Corebridge Financial (NYSE:CRBG) Price Target Raised to $37.00

Corebridge Financial (NYSE:CRBG) had its target price hoisted by equities researchers at Morgan Stanley from $32.00 to $37.00 in a report released on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 13.39% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. UBS Group cut Corebridge Financial from a “buy” rating to a “sell” rating and decreased their price objective for the company from $40.00 to $28.00 in a report on Wednesday, April 2nd. Barclays raised their target price on Corebridge Financial from $36.00 to $38.00 and gave the company an “overweight” rating in a research report on Tuesday, May 6th. Keefe, Bruyette & Woods upped their target price on Corebridge Financial from $37.00 to $39.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 7th. Wells Fargo & Company boosted their price target on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Wednesday, May 7th. Finally, BMO Capital Markets started coverage on shares of Corebridge Financial in a research report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price target for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Corebridge Financial has a consensus rating of “Moderate Buy” and an average price target of $37.00.

Corebridge Financial Stock Performance

Shares of CRBG traded down $0.15 during trading hours on Monday, reaching $32.63. 230,628 shares of the company traded hands, compared to its average volume of 3,399,348. The stock has a market capitalization of $17.96 billion, a P/E ratio of 8.65, a P/E/G 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. The business has a fifty day moving average price of $30.11 and a 200-day moving average price of $31.15. Corebridge Financial has a 12-month low of $23.69 and a 12-month high of $35.36.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Monday, May 5th. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.01. The firm had revenue of $4.74 billion for the quarter, compared to analyst estimates of $5.28 billion. Corebridge Financial had a return on equity of 22.69% and a net margin of 11.39%. During the same quarter in the prior year, the firm earned $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

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Barclays PLC lifted its holdings in shares of Corebridge Financial by 20.0% in the 3rd quarter. Barclays PLC now owns 358,035 shares of the company’s stock valued at $10,441,000 after purchasing an additional 59,702 shares during the last quarter. Assenagon Asset Management S.A. increased its position in Corebridge Financial by 3.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 116,389 shares of the company’s stock worth $3,484,000 after buying an additional 4,135 shares during the period. Park Avenue Securities LLC boosted its holdings in shares of Corebridge Financial by 52.2% in the fourth quarter. Park Avenue Securities LLC now owns 12,210 shares of the company’s stock valued at $365,000 after acquiring an additional 4,188 shares during the period. Sugar Maple Asset Management LLC purchased a new position in shares of Corebridge Financial during the fourth quarter worth approximately $254,000. Finally, Perpetual Ltd purchased a new stake in Corebridge Financial in the 4th quarter valued at $298,000. 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.