Keefe, Bruyette & Woods Reaffirms Outperform Rating for Corebridge Financial (NYSE:CRBG)

Corebridge Financial (NYSE:CRBG)‘s stock had its “outperform” rating reaffirmed by research analysts at Keefe, Bruyette & Woods in a note issued to investors on Thursday,Benzinga reports. They currently have a $32.00 target price on the stock. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 34.60% from the company’s current price.

CRBG has been the topic of a number of other research reports. Zacks Research raised shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. TD Cowen lowered their price objective on shares of Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a research report on Tuesday, March 10th. Morgan Stanley dropped their target price on shares of Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 3rd. JPMorgan Chase & Co. cut their target price on shares of Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating for the company in a research report on Monday, January 5th. Finally, Weiss Ratings lowered shares of Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, January 15th. Eight equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $36.27.

Corebridge Financial Stock Down 1.6%

Shares of CRBG stock traded down $0.40 during mid-day trading on Thursday, hitting $23.77. The company’s stock had a trading volume of 6,872,550 shares, compared to its average volume of 4,172,788. Corebridge Financial has a 52-week low of $22.32 and a 52-week high of $36.57. The business has a 50-day moving average price of $28.00 and a 200 day moving average price of $30.02. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.12 and a current ratio of 0.12. The stock has a market cap of $11.45 billion, a price-to-earnings ratio of -44.97, a PEG ratio of 0.37 and a beta of 1.11.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Wednesday, February 11th. The company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.11 by $0.11. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.The company had revenue of $6.34 billion for the quarter, compared to analysts’ expectations of $5.02 billion. During the same period last year, the firm posted $1.06 earnings per share. Research analysts predict that Corebridge Financial will post 5.43 EPS for the current fiscal year.

Hedge Funds Weigh In On Corebridge Financial

A number of institutional investors have recently bought and sold shares of CRBG. Goldman Sachs Group Inc. lifted its holdings in Corebridge Financial by 229.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock worth $41,042,000 after purchasing an additional 905,918 shares in the last quarter. Focus Partners Wealth bought a new stake in shares of Corebridge Financial during the first quarter valued at approximately $384,000. PNC Financial Services Group Inc. lifted its holdings in shares of Corebridge Financial by 32.3% in the second quarter. PNC Financial Services Group Inc. now owns 7,941 shares of the company’s stock worth $282,000 after buying an additional 1,938 shares in the last quarter. Creative Planning purchased a new position in shares of Corebridge Financial in the second quarter worth $243,000. Finally, Cetera Investment Advisers boosted its position in shares of Corebridge Financial by 5.6% during the second quarter. Cetera Investment Advisers now owns 26,616 shares of the company’s stock worth $945,000 after acquiring an additional 1,400 shares during the last quarter. 98.25% of the stock is owned by institutional investors.

About Corebridge Financial

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.