Corebridge Financial (NYSE:CRBG) Coverage Initiated at BMO Capital Markets

Analysts at BMO Capital Markets began coverage on shares of Corebridge Financial (NYSE:CRBG) in a report issued on Thursday, Marketbeat reports. The firm set an “outperform” rating and a $43.00 price target on the stock. BMO Capital Markets’ target price points to a potential upside of 29.46% from the stock’s current price.

Other equities analysts also recently issued reports about the stock. Deutsche Bank Aktiengesellschaft raised shares of Corebridge Financial from a “hold” rating to a “buy” rating and boosted their target price for the stock from $33.00 to $40.00 in a research note on Friday, January 10th. Piper Sandler boosted their target price on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. 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 note on Wednesday, November 27th. Morgan Stanley boosted their target price 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. Finally, Barclays raised 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 research note on Monday, January 6th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $36.43.

Corebridge Financial Price Performance

NYSE:CRBG opened at $33.22 on Thursday. The firm has a market cap of $18.90 billion, a PE ratio of -15.89, a price-to-earnings-growth ratio of 0.36 and a beta of 0.92. Corebridge Financial has a 12 month low of $23.01 and a 12 month high of $34.66. 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 company’s 50-day moving average price is $30.97 and its two-hundred day moving average price is $29.79.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, beating 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%. The company’s revenue for the quarter was up 39.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.05 earnings per share. On average, equities analysts anticipate that Corebridge Financial will post 4.8 EPS for the current fiscal year.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of the company’s stock in a transaction that occurred on 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 sale, the insider now owns 127,282,642 shares of the company’s stock, 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.08% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Corebridge Financial

Several large investors have recently bought and sold shares of CRBG. Nippon Life Insurance Co. bought a new stake in Corebridge Financial in the fourth quarter valued at approximately $3,650,151,000. AQR Capital Management LLC boosted its holdings in shares of Corebridge Financial by 40.3% in the second quarter. AQR Capital Management LLC now owns 4,462,933 shares of the company’s stock valued at $129,961,000 after buying an additional 1,282,154 shares during the period. Jacobs Levy Equity Management Inc. boosted its holdings in shares of Corebridge Financial by 34.5% in the third quarter. Jacobs Levy Equity Management Inc. now owns 3,567,637 shares of the company’s stock valued at $104,032,000 after buying an additional 915,848 shares during the period. Point72 Asset Management L.P. boosted its holdings in shares of Corebridge Financial by 158.7% in the second quarter. Point72 Asset Management L.P. now owns 1,445,594 shares of the company’s stock valued at $42,096,000 after buying an additional 886,794 shares during the period. Finally, State Street Corp boosted its holdings in shares of Corebridge Financial by 11.7% in the third quarter. State Street Corp now owns 8,035,438 shares of the company’s stock valued at $234,313,000 after buying an additional 843,559 shares during the period. 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.