Corebridge Financial (NYSE:CRBG) Given New $40.00 Price Target at Piper Sandler

Key Points

• Piper Sandler raised Corebridge Financial’s price target from $38 to $40 and maintained an “overweight” rating, implying 17.28% upside from the prior close.
• Analyst sentiment is broadly positive: nine analysts rate the stock a Buy and five rate it a Hold, resulting in a consensus “Moderate Buy” rating and an average target of $38.75.
• Corebridge reported quarterly EPS of $1.12, exceeding estimates of $1.08, while revenue of $4.30 billion fell short of the $4.66 billion consensus forecast.

Corebridge Financial (NYSE:CRBG - Get Free Report) had its price target boosted by equities research analysts at Piper Sandler from $38.00 to $40.00 in a report released on Monday, Benzinga reports. The firm presently has an "overweight" rating on the stock. Piper Sandler's target price indicates a potential upside of 17.28% from the company's previous close.

CRBG has been the subject of several other reports. Weiss Ratings raised shares of Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a research note on Thursday, August 6th. Barclays upped their price target on shares of Corebridge Financial from $33.00 to $39.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 7th. Mizuho upped their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 7th. Zacks Research raised shares of Corebridge Financial from a "strong sell" rating to a "hold" rating in a research report on Monday, June 22nd. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 11th. Nine investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $38.75.

Corebridge Financial Price Performance

NYSE:CRBG opened at $34.10 on Monday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. The stock's 50-day simple moving average is $33.68 and its 200 day simple moving average is $29.86. The company has a market cap of $15.20 billion, a P/E ratio of 19.94, a P/E/G ratio of 0.43 and a beta of 1.07. Corebridge Financial has a 52-week low of $22.19 and a 52-week high of $35.64.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%. The business had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same quarter in the prior year, the company posted $1.36 earnings per share. As a group, sell-side analysts forecast that Corebridge Financial will post 4.63 EPS for the current fiscal year.

Insider Activity at Corebridge Financial

In other Corebridge Financial news, major shareholder Life Insurance Co Nippon bought 805,782 shares of the firm's stock in a transaction that occurred on Monday, September 28th. The shares were acquired at an average cost of $34.15 per share, with a total value of $27,517,455.30. Following the acquisition, the insider owned 125,579,654 shares of the company's stock, valued at $4,288,545,184.10. The trade was a 0.65% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders purchased 5,232,347 shares of company stock worth $179,558,204 and sold 28,895 shares worth $983,886. Corporate insiders own 0.32% of the company's stock.

Institutional Investors Weigh In On Corebridge Financial

A number of large investors have recently added to or reduced their stakes in the business. Bell Investment Advisors Inc bought a new position in Corebridge Financial during the second quarter worth $27,000. Sonoma Allocations LLC acquired a new position in shares of Corebridge Financial in the first quarter valued at $30,000. Allworth Financial LP bought a new position in shares of Corebridge Financial in the second quarter valued at about $41,000. Versant Capital Management Inc raised its position in shares of Corebridge Financial by 1,124.2% in the second quarter. Versant Capital Management Inc now owns 1,616 shares of the company's stock valued at $46,000 after purchasing an additional 1,484 shares during the period. Finally, Global Retirement Partners LLC bought a new position in shares of Corebridge Financial in the second quarter valued at about $57,000. Institutional investors own 98.25% of the company's stock.

Corebridge Financial Company Profile

Corebridge Financial, Inc NYSE: CRBG is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers and institutional clients through businesses focused on retirement services, life insurance and institutional markets.

Its offerings include fixed, variable and registered index-linked annuities; individual life insurance; employer-sponsored retirement plans; and investment, funding and risk-management solutions for institutions.

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