Corebridge Financial (NYSE:CRBG) Given New $40.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo raised Corebridge Financial’s price target to $40 from $39 and maintained an “overweight” rating, implying approximately 15.9% upside from the reported $34.50 share price.
• Analyst sentiment is broadly positive: nine analysts rate CRBG a Buy and five rate it a Hold, producing a consensus “Moderate Buy” rating and an average price target of $38.83.
• Corebridge shares rose 1.2% to $34.50, while the company’s latest quarterly earnings of $1.12 per share exceeded estimates of $1.08; major shareholder Nippon Life also purchased more than 606,000 shares.

Corebridge Financial (NYSE:CRBG - Get Free Report) had its price target increased by investment analysts at Wells Fargo & Company from $39.00 to $40.00 in a research report issued on Monday, Benzinga reports. The firm currently has an "overweight" rating on the stock. Wells Fargo & Company's price target would suggest a potential upside of 15.94% from the company's current price.

A number of other equities analysts have also recently weighed in on CRBG. Weiss Ratings raised shares of Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a research report on Thursday, August 6th. UBS Group raised their price objective on Corebridge Financial from $32.00 to $36.00 and gave the stock a "neutral" rating in a research note on Tuesday, October 6th. TD Cowen lifted their target price on Corebridge Financial from $35.00 to $38.00 and gave the stock a "buy" rating in a report on Wednesday, July 22nd. Barclays lifted their target price on Corebridge Financial from $33.00 to $39.00 and gave the stock an "overweight" rating in a report on Wednesday, October 7th. Finally, Keefe, Bruyette & Woods boosted their target price on Corebridge Financial from $40.00 to $43.00 and gave the company an "outperform" rating in a research note on Tuesday, August 11th. Nine analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, Corebridge Financial currently has a consensus rating of "Moderate Buy" and an average target price of $38.83.

Corebridge Financial Trading Up 1.2%

CRBG traded up $0.41 during trading on Monday, reaching $34.50. 441,948 shares of the company's stock were exchanged, compared to its average volume of 4,942,741. The company's fifty day moving average price is $33.68 and its 200-day moving average price is $29.86. The firm has a market capitalization of $15.38 billion, a PE ratio of 20.15, a P/E/G ratio of 0.43 and a beta of 1.07. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. Corebridge Financial has a fifty-two week low of $22.19 and a fifty-two 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 for the quarter, beating the consensus estimate of $1.08 by $0.04. The firm had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%. During the same quarter in the prior year, the firm posted $1.36 earnings per share. As a group, equities analysts forecast that Corebridge Financial will post 4.63 EPS for the current year.

Insider Activity at Corebridge Financial

In related news, major shareholder Life Insurance Co Nippon acquired 606,912 shares of the business's stock in a transaction that occurred on Wednesday, October 7th. The shares were acquired at an average cost of $34.40 per share, with a total value of $20,877,772.80. Following the transaction, the insider owned 127,393,018 shares of the company's stock, valued at $4,382,319,819.20. The trade was a 0.48% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders have acquired 5,232,347 shares of company stock worth $179,558,204 and have sold 28,895 shares worth $983,886. 0.32% of the stock is currently owned by insiders.

Institutional Trading of Corebridge Financial

Several hedge funds and other institutional investors have recently modified their holdings of CRBG. Farther Finance Advisors LLC increased its stake in Corebridge Financial by 11.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 5,583 shares of the company's stock valued at $185,000 after buying an additional 590 shares during the last quarter. Allworth Financial LP lifted its position in Corebridge Financial by 100.6% during the 2nd quarter. Allworth Financial LP now owns 1,444 shares of the company's stock worth $41,000 after buying an additional 724 shares in the last quarter. GAMMA Investing LLC lifted its position in Corebridge Financial by 15.8% during the 3rd quarter. GAMMA Investing LLC now owns 5,836 shares of the company's stock worth $193,000 after buying an additional 796 shares in the last quarter. State of Wyoming raised its holdings in Corebridge Financial by 16.1% during the first quarter. State of Wyoming now owns 5,919 shares of the company's stock worth $141,000 after acquiring an additional 823 shares in the last quarter. Finally, Corient Private Wealth LP boosted its position in Corebridge Financial by 1.2% during the second quarter. Corient Private Wealth LP now owns 72,562 shares of the company's stock valued at $2,077,000 after purchasing an additional 858 shares during the last quarter. Institutional investors and hedge funds 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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