Mizuho Forecasts Strong Price Appreciation for Corebridge Financial (NYSE:CRBG) Stock

Key Points

• Mizuho raised Corebridge Financial’s price target to $40 from $38 and maintained an “outperform” rating, implying 16.4% upside from the prior close.
• Analyst sentiment remains favorable, with nine Buy ratings and six Holds producing a “Moderate Buy” consensus and an average price target of $38.58.
• Corebridge reported quarterly EPS of $1.12, exceeding estimates, but revenue of $4.30 billion fell short of expectations and earnings declined year over year. Meanwhile, Nippon Life purchased more than 805,000 shares, and institutional investors own 98.25% of the stock.

Corebridge Financial (NYSE:CRBG - Get Free Report) had its target price upped by Mizuho from $38.00 to $40.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has an "outperform" rating on the stock. Mizuho's price target points to a potential upside of 16.40% from the stock's previous close.

CRBG has been the topic of a number of other reports. Jefferies Financial Group upped their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a "buy" rating in a report on Friday, July 10th. Barclays lifted their price target on shares of Corebridge Financial from $33.00 to $39.00 and gave the stock an "overweight" rating in a report on Wednesday. Wells Fargo & Company upped their price objective on shares of Corebridge Financial from $36.00 to $39.00 and gave the company an "overweight" rating in a research note on Wednesday, August 19th. UBS Group raised their target price on shares of Corebridge Financial from $32.00 to $36.00 and gave the stock a "neutral" rating in a research report on Tuesday. Finally, Zacks Research raised shares of Corebridge Financial from a "strong sell" rating to a "hold" rating in a research note on Monday, June 22nd. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $38.58.

Corebridge Financial Price Performance

CRBG stock traded down $0.81 on Wednesday, reaching $34.37. The company had a trading volume of 2,149,774 shares, compared to its average volume of 4,957,078. The company's fifty day moving average is $33.52 and its 200 day moving average is $29.63. The company has a market cap of $15.32 billion, a P/E ratio of 20.04, a PEG ratio of 0.45 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 1 year low of $22.19 and a 1 year high of $35.64.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, topping analysts' consensus estimates of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.The company had revenue of $4.30 billion during the quarter, compared to analysts' expectations of $4.66 billion. During the same period in the previous year, the firm posted $1.36 earnings per share. On average, research analysts forecast that Corebridge Financial will post 4.62 earnings per share for the current year.

Insider Buying and Selling at Corebridge Financial

In related 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 completion of the transaction, the insider owned 125,579,654 shares of the company's stock, valued at approximately $4,288,545,184.10. The trade was a 0.65% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In the last 90 days, insiders have bought 4,443,379 shares of company stock worth $152,298,139 and have sold 28,895 shares worth $983,886. 0.32% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Corebridge Financial

Hedge funds have recently made changes to their positions in the stock. Sequoia Financial Advisors LLC raised its position in shares of Corebridge Financial by 23.7% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 14,676 shares of the company's stock worth $420,000 after buying an additional 2,814 shares during the period. Tidal Investments LLC grew its position in Corebridge Financial by 42.8% during the second quarter. Tidal Investments LLC now owns 93,351 shares of the company's stock valued at $2,673,000 after acquiring an additional 27,992 shares during the period. National Pension Service increased its stake in Corebridge Financial by 83.2% during the second quarter. National Pension Service now owns 20,647 shares of the company's stock worth $591,000 after acquiring an additional 9,375 shares during the last quarter. WINTON GROUP Ltd acquired a new stake in Corebridge Financial during the second quarter worth about $1,729,000. Finally, Engineers Gate Manager LP purchased a new position in shares of Corebridge Financial in the 2nd quarter worth about $4,186,000. Institutional investors and hedge funds own 98.25% of the company's stock.

Trending Headlines about Corebridge Financial

Here are the key news stories impacting Corebridge Financial this week:

• Positive Sentiment: Barclays raised its price target on Corebridge Financial from $33 to $39 and maintained an “overweight” rating. The new target implies approximately 13.7% upside from recent trading levels, signaling increased confidence in the insurer’s valuation and prospects.
• Positive Sentiment: Major shareholder Nippon Life continued buying CRBG shares. Nippon Life purchased 187,155 shares at an average price of $34.27, worth approximately $6.4 million, increasing its ownership by 0.15%. This follows a purchase of 272,208 shares worth about $9.0 million at an average price of $33.07. Repeated buying by a large shareholder can support sentiment by signaling confidence in the company’s long-term value. Nippon Life Purchases Corebridge Financial Shares
• Neutral Sentiment: UBS raised its price target from $32 to $36 but retained a “neutral” rating. The target represents only about 5% upside, suggesting UBS sees some additional value but believes the shares are closer to fairly valued than Barclays does. UBS Raises Corebridge Financial Price Target
• Negative Sentiment: Valuation and recent operating results may be limiting gains. Corebridge’s shares are near their 52-week high, while its latest quarterly revenue of $4.30 billion fell short of the $4.66 billion consensus estimate and earnings declined from the prior-year period. These factors may encourage profit-taking despite the positive analyst revisions.

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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