Corebridge Financial (NYSE:CRBG) Stock Price Expected to Rise, TD Cowen Analyst Says

Corebridge Financial (NYSE:CRBG) had its price target hoisted by equities research analysts at TD Cowen from $35.00 to $37.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. TD Cowen’s price target suggests a potential upside of 14.91% from the company’s current price.

Several other research analysts have also issued reports on CRBG. Royal Bank of Canada cut their target price on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Morgan Stanley increased their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Barclays increased their price target on shares of Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Finally, Piper Sandler cut their price objective on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $35.00.

Corebridge Financial Stock Performance

Shares of Corebridge Financial stock traded up $0.15 during mid-day trading on Wednesday, hitting $32.20. 800,850 shares of the stock were exchanged, compared to its average volume of 3,979,486. Corebridge Financial has a 12 month low of $20.07 and a 12 month high of $34.66. The company has a 50-day simple moving average of $30.46 and a 200 day simple moving average of $29.40. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14. The company has a market capitalization of $18.32 billion, a P/E ratio of -15.41, a P/E/G ratio of 0.41 and a beta of 0.90.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The company had revenue of $5.53 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter in the previous year, the firm posted $1.05 EPS. Corebridge Financial’s revenue was up 39.5% on a year-over-year basis. Sell-side analysts anticipate that Corebridge Financial will post 4.78 earnings per share for the current fiscal year.

Insider Activity

In other Corebridge Financial news, major shareholder International Group American sold 5,000,000 shares of Corebridge Financial 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 of the company’s stock, valued at $8,058,834,596.28. The trade was a 1.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.08% of the company’s stock.

Institutional Investors Weigh In On Corebridge Financial

Large investors have recently added to or reduced their stakes in the stock. Canada Pension Plan Investment Board raised its holdings in shares of Corebridge Financial by 249.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock valued at $183,894,000 after purchasing an additional 4,507,322 shares in the last quarter. Marshall Wace LLP raised its holdings in shares of Corebridge Financial by 201.1% in the 2nd quarter. Marshall Wace LLP now owns 4,008,341 shares of the company’s stock valued at $116,723,000 after purchasing an additional 2,677,105 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Corebridge Financial by 150.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,561,382 shares of the company’s stock worth $103,707,000 after acquiring an additional 2,137,594 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Corebridge Financial by 40.3% during the 2nd quarter. AQR Capital Management LLC now owns 4,462,933 shares of the company’s stock worth $129,961,000 after acquiring an additional 1,282,154 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its stake in shares of Corebridge Financial by 34.5% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 3,567,637 shares of the company’s stock worth $104,032,000 after acquiring an additional 915,848 shares in the last quarter. 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.