Corebridge Financial (NYSE:CRBG) Given New $33.00 Price Target at Barclays

Key Points

• Barclays cut its price target on Corebridge Financial to $33.00 from $34.00 but kept an "overweight" rating, a target that implies roughly a 38.9% upside from the prior close.
• The stock trades at about $23.77 after Corebridge posted an EPS beat ($1.22 vs. $1.11) and stronger-than-expected revenue, and analysts hold a consensus of "Moderate Buy" with an average target of $37.09 amid mixed recent rating changes.

Corebridge Financial (NYSE:CRBG - Get Free Report) had its target price dropped by stock analysts at Barclays from $34.00 to $33.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Barclays's price objective would indicate a potential upside of 38.86% from the company's previous close.

Other equities research analysts also recently issued reports about the stock. Weiss Ratings downgraded shares of Corebridge Financial from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, January 15th. Mizuho began coverage on shares of Corebridge Financial in a research note on Tuesday, December 16th. They issued an "outperform" rating and a $38.00 target price for the company. JPMorgan Chase & Co. cut their price target on Corebridge Financial from $40.00 to $39.00 and set a "neutral" rating for the company in a report on Monday, January 5th. Wells Fargo & Company decreased their price objective on Corebridge Financial from $37.00 to $36.00 and set an "overweight" rating on the stock in a report on Wednesday, February 25th. Finally, Morgan Stanley lowered their price objective on Corebridge Financial from $35.00 to $32.00 and set an "equal weight" rating for the company in a research report on Tuesday, March 3rd. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $37.09.

Corebridge Financial Price Performance

Shares of NYSE:CRBG traded down $0.86 on Wednesday, hitting $23.77. The company had a trading volume of 622,803 shares, compared to its average volume of 3,980,896. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.11. The company has a market cap of $11.45 billion, a PE ratio of -44.67, a PEG ratio of 0.38 and a beta of 1.11. Corebridge Financial has a 52-week low of $23.69 and a 52-week high of $36.57. The business has a 50 day moving average of $29.53 and a 200 day moving average of $30.83.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings data on Wednesday, February 11th. The company reported $1.22 EPS for the quarter, topping analysts' consensus estimates of $1.11 by $0.11. The firm had revenue of $6.34 billion during the quarter, compared to analysts' expectations of $5.02 billion. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.During the same quarter last year, the business posted $1.06 EPS. As a group, equities analysts anticipate that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Corebridge Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of Nova Scotia grew its holdings 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 period. Severin Investments LLC grew its stake in Corebridge Financial by 1.4% during the third quarter. Severin Investments LLC now owns 24,778 shares of the company's stock worth $794,000 after buying an additional 350 shares during the period. Assetmark Inc. increased its position in shares of Corebridge Financial by 60.9% in the second quarter. Assetmark Inc. now owns 941 shares of the company's stock worth $33,000 after acquiring an additional 356 shares in the last quarter. Smartleaf Asset Management LLC increased its position in shares of Corebridge Financial by 83.6% in the third quarter. Smartleaf Asset Management LLC now owns 828 shares of the company's stock worth $27,000 after acquiring an additional 377 shares in the last quarter. Finally, Integrated Wealth Concepts LLC raised its stake in shares of Corebridge Financial by 2.5% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 15,424 shares of the company's stock valued at $494,000 after acquiring an additional 383 shares during the period. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Company Profile

Corebridge Financial NYSE: CRBG is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.

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