Jefferies Financial Group Increases Corebridge Financial (NYSE:CRBG) Price Target to $40.00

Corebridge Financial (NYSE:CRBG) had its price target boosted by analysts at Jefferies Financial Group from $35.00 to $40.00 in a report issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Jefferies Financial Group’s price objective would suggest a potential upside of 37.36% from the stock’s current price.

Several other brokerages have also recently commented on CRBG. Wells Fargo & Company boosted their target price on Corebridge Financial from $33.00 to $34.00 and gave the stock an “overweight” rating in a report on Friday, May 10th. Royal Bank of Canada reissued an “outperform” rating and set a $33.00 target price on shares of Corebridge Financial in a report on Friday. Morgan Stanley boosted their target price on Corebridge Financial from $26.00 to $28.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Piper Sandler boosted their target price on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Monday, May 6th. Finally, Evercore ISI boosted their target price on Corebridge Financial from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, April 11th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Corebridge Financial has a consensus rating of “Moderate Buy” and an average price target of $31.18.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $29.12 on Friday. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.94. The business has a 50 day moving average of $29.21 and a two-hundred day moving average of $26.27. Corebridge Financial has a 52 week low of $17.37 and a 52 week high of $34.66. The company has a market cap of $17.72 billion, a P/E ratio of 7.66, a PEG ratio of 0.31 and a beta of 0.99.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Friday, May 3rd. The company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.05. The company had revenue of $5.85 billion during the quarter, compared to the consensus estimate of $5.50 billion. Corebridge Financial had a return on equity of 23.64% and a net margin of 11.25%. During the same period in the previous year, the firm posted $0.97 earnings per share. As a group, analysts anticipate that Corebridge Financial will post 4.95 EPS for the current 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 on Monday, June 3rd. The shares were sold at an average price of $29.20, for a total value of $876,000,000.00. Following the completion of the sale, the insider now directly owns 294,203,636 shares in the company, valued at $8,590,746,171.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.09% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CRBG. Rhumbline Advisers raised its position in shares of Corebridge Financial by 72.4% during the third quarter. Rhumbline Advisers now owns 152,119 shares of the company’s stock valued at $3,004,000 after buying an additional 63,903 shares during the last quarter. Invesco Ltd. raised its position in shares of Corebridge Financial by 128.4% during the third quarter. Invesco Ltd. now owns 333,170 shares of the company’s stock valued at $6,580,000 after buying an additional 187,272 shares during the last quarter. Hsbc Holdings PLC acquired a new position in shares of Corebridge Financial during the third quarter valued at about $372,000. Mariner LLC raised its position in shares of Corebridge Financial by 4.3% during the third quarter. Mariner LLC now owns 33,647 shares of the company’s stock valued at $665,000 after buying an additional 1,388 shares during the last quarter. Finally, Richard Bernstein Advisors LLC acquired a new position in shares of Corebridge Financial during the third quarter valued at about $2,772,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

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.