Wells Fargo & Company Issues Positive Forecast for Corebridge Financial (NYSE:CRBG) Stock Price

Corebridge Financial (NYSE:CRBG - Get Free Report) had its price target increased by stock analysts at Wells Fargo & Company from $35.00 to $38.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Wells Fargo & Company's price objective indicates a potential upside of 16.15% from the stock's previous close.

A number of other equities research analysts have also recently weighed in on the company. Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a "hold" rating to a "buy" rating and raised their price target for the company from $33.00 to $40.00 in a report on Friday, January 10th. Piper Sandler raised their price target on Corebridge Financial from $34.00 to $35.00 and gave the company an "overweight" rating in a report on Wednesday, December 18th. Morgan Stanley raised their price target on Corebridge Financial from $31.00 to $34.00 and gave the company an "equal weight" rating in a report on Tuesday, November 5th. Barclays raised Corebridge Financial from an "equal weight" rating to an "overweight" rating and set a $37.00 price target for the company in a report on Monday, January 6th. Finally, BMO Capital Markets started coverage on Corebridge Financial in a research note on Thursday, January 23rd. They issued an "outperform" rating and a $43.00 target price for the company. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Corebridge Financial currently has a consensus rating of "Moderate Buy" and an average price target of $36.64.

Corebridge Financial Price Performance

Shares of Corebridge Financial stock traded down $0.78 during midday trading on Wednesday, hitting $32.72. 2,475,194 shares of the company were exchanged, compared to its average volume of 3,184,261. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13. The firm has a market cap of $18.19 billion, a P/E ratio of 8.65, a PEG ratio of 0.42 and a beta of 0.94. Corebridge Financial has a 52 week low of $23.77 and a 52 week high of $34.66. The firm has a 50 day simple moving average of $31.66 and a 200-day simple moving average of $30.33.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share for the quarter, missing analysts' consensus estimates of $1.27 by ($0.04). Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. Research analysts forecast that Corebridge Financial will post 5.45 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder International Group American sold 121,956,256 shares of Corebridge Financial stock in a transaction on Monday, December 9th. The stock was sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the completion of the sale, the insider now directly owns 127,282,642 shares of the company's stock, valued at $4,005,584,743.74. The trade was a 48.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.08% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Point72 Asia Singapore Pte. Ltd. bought a new position in Corebridge Financial during the third quarter worth about $27,000. Fortitude Family Office LLC bought a new stake in shares of Corebridge Financial in the fourth quarter valued at about $27,000. FNY Investment Advisers LLC bought a new stake in shares of Corebridge Financial in the fourth quarter valued at about $27,000. Smartleaf Asset Management LLC lifted its holdings in shares of Corebridge Financial by 112.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company's stock valued at $27,000 after purchasing an additional 480 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Corebridge Financial in the third quarter valued at about $28,000. 98.25% of the stock is currently owned by institutional investors.

Corebridge Financial Company Profile

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.