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

Corebridge Financial (NYSE:CRBG - Free Report) had its target price hoisted by Barclays from $34.00 to $36.00 in a report issued on Tuesday morning, Benzinga reports. Barclays currently has an equal weight rating on the stock.

Several other equities research analysts have also recently issued reports on the company. Morgan Stanley raised their target price on Corebridge Financial from $31.00 to $34.00 and gave the stock an "equal weight" rating in a research note on Tuesday. TD Cowen started coverage on Corebridge Financial in a research note on Wednesday, October 9th. They issued a "buy" rating and a $35.00 price objective for the company. Royal Bank of Canada dropped their price objective on Corebridge Financial from $33.00 to $32.00 and set an "outperform" rating for the company in a research note on Friday, August 2nd. Bank of America dropped their price objective on Corebridge Financial from $40.00 to $38.00 and set a "buy" rating for the company in a research note on Thursday, July 11th. Finally, Piper Sandler dropped their price objective on Corebridge Financial from $35.00 to $34.00 and set an "overweight" rating for the company in a research note on Wednesday, October 2nd. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $34.85.

Corebridge Financial Price Performance

Shares of NYSE:CRBG traded down $1.57 during midday trading on Tuesday, hitting $29.99. The company had a trading volume of 6,011,918 shares, compared to its average volume of 3,867,086. Corebridge Financial has a twelve month low of $18.83 and a twelve month high of $34.66. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14. The stock has a market cap of $17.75 billion, a price-to-earnings ratio of 9.34, a price-to-earnings-growth ratio of 0.43 and a beta of 0.90. The business's 50-day simple moving average is $29.46 and its 200-day simple moving average is $29.07.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, beating the consensus estimate of $1.17 by $0.21. The firm had revenue of $5.53 billion during the quarter, compared to analysts' expectations of $5.66 billion. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. The business's revenue for the quarter was up 39.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.05 earnings per share. On average, research analysts predict that Corebridge Financial will post 4.65 earnings per share for the current year.

Insider Activity

In other Corebridge Financial news, major shareholder International Group American sold 5,000,000 shares of the company's stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the completion of the sale, the insider now directly owns 279,238,898 shares of the company's stock, valued at $8,058,834,596.28. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.08% of the company's stock.

Hedge Funds Weigh In On Corebridge Financial

Large investors have recently modified their holdings of the business. Capital Research Global Investors grew its holdings in shares of Corebridge Financial by 9.9% in the 1st quarter. Capital Research Global Investors now owns 33,841,160 shares of the company's stock worth $972,257,000 after acquiring an additional 3,059,354 shares during the period. Vanguard Group Inc. grew its holdings in shares of Corebridge Financial by 6.0% in the 1st quarter. Vanguard Group Inc. now owns 25,128,367 shares of the company's stock worth $721,938,000 after acquiring an additional 1,415,265 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in shares of Corebridge Financial by 2.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 10,199,075 shares of the company's stock worth $296,997,000 after acquiring an additional 227,973 shares during the period. TD Asset Management Inc grew its holdings in shares of Corebridge Financial by 0.5% in the 2nd quarter. TD Asset Management Inc now owns 7,426,483 shares of the company's stock worth $216,259,000 after acquiring an additional 37,269 shares during the period. Finally, Canada Pension Plan Investment Board grew its holdings in shares of Corebridge Financial by 249.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company's stock worth $183,894,000 after acquiring an additional 4,507,322 shares during the period. 98.25% of the stock is owned by hedge funds and other 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.