Corebridge Financial (NYSE:CRBG) Upgraded by Barclays to Overweight Rating

Corebridge Financial (NYSE:CRBG) was upgraded by analysts at Barclays from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Monday,Finviz reports. The firm presently has a $37.00 price target on the stock. Barclays‘s price objective points to a potential upside of 20.09% from the stock’s previous close.

Other analysts have also issued reports about the stock. Morgan Stanley increased their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. DOWLING & PARTN downgraded shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. TD Cowen boosted their price target 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. Finally, Piper Sandler increased their price objective on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $35.15.

Corebridge Financial Trading Up 1.5 %

NYSE CRBG opened at $30.81 on Monday. The firm’s 50 day moving average price is $31.00 and its two-hundred day moving average price is $29.60. 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 has a twelve month low of $22.14 and a twelve month high of $34.66. The stock has a market cap of $17.53 billion, a price-to-earnings ratio of -14.74, a PEG ratio of 0.39 and a beta of 0.86.

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

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were 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 in the company, valued at $4,005,584,743.74. This represents a 48.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.08% of the company’s stock.

Hedge Funds Weigh In On Corebridge Financial

Large investors have recently made changes to their positions in the business. Covestor Ltd boosted its holdings in Corebridge Financial by 118.8% in the 3rd quarter. Covestor Ltd now owns 1,050 shares of the company’s stock valued at $31,000 after purchasing an additional 570 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Corebridge Financial by 2.8% during the second quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock valued at $625,000 after buying an additional 585 shares during the last quarter. Commonwealth Equity Services LLC lifted its stake in shares of Corebridge Financial by 2.7% in the second quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock valued at $650,000 after buying an additional 597 shares during the period. Xponance Inc. grew its position in Corebridge Financial by 3.0% during the second quarter. Xponance Inc. now owns 21,037 shares of the company’s stock worth $613,000 after buying an additional 612 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC increased its stake in Corebridge Financial by 3.1% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 25,403 shares of the company’s stock valued at $740,000 after acquiring an additional 770 shares during the period. Institutional investors and hedge funds 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.