UBS Group Issues Positive Forecast for Corebridge Financial (NYSE:CRBG) Stock Price

Corebridge Financial (NYSE:CRBG) had its price objective increased by investment analysts at UBS Group from $32.00 to $36.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. UBS Group’s price objective indicates a potential upside of 1.83% from the stock’s current price.

CRBG has been the topic of a number of other research reports. Piper Sandler raised their target price on Corebridge Financial from $36.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, August 12th. Wells Fargo & Company upped their price target on Corebridge Financial from $36.00 to $39.00 and gave the stock an “overweight” rating in a report on Wednesday, August 19th. TD Cowen increased their price objective on Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Barclays raised their price objective on shares of Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. Finally, Weiss Ratings raised shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. Nine equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $37.75.

Corebridge Financial Stock Performance

Corebridge Financial stock traded up $0.51 on Tuesday, reaching $35.35. 774,654 shares of the stock were exchanged, compared to its average volume of 4,961,976. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14. Corebridge Financial has a twelve month low of $22.19 and a twelve month high of $35.64. The firm has a fifty day moving average price of $33.46 and a two-hundred day moving average price of $29.56. The stock has a market cap of $15.76 billion, a PE ratio of 20.66, a PEG ratio of 0.43 and a beta of 1.07.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.04. The company had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.During the same period last year, the business posted $1.36 earnings per share. Sell-side analysts anticipate that Corebridge Financial will post 4.62 EPS for the current year.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder Life Insurance Co Nippon acquired 272,208 shares of the stock in a transaction dated Thursday, October 1st. The shares were acquired at an average cost of $33.07 per share, for a total transaction of $9,001,918.56. Following the completion of the transaction, the insider owned 126,416,895 shares in the company, valued at approximately $4,180,606,717.65. This trade represents a 0.22% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last quarter, insiders purchased 4,256,224 shares of company stock worth $145,884,337 and sold 28,895 shares worth $983,886. Insiders own 0.32% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Pzena Investment Management LLC bought a new stake in Corebridge Financial in the 2nd quarter valued at $967,400,000. BlackRock Inc. bought a new stake in Corebridge Financial in the second quarter valued at about $726,494,000. Dimensional Fund Advisors LP raised its position in Corebridge Financial by 43.5% in the first quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company’s stock worth $211,575,000 after purchasing an additional 2,689,611 shares in the last quarter. Donald Smith & CO. Inc. acquired a new position in Corebridge Financial in the second quarter worth about $168,134,000. Finally, Davis Asset Management L.P. acquired a new position in Corebridge Financial in the second quarter worth about $166,054,000. 98.25% of the stock is owned by institutional investors.

Corebridge Financial Company Profile

Corebridge Financial, Inc (NYSE: CRBG) is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers and institutional clients through businesses focused on retirement services, life insurance and institutional markets.

Its offerings include fixed, variable and registered index-linked annuities; individual life insurance; employer-sponsored retirement plans; and investment, funding and risk-management solutions for institutions.