Bank of America Lowers Corebridge Financial (NYSE:CRBG) Price Target to $38.00

Corebridge Financial (NYSE:CRBG) had its price target reduced by equities research analysts at Bank of America from $40.00 to $38.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s target price points to a potential upside of 29.12% from the stock’s previous close.

CRBG has been the subject of several other reports. UBS Group boosted their target price on shares of Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday. Morgan Stanley boosted their target price on shares of Corebridge Financial from $26.00 to $28.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. Evercore ISI boosted their target price on shares of Corebridge Financial from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, April 11th. Royal Bank of Canada restated an “outperform” rating and set a $33.00 target price on shares of Corebridge Financial in a research report on Friday, June 28th. Finally, Piper Sandler boosted their target price on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research report on Monday, May 6th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $32.46.

Corebridge Financial Trading Down 1.7 %

Shares of NYSE CRBG opened at $29.43 on Thursday. Corebridge Financial has a 1 year low of $17.40 and a 1 year high of $34.66. The stock has a market cap of $17.91 billion, a P/E ratio of 7.74, a price-to-earnings-growth ratio of 0.33 and a beta of 0.97. The firm has a 50-day moving average of $29.65 and a 200 day moving average of $26.81. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.14 and a quick ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Friday, May 3rd. The company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.05. Corebridge Financial had a net margin of 11.25% and a return on equity of 23.64%. The firm had revenue of $5.85 billion during the quarter, compared to analyst estimates of $5.50 billion. During the same period in the previous year, the business posted $0.97 earnings per share. As a group, sell-side analysts expect that Corebridge Financial will post 4.86 EPS for the current fiscal year.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 1,932,609 shares of the business’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $29.20, for a total value of $56,432,182.80. Following the transaction, the insider now owns 292,271,027 shares of the company’s stock, valued at $8,534,313,988.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.09% of the company’s stock.

Institutional Investors Weigh In On Corebridge Financial

A number of hedge funds have recently bought and sold shares of the business. Sound Income Strategies LLC raised its stake in Corebridge Financial by 6.8% during the second quarter. Sound Income Strategies LLC now owns 196,444 shares of the company’s stock valued at $5,720,000 after purchasing an additional 12,477 shares in the last quarter. SG Americas Securities LLC bought a new position in Corebridge Financial during the second quarter valued at $3,532,000. QRG Capital Management Inc. increased its position in Corebridge Financial by 145.1% during the second quarter. QRG Capital Management Inc. now owns 207,097 shares of the company’s stock valued at $6,031,000 after acquiring an additional 122,601 shares during the last quarter. Renaissance Capital LLC increased its position in Corebridge Financial by 54.2% during the second quarter. Renaissance Capital LLC now owns 229,680 shares of the company’s stock valued at $6,688,000 after acquiring an additional 80,732 shares during the last quarter. Finally, CWM LLC increased its position in Corebridge Financial by 13.8% during the second quarter. CWM LLC now owns 8,762 shares of the company’s stock valued at $255,000 after acquiring an additional 1,063 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

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.