Piper Sandler Boosts Corebridge Financial (NYSE:CRBG) Price Target to $35.00

Corebridge Financial (NYSE:CRBG) had its target price boosted by equities researchers at Piper Sandler from $34.00 to $35.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price objective indicates a potential upside of 20.32% from the company’s current price.

A number of other brokerages have also weighed in on CRBG. Barclays boosted their price target on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. TD Cowen boosted their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. DOWLING & PARTN cut shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. Finally, Morgan Stanley boosted their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.08.

Corebridge Financial Trading Up 1.0 %

NYSE CRBG opened at $29.09 on Wednesday. Corebridge Financial has a 52 week low of $21.40 and a 52 week high of $34.66. The company has a 50 day moving average price of $31.26 and a 200 day moving average price of $29.51. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83. The firm has a market cap of $16.55 billion, a PE ratio of -13.92, a price-to-earnings-growth ratio of 0.39 and a beta of 0.86.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. The business had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The business’s quarterly revenue was up 39.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.05 earnings per share. As a group, sell-side analysts forecast that Corebridge Financial will post 4.81 EPS for the current fiscal year.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the completion of the transaction, the insider now owns 127,282,642 shares in the company, valued at approximately $4,005,584,743.74. This represents a 48.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.08% of the company’s stock.

Hedge Funds Weigh In On Corebridge Financial

Institutional investors and hedge funds have recently modified their holdings of the business. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Corebridge Financial in the third quarter valued at approximately $27,000. Capital Performance Advisors LLP purchased a new position in shares of Corebridge Financial during the 3rd quarter valued at approximately $28,000. HM Payson & Co. purchased a new position in shares of Corebridge Financial during the 3rd quarter valued at approximately $29,000. ORG Wealth Partners LLC acquired a new stake in Corebridge Financial in the 3rd quarter valued at $29,000. Finally, LRI Investments LLC purchased a new stake in Corebridge Financial in the 2nd quarter worth $30,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

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.