Barclays Forecasts Strong Price Appreciation for Corebridge Financial (NYSE:CRBG) Stock

Corebridge Financial (NYSE:CRBG) had its price objective hoisted by analysts at Barclays from $36.00 to $38.00 in a report released on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s price target suggests a potential upside of 24.50% from the company’s current price.

Other equities analysts have also issued research reports about the company. Morgan Stanley cut their price target on Corebridge Financial from $43.00 to $32.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. Keefe, Bruyette & Woods decreased their price target on shares of Corebridge Financial from $40.00 to $37.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 9th. UBS Group lowered Corebridge Financial from a “buy” rating to a “sell” rating and lowered their price objective for the stock from $40.00 to $28.00 in a research note on Wednesday, April 2nd. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and boosted their price target for the stock from $33.00 to $40.00 in a research note on Friday, January 10th. Finally, Wells Fargo & Company reduced their target price on shares of Corebridge Financial from $38.00 to $35.00 and set an “overweight” rating on the stock in a report on Thursday, April 10th. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $36.31.

Corebridge Financial Trading Down 0.5 %

Shares of CRBG stock opened at $30.52 on Tuesday. The business has a 50-day moving average price of $30.23 and a two-hundred day moving average price of $31.14. Corebridge Financial has a 12-month low of $23.69 and a 12-month high of $35.36. The firm has a market cap of $16.86 billion, a P/E ratio of 8.07, a price-to-earnings-growth ratio of 0.43 and a beta of 1.01. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Monday, May 5th. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.01. Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. The firm had revenue of $4.74 billion for the quarter, compared to the consensus estimate of $5.28 billion. During the same quarter in the prior year, the firm posted $1.10 earnings per share. Equities analysts anticipate that Corebridge Financial will post 5.43 EPS for the current fiscal year.

Institutional Investors Weigh In On Corebridge Financial

Several hedge funds have recently added to or reduced their stakes in the business. Nippon Life Insurance Co. acquired a new position in Corebridge Financial in the 4th quarter valued at $3,650,151,000. Price T Rowe Associates Inc. MD boosted its position in Corebridge Financial by 31.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,961,533 shares of the company’s stock worth $986,539,000 after buying an additional 7,828,929 shares during the period. Vanguard Group Inc. grew its stake in shares of Corebridge Financial by 3.1% in the fourth quarter. Vanguard Group Inc. now owns 23,925,256 shares of the company’s stock worth $716,083,000 after purchasing an additional 711,857 shares during the last quarter. Norges Bank acquired a new stake in shares of Corebridge Financial in the fourth quarter valued at about $283,212,000. Finally, Pzena Investment Management LLC increased its position in Corebridge Financial by 73.6% during the 1st quarter. Pzena Investment Management LLC now owns 8,050,602 shares of the company’s stock valued at $254,158,000 after purchasing an additional 3,412,147 shares during the period. Institutional investors and hedge funds own 98.25% of the company’s stock.

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.