Corebridge Financial (NYSE:CRBG) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Corebridge Financial (NYSE:CRBG) had its target price boosted by research analysts at Morgan Stanley from $31.00 to $34.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s target price would indicate a potential upside of 1.95% from the company’s current price.

A number of other analysts have also recently commented on CRBG. Barclays lifted their target price on Corebridge Financial from $33.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 8th. Royal Bank of Canada reduced their price objective on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. TD Cowen assumed coverage on shares of Corebridge Financial in a research report on Wednesday, October 9th. They set a “buy” rating and a $35.00 target price on the stock. UBS Group upped their price target on shares of Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. Finally, Piper Sandler lowered their price objective on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 2nd. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Corebridge Financial has a consensus rating of “Moderate Buy” and an average price target of $34.85.

Corebridge Financial Price Performance

Shares of CRBG opened at $33.35 on Tuesday. Corebridge Financial has a 1-year low of $18.83 and a 1-year high of $34.66. The firm has a 50-day simple moving average of $29.55 and a two-hundred day simple moving average of $29.10. The stock has a market cap of $19.74 billion, a PE ratio of 10.39, a P/E/G ratio of 0.43 and a beta of 0.90. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.21. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. The firm had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same period last year, the business posted $1.05 earnings per share. Corebridge Financial’s revenue was up 39.5% compared to the same quarter last year. As a group, analysts forecast that Corebridge Financial will post 4.65 EPS for the current year.

Insider Buying and Selling at Corebridge Financial

In related news, major shareholder International Group American sold 5,000,000 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $28.86, for a total value of $144,300,000.00. Following the sale, the insider now directly owns 279,238,898 shares of the company’s stock, valued at approximately $8,058,834,596.28. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.08% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Swedbank AB acquired a new position in Corebridge Financial in the second quarter valued at $5,639,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in Corebridge Financial in the 1st quarter valued at $1,134,000. Russell Investments Group Ltd. boosted its position in 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 buying an additional 161,247 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in shares of Corebridge Financial during the first quarter worth approximately $16,489,000. Finally, Forsta AP Fonden bought a new position in shares of Corebridge Financial in the 1st quarter worth about $1,979,000. 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.