Corebridge Financial (NYSE:CRBG) Given "Hold (C-)" Rating at Weiss Ratings

Key Points

• Corebridge Financial received a "Hold (C-)" rating from Weiss Ratings, indicating a cautious approach to its stock performance.
• Despite the hold rating, several analysts have raised their price targets, with BMO Capital Markets increasing the target from $43.00 to $44.00 and UBS upgrading their rating from "sell" to "neutral."
• The company's stock recently traded at $32.09, with a market cap of $17.28 billion and a 12-month price range between $23.69 and $36.57.

Corebridge Financial (NYSE:CRBG - Get Free Report)'s stock had its "hold (c-)" rating restated by Weiss Ratings in a research note issued on Wednesday,Weiss Ratings reports.

A number of other research analysts have also recently commented on the stock. BMO Capital Markets raised their price target on shares of Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a research note on Friday, June 27th. UBS Group upgraded shares of Corebridge Financial from a "sell" rating to a "neutral" rating and raised their price target for the stock from $28.00 to $37.00 in a research note on Friday, July 11th. Morgan Stanley cut their price target on shares of Corebridge Financial from $40.00 to $39.00 and set an "overweight" rating for the company in a research note on Tuesday. Piper Sandler raised their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a research note on Thursday, July 3rd. Finally, Wells Fargo & Company raised their price target on shares of Corebridge Financial from $42.00 to $44.00 and gave the stock an "overweight" rating in a research note on Wednesday. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Corebridge Financial presently has a consensus rating of "Moderate Buy" and a consensus target price of $40.20.

Corebridge Financial Stock Performance

Shares of NYSE CRBG traded down $0.33 during mid-day trading on Wednesday, hitting $32.09. The company had a trading volume of 3,038,118 shares, compared to its average volume of 3,486,844. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.12 and a quick ratio of 0.12. The business's 50-day simple moving average is $33.57 and its 200-day simple moving average is $32.55. Corebridge Financial has a 12 month low of $23.69 and a 12 month high of $36.57. The firm has a market cap of $17.28 billion, a P/E ratio of -52.61, a PEG ratio of 0.56 and a beta of 1.02.

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

Insider Buying and Selling at Corebridge Financial

In related news, major shareholder International Group American sold 1,184,160 shares of the firm's stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $33.65, for a total value of $39,846,984.00. Following the completion of the sale, the insider owned 82,711,853 shares of the company's stock, valued at $2,783,253,853.45. This trade represents a 1.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.29% of the stock is currently owned by corporate insiders.

Institutional Trading of Corebridge Financial

Institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp grew its holdings in Corebridge Financial by 14.7% during the 1st quarter. Bank of New York Mellon Corp now owns 1,343,025 shares of the company's stock worth $42,399,000 after acquiring an additional 172,475 shares during the period. Envestnet Asset Management Inc. boosted its position in shares of Corebridge Financial by 227.6% during the first quarter. Envestnet Asset Management Inc. now owns 1,458,517 shares of the company's stock worth $46,045,000 after purchasing an additional 1,013,259 shares in the last quarter. Atlas Capital Advisors Inc. boosted its position in shares of Corebridge Financial by 1,178.9% during the first quarter. Atlas Capital Advisors Inc. now owns 25,386 shares of the company's stock worth $801,000 after purchasing an additional 23,401 shares in the last quarter. Truist Financial Corp boosted its position in shares of Corebridge Financial by 2,686.2% during the first quarter. Truist Financial Corp now owns 1,555,564 shares of the company's stock worth $49,109,000 after purchasing an additional 1,499,733 shares in the last quarter. Finally, iA Global Asset Management Inc. bought a new position in shares of Corebridge Financial during the first quarter worth $358,000. Institutional investors and hedge funds own 98.25% of the company's stock.

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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