Corebridge Financial (NYSE:CRBG) Upgraded to "Buy" at Deutsche Bank Aktiengesellschaft

Corebridge Financial (NYSE:CRBG - Get Free Report) was upgraded by research analysts at Deutsche Bank Aktiengesellschaft from a "hold" rating to a "buy" rating in a research report issued on Friday, Marketbeat reports. The firm currently has a $40.00 target price on the stock, up from their prior target price of $33.00. Deutsche Bank Aktiengesellschaft's target price points to a potential upside of 32.89% from the company's previous close.

A number of other research firms have also issued reports on CRBG. DOWLING & PARTN lowered Corebridge Financial from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, November 26th. Barclays raised Corebridge Financial from an "equal weight" rating to an "overweight" rating and set a $37.00 target price for the company in a research note on Monday. Morgan Stanley boosted their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an "equal weight" rating in a research report on Tuesday, November 5th. Piper Sandler raised their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 18th. Finally, TD Cowen boosted their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a "buy" rating in a report on Wednesday, November 27th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $35.85.

Corebridge Financial Price Performance

Shares of NYSE:CRBG traded down $1.25 during midday trading on Friday, reaching $30.10. 3,349,563 shares of the company's stock traded hands, compared to its average volume of 2,723,661. The company has a fifty day simple moving average of $30.91 and a two-hundred day simple moving average of $29.65. Corebridge Financial has a 1 year low of $23.01 and a 1 year high of $34.66. The company has a market cap of $17.12 billion, a P/E ratio of -14.40, a PEG ratio of 0.39 and a beta of 0.92. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.17 by $0.21. The firm had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The business's revenue was up 39.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.05 earnings per share. Equities analysts predict that Corebridge Financial will post 4.81 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder International Group American sold 30,000,000 shares of the company's stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $31.20, for a total value of $936,000,000.00. Following the completion of the transaction, the insider now directly owns 249,238,898 shares of the company's stock, valued at $7,776,253,617.60. This represents a 10.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.08% of the company's stock.

Institutional Investors Weigh In On Corebridge Financial

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Fortitude Family Office LLC acquired a new stake in shares of Corebridge Financial in the 4th quarter valued at about $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Corebridge Financial in the third quarter valued at approximately $27,000. Capital Performance Advisors LLP acquired a new stake in shares of Corebridge Financial in the third quarter valued at approximately $28,000. HM Payson & Co. purchased a new position in shares of Corebridge Financial during the third quarter worth approximately $29,000. Finally, ORG Wealth Partners LLC acquired a new position in shares of Corebridge Financial in the 3rd quarter valued at $29,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

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.