Corebridge Financial, Inc. (NYSE:CRBG) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Corebridge Financial, Inc. (NYSE:CRBG) have been given a consensus recommendation of “Moderate Buy” by the fifteen research firms that are presently covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and twelve have given a buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $36.43.

A number of equities research analysts have recently weighed in on the stock. DOWLING & PARTN cut Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a “hold” rating to a “buy” rating and boosted their price target for the company from $33.00 to $40.00 in a research note on Friday, January 10th. TD Cowen increased their price objective 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. Wells Fargo & Company dropped their target price on shares of Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating for the company in a research report on Tuesday, January 14th. Finally, Piper Sandler increased their price target on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $33.23 on Thursday. Corebridge Financial has a 52 week low of $23.01 and a 52 week high of $34.66. The company has a market capitalization of $18.90 billion, a price-to-earnings ratio of -15.90, a PEG ratio of 0.38 and a beta of 0.94. The company has a 50-day simple moving average of $31.31 and a 200 day simple moving average of $30.00. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The company had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter last year, the firm earned $1.05 earnings per share. The company’s revenue was up 39.5% on a year-over-year basis. On average, sell-side analysts predict that Corebridge Financial will post 4.8 earnings per share for the current year.

Insider Activity

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 stock was sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the sale, the insider now owns 127,282,642 shares in the company, valued at approximately $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 this link. Insiders own 0.08% of the company’s stock.

Hedge Funds Weigh In On Corebridge Financial

Hedge funds and other institutional investors have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company raised its holdings in Corebridge Financial by 2.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock worth $625,000 after purchasing an additional 585 shares during the last quarter. Handelsbanken Fonder AB increased its position in shares of Corebridge Financial by 34.4% during the third quarter. Handelsbanken Fonder AB now owns 57,400 shares of the company’s stock worth $1,674,000 after buying an additional 14,700 shares during the period. Diversified Trust Co raised its stake in Corebridge Financial by 25.4% during the third quarter. Diversified Trust Co now owns 28,516 shares of the company’s stock worth $832,000 after buying an additional 5,767 shares during the last quarter. Artemis Investment Management LLP lifted its holdings in Corebridge Financial by 5.2% in the third quarter. Artemis Investment Management LLP now owns 1,563,019 shares of the company’s stock valued at $45,578,000 after buying an additional 76,654 shares during the period. Finally, CWM LLC lifted its holdings in Corebridge Financial by 99.5% in the third quarter. CWM LLC now owns 17,476 shares of the company’s stock valued at $510,000 after buying an additional 8,714 shares during the period. 98.25% of the stock is owned by institutional investors and hedge funds.

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.