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

Corebridge Financial (NYSE:CRBG) was upgraded by investment analysts at Deutsche Bank Aktiengesellschaft from a “hold” rating to a “buy” rating in a research note issued on Friday, MarketBeat reports. The brokerage currently has a $40.00 price objective on the stock, up from their previous price objective of $33.00. Deutsche Bank Aktiengesellschaft’s price objective points to a potential upside of 32.89% from the stock’s current price.

Other research analysts also recently issued reports about the company. TD Cowen upped their price objective on Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. DOWLING & PARTN lowered shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Piper Sandler lifted their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Morgan Stanley upped their target price 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. Finally, Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target on the stock in a research note on Monday, January 6th. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.85.

Corebridge Financial Trading Down 4.0 %

Corebridge Financial stock opened at $30.10 on Friday. Corebridge Financial has a 1 year low of $23.01 and a 1 year high of $34.66. The firm’s 50-day moving average is $30.91 and its 200-day moving average is $29.65. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14. 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.

Corebridge Financial (NYSE:CRBG) last issued its 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 analysts’ expectations of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. Corebridge Financial’s revenue was up 39.5% on a year-over-year basis. During the same quarter last year, the company posted $1.05 earnings per share. On average, equities analysts expect that Corebridge Financial will post 4.81 earnings per share for the current year.

Insider Transactions at Corebridge Financial

In related news, major shareholder International Group American sold 121,956,256 shares of the stock in a transaction that occurred on 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 of the company’s stock, 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.08% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CRBG. 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 last quarter. Marshall Wace LLP boosted its position in shares of Corebridge Financial by 201.1% in the 2nd quarter. Marshall Wace LLP now owns 4,008,341 shares of the company’s stock valued at $116,723,000 after purchasing an additional 2,677,105 shares during the period. Dimensional Fund Advisors LP increased its stake in Corebridge Financial by 150.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,561,382 shares of the company’s stock worth $103,707,000 after purchasing an additional 2,137,594 shares in the last quarter. AQR Capital Management LLC raised its holdings in Corebridge Financial by 40.3% during the 2nd quarter. AQR Capital Management LLC now owns 4,462,933 shares of the company’s stock worth $129,961,000 after buying an additional 1,282,154 shares during the period. Finally, Jacobs Levy Equity Management Inc. lifted its stake in Corebridge Financial by 34.5% during the third quarter. Jacobs Levy Equity Management Inc. now owns 3,567,637 shares of the company’s stock valued at $104,032,000 after buying an additional 915,848 shares in the last quarter. 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.