Corebridge Financial (NYSE:CRBG) Coverage Initiated by Analysts at Wolfe Research

Key Points

• Analysts at Wolfe Research initiated coverage on Corebridge Financial (NYSE:CRBG), assigning a "peer perform" rating on the stock.
• BMO Capital Markets and Wells Fargo recently raised their price targets for Corebridge Financial to $44.00, suggesting positive performance expectations.
• A major shareholder, International Group American, sold 30 million shares of Corebridge Financial, reducing their ownership by over 26% in a transaction exceeding $1 billion.

Stock analysts at Wolfe Research began coverage on shares of Corebridge Financial (NYSE:CRBG - Get Free Report) in a report issued on Friday,Benzinga reports. The firm set a "peer perform" rating on the stock.

Other analysts also recently issued reports about the stock. BMO Capital Markets lifted their price objective on shares of Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a report on Friday, June 27th. Wells Fargo & Company lifted their price objective on shares of Corebridge Financial from $42.00 to $44.00 and gave the company an "overweight" rating in a report on Wednesday. Barclays lowered their price objective on shares of Corebridge Financial from $46.00 to $39.00 and set an "overweight" rating on the stock in a report on Wednesday. JPMorgan Chase & Co. lifted their price objective on shares of Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Finally, Weiss Ratings reiterated a "hold (c-)" rating on shares of Corebridge Financial in a report on Wednesday. Nine analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $39.91.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $32.17 on Friday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12. The company has a market capitalization of $17.32 billion, a P/E ratio of -52.73, a price-to-earnings-growth ratio of 0.56 and a beta of 1.02. The company's 50 day moving average price is $33.50 and its two-hundred day moving average price is $32.55. Corebridge Financial has a 52 week low of $23.69 and a 52 week high of $36.57.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $1.36 EPS for the quarter, topping the consensus estimate of $1.15 by $0.21. The firm had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.85 billion. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. During the same period last year, the company posted $1.13 EPS. On average, analysts expect that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction on Wednesday, August 6th. The shares were 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. The trade was a 26.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.29% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Corebridge Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRBG. GAMMA Investing LLC boosted its position in Corebridge Financial by 4,834.7% during the first quarter. GAMMA Investing LLC now owns 20,331 shares of the company's stock worth $644,000 after purchasing an additional 19,919 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in shares of Corebridge Financial by 194.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 55,962 shares of the company's stock valued at $1,767,000 after acquiring an additional 36,977 shares during the period. Sound Income Strategies LLC boosted its position in shares of Corebridge Financial by 1.8% in the first quarter. Sound Income Strategies LLC now owns 340,121 shares of the company's stock valued at $10,738,000 after acquiring an additional 6,015 shares during the period. Janney Montgomery Scott LLC boosted its position in shares of Corebridge Financial by 3.4% in the first quarter. Janney Montgomery Scott LLC now owns 39,628 shares of the company's stock valued at $1,251,000 after acquiring an additional 1,287 shares during the period. Finally, Demars Financial Group LLC boosted its position in shares of Corebridge Financial by 11.6% in the first quarter. Demars Financial Group LLC now owns 375,936 shares of the company's stock valued at $11,908,000 after acquiring an additional 39,134 shares during the period. 98.25% of the stock is owned by institutional investors.

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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