRBG) last released 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. The company had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. The company’s revenue was up 39.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.05 EPS. Equities analysts anticipate that Corebridge Financial will post 4.65 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder International Group American sold 5,000,000 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the completion of the transaction, the insider now directly owns 279,238,898 shares in the company, valued at $8,058,834,596.28. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.08% of the company’s stock.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors have recently made changes to their positions in CRBG. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in shares of Corebridge Financial in the first quarter valued at approximately $16,489,000. Commonwealth Equity Services LLC boosted 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 purchasing an additional 1,149 shares in the last quarter. Daiwa Securities Group Inc. lifted its position in Corebridge Financial by 43.8% in the first quarter. Daiwa Securities Group Inc. now owns 54,200 shares of the company’s stock valued at $1,557,000 after acquiring an additional 16,500 shares during the last quarter. Mediolanum International Funds Ltd acquired a new position in Corebridge Financial during the first quarter worth approximately $1,927,000. Finally, Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Corebridge Financial during the first quarter worth about $251,000. 98.25% of the stock is 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.