Barclays Boosts Corebridge Financial (NYSE:CRBG) Price Target to $36.00

Corebridge Financial (NYSE:CRBG) had its price target increased by Barclays from $34.00 to $36.00 in a report released on Tuesday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s target price points to a potential upside of 7.95% from the stock’s current price.

CRBG has been the topic of a number of other research reports. Royal Bank of Canada dropped their price target on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. TD Cowen initiated coverage on shares of Corebridge Financial in a report on Wednesday, October 9th. They set a “buy” rating and a $35.00 price objective on the stock. UBS Group lifted their target price on shares of Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. Piper Sandler dropped their price target on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 2nd. Finally, Bank of America reduced their price objective on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Thursday, July 11th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.85.

Corebridge Financial Stock Up 11.2 %

Corebridge Financial stock opened at $33.35 on Tuesday. Corebridge Financial has a fifty-two week low of $18.83 and a fifty-two week 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 simple moving average is $29.55 and its 200 day simple moving average is $29.10. The stock has a market cap of $19.74 billion, a PE ratio of 10.39, a price-to-earnings-growth ratio of 0.43 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 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.21. The company had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.66 billion. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. The firm’s revenue for the quarter was up 39.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.05 earnings per share. Research analysts predict that Corebridge Financial will post 4.65 EPS for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder International Group American sold 5,000,000 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the transaction, the insider now directly owns 279,238,898 shares of the company’s stock, valued at approximately $8,058,834,596.28. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.08% of the stock is owned by insiders.

Hedge Funds Weigh In On Corebridge Financial

Hedge funds and other institutional investors have recently modified their holdings of the stock. Capital Performance Advisors LLP bought a new stake in Corebridge Financial during the 3rd quarter valued at approximately $28,000. ORG Wealth Partners LLC purchased a new position in shares of Corebridge Financial in the 3rd quarter valued at approximately $29,000. HM Payson & Co. bought a new stake in shares of Corebridge Financial during the third quarter valued at approximately $29,000. LRI Investments LLC purchased a new stake in Corebridge Financial in the second quarter worth $30,000. Finally, Covestor Ltd raised its holdings in Corebridge Financial by 118.8% in the third quarter. Covestor Ltd now owns 1,050 shares of the company’s stock worth $31,000 after purchasing an additional 570 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

About Corebridge Financial

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.