Corebridge Financial (NYSE:CRBG) Stock Rating Upgraded by Deutsche Bank Aktiengesellschaft

Corebridge Financial (NYSE:CRBG) was upgraded by analysts at Deutsche Bank Aktiengesellschaft from a “hold” rating to a “buy” rating in a report released on Friday, MarketBeat reports. The firm currently has a $40.00 price objective on the stock, up from their prior price objective of $33.00. Deutsche Bank Aktiengesellschaft’s target price suggests a potential upside of 32.89% from the company’s previous close.

Several other equities analysts also recently weighed in on CRBG. Piper Sandler increased their target price on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Morgan Stanley increased their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price for the company in a report on Monday, January 6th. DOWLING & PARTN downgraded shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Finally, TD Cowen boosted their price objective on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, Corebridge Financial presently has an average rating of “Moderate Buy” and a consensus price target of $35.85.

Corebridge Financial Price Performance

NYSE:CRBG opened at $30.10 on Friday. Corebridge Financial has a 12-month low of $23.01 and a 12-month high of $34.66. The firm has a market cap of $17.12 billion, a price-to-earnings ratio of -14.40, a price-to-earnings-growth ratio of 0.39 and a beta of 0.92. The company’s 50-day moving average is $30.91 and its two-hundred day moving average is $29.65. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83.

Corebridge Financial (NYSE:CRBG) last announced its 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 firm had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. Corebridge Financial’s revenue was up 39.5% compared to the same quarter last year. During the same quarter last year, the business earned $1.05 earnings per share. Research analysts expect that Corebridge Financial will post 4.81 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder International Group American sold 121,956,256 shares of Corebridge Financial stock in a transaction on Monday, December 9th. The shares were sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the sale, the insider now owns 127,282,642 shares of the company’s stock, valued at $4,005,584,743.74. The trade was a 48.93 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.08% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Corebridge Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio increased its stake in shares of Corebridge Financial by 11.3% in the third quarter. Public Employees Retirement System of Ohio now owns 167,038 shares of the company’s stock worth $4,871,000 after buying an additional 16,970 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Corebridge Financial in the 3rd quarter worth about $581,000. State Street Corp increased its position in shares of Corebridge Financial by 11.7% in the 3rd quarter. State Street Corp now owns 8,035,438 shares of the company’s stock worth $234,313,000 after purchasing an additional 843,559 shares during the last quarter. Qsemble Capital Management LP acquired a new stake in shares of Corebridge Financial in the 3rd quarter valued at about $2,370,000. Finally, Senator Investment Group LP lifted its position in shares of Corebridge Financial by 152.2% during the second quarter. Senator Investment Group LP now owns 1,160,000 shares of the company’s stock worth $33,779,000 after purchasing an additional 700,000 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

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.