Corebridge Financial (NYSE:CRBG) Price Target Cut to $34.00

Corebridge Financial (NYSE:CRBG) had its price objective reduced by research analysts at Piper Sandler from $35.00 to $34.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price objective would indicate a potential upside of 18.90% from the company’s previous close.

Several other equities research analysts have also recently issued reports on CRBG. UBS Group raised their target price on Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. Bank of America cut their price objective on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. Barclays initiated coverage on shares of Corebridge Financial in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $33.00 target price for the company. Morgan Stanley reduced their price target on shares of Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Monday, August 19th. Finally, Jefferies Financial Group increased their price objective on shares of Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $33.54.

Corebridge Financial Stock Down 1.9 %

Shares of CRBG opened at $28.60 on Wednesday. Corebridge Financial has a 52-week low of $18.83 and a 52-week high of $34.66. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.97. The stock has a fifty day simple moving average of $27.91 and a two-hundred day simple moving average of $28.50. The company has a market capitalization of $17.40 billion, a PE ratio of 7.53, a price-to-earnings-growth ratio of 0.39 and a beta of 0.97.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Thursday, August 1st. The company reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. The company had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $5.73 billion. During the same period in the previous year, the firm earned $1.04 earnings per share. As a group, equities analysts forecast that Corebridge Financial will post 4.73 EPS for the current year.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 8,032,129 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $24.90, for a total value of $200,000,012.10. Following the sale, the insider now directly owns 284,238,898 shares in the company, valued at $7,077,548,560.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.09% of the company’s stock.

Hedge Funds Weigh In On Corebridge Financial

Several hedge funds have recently added to or reduced their stakes in CRBG. Junto Capital Management LP acquired a new position in shares of Corebridge Financial in the 4th quarter valued at $26,232,000. Swedbank AB acquired a new position in Corebridge Financial in the second quarter valued at $5,639,000. Wellington Management Group LLP grew its holdings in shares of Corebridge Financial by 14,292.5% during the fourth quarter. Wellington Management Group LLP now owns 2,459,820 shares of the company’s stock worth $53,280,000 after purchasing an additional 2,442,729 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in shares of Corebridge Financial during the first quarter worth about $1,134,000. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Corebridge Financial by 30.1% in the 1st quarter. Russell Investments Group Ltd. now owns 697,825 shares of the company’s stock valued at $19,990,000 after purchasing an additional 161,247 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.