Barclays Issues Pessimistic Forecast for Corebridge Financial (NYSE:CRBG) Stock Price

Key Points

• Barclays lowered its target price for Corebridge Financial's stock from $46.00 to $39.00, which still indicates a potential upside of 20.16% from the current price.
• Corebridge Financial has received a mix of ratings from different analysts, with eight analysts giving it a Buy rating and four assigning a Hold rating, culminating in a consensus rating of "Moderate Buy."
• A major shareholder, the International Group American, sold 30 million shares of Corebridge Financial, decreasing their position by 26.34%, which raises some concerns about insider confidence in the company.

Corebridge Financial (NYSE:CRBG - Get Free Report) had its target price lowered by research analysts at Barclays from $46.00 to $39.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Barclays's target price indicates a potential upside of 20.16% from the company's current price.

Other equities research analysts have also issued research reports about the company. Weiss Ratings reiterated a "hold (c-)" rating on shares of Corebridge Financial in a research report on Saturday, September 27th. BMO Capital Markets upped their price objective on Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a research report on Friday, June 27th. Wall Street Zen upgraded Corebridge Financial from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Keefe, Bruyette & Woods upped their price objective on Corebridge Financial from $39.00 to $42.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. Finally, Wells Fargo & Company upped their price objective on Corebridge Financial from $42.00 to $44.00 and gave the stock an "overweight" rating in a research report on Wednesday. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $40.20.

Corebridge Financial Stock Performance

NYSE CRBG traded up $0.04 during trading hours on Wednesday, reaching $32.46. The stock had a trading volume of 597,311 shares, compared to its average volume of 3,292,132. The stock has a fifty day moving average of $33.63 and a 200 day moving average of $32.55. The stock has a market cap of $17.48 billion, a P/E ratio of -53.22, a price-to-earnings-growth ratio of 0.56 and a beta of 1.02. Corebridge Financial has a 52-week low of $23.69 and a 52-week high of $36.57. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported $1.36 EPS for the quarter, beating analysts' consensus estimates of $1.15 by $0.21. The firm had revenue of $4.42 billion for the quarter, compared to analyst estimates of $4.85 billion. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.During the same quarter in the prior year, the firm earned $1.13 earnings per share. Sell-side analysts predict that Corebridge Financial will post 5.43 earnings per share for the current year.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 30,000,000 shares of the company's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the completion of the transaction, the insider directly owned 83,896,013 shares of the company's stock, valued at $2,823,100,837.45. This represents a 26.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.29% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Bank of Nova Scotia increased its position in shares of Corebridge Financial by 3.8% during the 2nd quarter. Bank of Nova Scotia now owns 9,328 shares of the company's stock worth $331,000 after purchasing an additional 340 shares during the last quarter. Assetmark Inc. boosted its holdings in Corebridge Financial by 60.9% during the 2nd quarter. Assetmark Inc. now owns 941 shares of the company's stock valued at $33,000 after acquiring an additional 356 shares during the period. Brooklyn Investment Group boosted its holdings in Corebridge Financial by 66.7% during the 1st quarter. Brooklyn Investment Group now owns 1,452 shares of the company's stock valued at $46,000 after acquiring an additional 581 shares during the period. Nisa Investment Advisors LLC boosted its holdings in Corebridge Financial by 86.1% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,303 shares of the company's stock valued at $46,000 after acquiring an additional 603 shares during the period. Finally, Forum Financial Management LP boosted its holdings in Corebridge Financial by 4.0% during the 2nd quarter. Forum Financial Management LP now owns 16,360 shares of the company's stock valued at $581,000 after acquiring an additional 630 shares during the period. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Company Profile

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.

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