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

Key Points

• UBS Group raised its Corebridge Financial price target from $32 to $36 while maintaining a “neutral” rating. Analysts overall have a “Moderate Buy” consensus, with an average target of $37.75.
• Corebridge shares rose 1.5% to $35.35, near their 52-week high of $35.64. The company reported quarterly EPS of $1.12, exceeding estimates of $1.08, although revenue fell short of expectations.
• Insider and institutional interest remains strong: Nippon Life acquired more than 272,000 shares, while insiders bought over 4.25 million shares in the past three months; institutional investors own 98.25% of the stock.

Corebridge Financial (NYSE:CRBG - Get Free Report) had its target price increased by UBS Group from $32.00 to $36.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has a "neutral" rating on the stock. UBS Group's price target indicates a potential upside of 1.83% from the stock's previous close.

Other research analysts have also issued research reports about the stock. TD Cowen upped their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, July 22nd. 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. Keefe, Bruyette & Woods boosted their price target on shares of Corebridge Financial from $40.00 to $43.00 and gave the company an "outperform" rating in a report on Tuesday, August 11th. Piper Sandler upped their price target on shares of Corebridge Financial from $36.00 to $38.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 12th. Finally, Mizuho increased their price objective on Corebridge Financial from $35.00 to $36.00 and gave the stock an "outperform" rating in a report on Thursday, July 9th. Nine research 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 currently has a consensus rating of "Moderate Buy" and an average price target of $37.75.

Corebridge Financial Stock Up 1.5%

Corebridge Financial stock traded up $0.51 during mid-day trading on Tuesday, hitting $35.35. The company's stock had a trading volume of 774,654 shares, compared to its average volume of 4,961,976. The firm's 50 day moving average is $33.46 and its 200 day moving average is $29.56. The company has a market cap of $15.76 billion, a PE ratio of 20.66, a price-to-earnings-growth ratio of 0.43 and a beta of 1.07. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. 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 announced its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, topping analysts' consensus estimates of $1.08 by $0.04. The firm had revenue of $4.30 billion during 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 period last year, the company posted $1.36 EPS. On average, analysts anticipate that Corebridge Financial will post 4.62 earnings per share for the current year.

Insider Activity

In other Corebridge Financial news, major shareholder Life Insurance Co Nippon acquired 272,208 shares of the firm's stock in a transaction that occurred on Thursday, October 1st. The stock was purchased at an average cost of $33.07 per share, for a total transaction of $9,001,918.56. Following the completion of the acquisition, the insider owned 126,416,895 shares of the company's stock, valued at approximately $4,180,606,717.65. This trade represents a 0.22% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last three months, insiders have acquired 4,256,224 shares of company stock valued at $145,884,337 and have sold 28,895 shares valued at $983,886. Insiders own 0.32% of the company's stock.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors have recently bought and sold shares of CRBG. Sequoia Financial Advisors LLC boosted its stake in shares of Corebridge Financial by 23.7% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 14,676 shares of the company's stock worth $420,000 after acquiring an additional 2,814 shares in the last quarter. Tidal Investments LLC lifted its holdings in Corebridge Financial by 42.8% in the 2nd quarter. Tidal Investments LLC now owns 93,351 shares of the company's stock worth $2,673,000 after purchasing an additional 27,992 shares during the last quarter. National Pension Service lifted its holdings in Corebridge Financial by 83.2% in the 2nd quarter. National Pension Service now owns 20,647 shares of the company's stock worth $591,000 after purchasing an additional 9,375 shares during the last quarter. WINTON GROUP Ltd bought a new stake in Corebridge Financial during the second quarter worth approximately $1,729,000. Finally, Engineers Gate Manager LP bought a new stake in Corebridge Financial during the second quarter worth approximately $4,186,000. 98.25% of the stock is currently owned by institutional investors.

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 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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