Corebridge Financial (NYSE:CRBG) Stock Gets Price Target Increase from Piper Sandler

Corebridge Financial (NYSE:CRBG) had its target price hoisted by research analysts at Piper Sandler from $38.00 to $40.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s target price suggests a potential upside of 16.36% from the stock’s current price.

Several other brokerages have also weighed in on CRBG. TD Cowen increased their target price on Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Zacks Research raised Corebridge Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Mizuho boosted their price target on Corebridge Financial from $38.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday, October 7th. Barclays upped their price target on Corebridge Financial from $33.00 to $39.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 7th. Finally, Weiss Ratings upgraded Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a report on Thursday, August 6th. Nine research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $38.83.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $34.38 on Monday. The company has a market cap of $15.32 billion, a P/E ratio of 7.95, a P/E/G ratio of 0.44 and a beta of 1.07. The firm’s 50 day moving average is $33.80 and its two-hundred day moving average is $30.01. Corebridge Financial has a fifty-two week low of $22.19 and a fifty-two week high of $35.64. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.04. The company had revenue of $4.30 billion during the quarter, compared to analysts’ expectations of $4.66 billion. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. During the same period in the previous year, the company earned $1.36 EPS. Analysts expect that Corebridge Financial will post 4.63 EPS for the current year.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, major shareholder Life Insurance Co Nippon acquired 261,198 shares of the company’s stock in a transaction dated Thursday, October 8th. The stock was bought at an average price of $34.30 per share, with a total value of $8,959,091.40. Following the completion of the transaction, the insider directly owned 127,654,216 shares of the company’s stock, valued at approximately $4,378,539,608.80. The trade was a 0.21% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In the last ninety days, insiders have purchased 5,493,545 shares of company stock worth $188,517,295 and have sold 28,895 shares worth $983,886. 0.32% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Corebridge Financial

Hedge funds and other institutional investors have recently made changes to their positions in the business. Pzena Investment Management LLC acquired a new stake in Corebridge Financial in the second quarter valued at approximately $967,400,000. BlackRock Inc. purchased a new stake in shares of Corebridge Financial during the second quarter valued at approximately $726,494,000. Donald Smith & CO. Inc. purchased a new stake in shares of Corebridge Financial during the second quarter valued at approximately $168,134,000. Davis Asset Management L.P. acquired a new position in shares of Corebridge Financial during the second quarter worth $166,054,000. Finally, Wellington Management Group LLP acquired a new position in shares of Corebridge Financial during the second quarter worth $99,469,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Company Profile

Corebridge Financial, Inc (NYSE: CRBG) is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers and institutional clients through businesses focused on retirement services, life insurance and institutional markets.

Its offerings include fixed, variable and registered index-linked annuities; individual life insurance; employer-sponsored retirement plans; and investment, funding and risk-management solutions for institutions.