Mizuho Begins Coverage on Corebridge Financial (NYSE:CRBG)

Mizuho assumed coverage on shares of Corebridge Financial (NYSE:CRBG) in a research note issued to investors on Tuesday,Benzinga reports. The firm set an “outperform” rating and a $38.00 price target on the stock. Mizuho’s price target would suggest a potential upside of 17.69% from the company’s current price.

CRBG has been the subject of several other reports. Keefe, Bruyette & Woods dropped their price objective on Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating for the company in a research note on Thursday, October 9th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $33.00 target price (down previously from $39.00) on shares of Corebridge Financial in a report on Monday, November 17th. Evercore ISI cut their price target on shares of Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating for the company in a report on Wednesday, November 5th. Weiss Ratings restated a “buy (b-)” rating on shares of Corebridge Financial in a research report on Monday, December 8th. Finally, Wolfe Research initiated coverage on shares of Corebridge Financial in a research note on Friday, October 10th. They set a “peer perform” rating on the stock. Nine investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $39.27.

Corebridge Financial Price Performance

NYSE:CRBG opened at $32.29 on Tuesday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.13 and a current ratio of 0.13. The company has a 50-day moving average of $30.61 and a 200-day moving average of $32.72. Corebridge Financial has a 52 week low of $23.69 and a 52 week high of $36.57. The company has a market capitalization of $16.81 billion, a price-to-earnings ratio of 19.22, a PEG ratio of 0.43 and a beta of 1.05.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.12). The business had revenue of $5.63 billion during the quarter, compared to analyst estimates of $4.85 billion. Corebridge Financial had a return on equity of 19.90% and a net margin of 5.01%.The business’s revenue for the quarter was up 34.2% on a year-over-year basis. During the same period last year, the company earned $1.23 EPS. As a group, equities research analysts anticipate that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CRBG. Pzena Investment Management LLC boosted its position in Corebridge Financial by 132.6% in the 2nd quarter. Pzena Investment Management LLC now owns 18,723,701 shares of the company’s stock valued at $664,691,000 after buying an additional 10,673,099 shares during the last quarter. Norges Bank acquired a new position in shares of Corebridge Financial during the second quarter valued at $145,632,000. AQR Capital Management LLC boosted its holdings in Corebridge Financial by 50.0% in the first quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company’s stock valued at $258,880,000 after acquiring an additional 2,780,764 shares during the last quarter. Alyeska Investment Group L.P. bought a new position in Corebridge Financial in the third quarter valued at about $69,738,000. Finally, Vanguard Group Inc. increased its position in Corebridge Financial by 7.2% in the third quarter. Vanguard Group Inc. now owns 26,831,915 shares of the company’s stock worth $859,963,000 after purchasing an additional 1,805,819 shares during the period. Institutional investors 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.