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

Key Points

• TD Cowen raised its price target for Corebridge Financial from $38 to $40 and maintained a “buy” rating, implying 13.23% upside from the stock’s $35.33 opening price.
• Analyst sentiment remains positive, with nine Buy ratings and five Holds producing a consensus “Moderate Buy” rating and an average price target of $39.
• Corebridge exceeded quarterly EPS expectations, reporting $1.12 per share versus the $1.08 consensus, while institutional investors own 98.25% of the company and insiders have been net buyers recently.

Corebridge Financial (NYSE:CRBG - Get Free Report) had its target price raised by analysts at TD Cowen from $38.00 to $40.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has a "buy" rating on the stock. TD Cowen's price target would suggest a potential upside of 13.23% from the company's current price.

CRBG has been the topic of a number of other research reports. Keefe, Bruyette & Woods raised their target price on Corebridge Financial from $40.00 to $43.00 and gave the company an "outperform" rating in a report on Tuesday, August 11th. UBS Group raised their price target on shares of Corebridge Financial from $32.00 to $36.00 and gave the company a "neutral" rating in a research note on Tuesday, October 6th. Piper Sandler lifted their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a report on Monday, October 12th. Barclays upped their price objective 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. Finally, Mizuho increased their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an "outperform" rating in a research note on Wednesday, October 7th. Nine investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Corebridge Financial currently has a consensus rating of "Moderate Buy" and a consensus price target of $39.00.

Corebridge Financial Stock Performance

Shares of NYSE CRBG opened at $35.33 on Wednesday. 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 52 week low of $22.19 and a 52 week high of $35.64. The firm has a market cap of $15.75 billion, a price-to-earnings ratio of 20.46, a P/E/G ratio of 0.49 and a beta of 1.07. The business's 50-day simple moving average is $33.86 and its 200-day simple moving average is $30.40.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued 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 net margin of 4.37% and a return on equity of 17.37%. The company had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter in the prior year, the firm posted $1.36 EPS. As a group, equities research analysts expect that Corebridge Financial will post 4.59 earnings per share for the current fiscal year.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, major shareholder Life Insurance Co Nippon purchased 805,782 shares of the firm's stock in a transaction on Monday, September 28th. The stock was purchased at an average cost of $34.15 per share, for a total transaction of $27,517,455.30. Following the transaction, the insider owned 125,579,654 shares in the company, valued at $4,288,545,184.10. The trade was a 0.65% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last ninety days, insiders have purchased 7,687,432 shares of company stock valued at $263,349,130 and have sold 28,895 shares valued at $983,886. Company insiders own 0.32% of the company's stock.

Hedge Funds Weigh In On Corebridge Financial

A number of hedge funds have recently modified their holdings of CRBG. Pzena Investment Management LLC bought a new stake in shares of Corebridge Financial during the 2nd quarter valued at about $967,400,000. BlackRock Inc. bought a new stake in Corebridge Financial in the second quarter worth approximately $726,494,000. Donald Smith & CO. Inc. bought a new stake in Corebridge Financial in the second quarter worth approximately $168,134,000. Davis Asset Management L.P. acquired a new position in Corebridge Financial in the second quarter valued at approximately $166,054,000. Finally, Wellington Management Group LLP acquired a new position in Corebridge Financial in the second quarter valued at approximately $99,469,000. Institutional investors and hedge funds own 98.25% of the company's stock.

About Corebridge Financial

Corebridge Financial, Inc NYSE: CRBG is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers and institutions through offerings designed to support retirement savings, income planning and financial protection.

Its products and services include individual and group retirement plans, annuities, life insurance and institutional retirement solutions. Corebridge also provides investment and administrative services associated with retirement plans, helping employers and employees manage long-term savings and retirement income needs.

Corebridge was established through the separation of American International Group's (AIG) Life and Retirement business and began operating as an independent publicly traded company in 2022.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.