Corebridge Financial (NYSE:CRBG) Price Target Raised to $34.00 at Barclays

Corebridge Financial (NYSE:CRBG) had its target price boosted by analysts at Barclays from $33.00 to $34.00 in a report issued on Tuesday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s price target points to a potential upside of 15.22% from the stock’s previous close.

CRBG has been the topic of a number of other reports. Morgan Stanley reduced their price target on Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Monday, August 19th. Royal Bank of Canada dropped their price objective on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Jefferies Financial Group boosted their price objective on shares of Corebridge Financial from $35.00 to $40.00 and gave the company a “buy” rating in a report on Friday, June 28th. UBS Group boosted their price objective on shares of Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. Finally, Piper Sandler dropped their price objective on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Corebridge Financial currently has an average rating of “Moderate Buy” and a consensus price target of $34.42.

Corebridge Financial Trading Down 1.1 %

CRBG stock traded down $0.33 during midday trading on Tuesday, reaching $29.51. The company’s stock had a trading volume of 2,589,345 shares, compared to its average volume of 3,989,227. The stock has a fifty day simple moving average of $27.89 and a two-hundred day simple moving average of $28.57. 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 has a market capitalization of $17.95 billion, a price-to-earnings ratio of 7.75, a PEG ratio of 0.39 and a beta of 0.97. Corebridge Financial has a 1 year low of $18.83 and a 1 year high of $34.66.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Thursday, August 1st. The company reported $1.13 EPS for the quarter, topping the consensus estimate of $1.09 by $0.04. The company had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $5.73 billion. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. During the same period last year, the business posted $1.04 EPS. On average, equities research analysts predict that Corebridge Financial will post 4.73 EPS for the current year.

Insider Activity

In other Corebridge Financial news, major shareholder International Group American sold 8,032,129 shares of the stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $24.90, for a total transaction of $200,000,012.10. Following the sale, the insider now directly owns 284,238,898 shares of the company’s stock, valued at approximately $7,077,548,560.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.09% of the company’s stock.

Institutional Investors Weigh In On Corebridge Financial

Hedge funds have recently bought and sold shares of the business. Lighthouse Investment Partners LLC bought a new position in Corebridge Financial in the 4th quarter worth approximately $2,045,000. Symmetry Investments LP bought a new stake in Corebridge Financial in the fourth quarter valued at approximately $236,000. Hotchkis & Wiley Capital Management LLC lifted its holdings in shares of Corebridge Financial by 106.3% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 10,010,679 shares of the company’s stock valued at $216,831,000 after purchasing an additional 5,157,570 shares in the last quarter. Hancock Whitney Corp lifted its holdings in shares of Corebridge Financial by 58.9% in the fourth quarter. Hancock Whitney Corp now owns 93,199 shares of the company’s stock valued at $2,019,000 after purchasing an additional 34,551 shares in the last quarter. Finally, Point72 Europe London LLP acquired a new stake in shares of Corebridge Financial in the fourth quarter valued at about $11,172,000. 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.