Corebridge Financial (NYSE:CRBG) Given New $36.00 Price Target at Piper Sandler

Key Points

• Piper Sandler raised Corebridge Financial’s price target from $31 to $36 and kept an overweight rating, implying about 17% upside from the current share price.
• Other analysts have also been adjusting their views, with several firms lifting targets or ratings; the stock now carries a Moderate Buy consensus and an average price target of $36.50.
• Corebridge shares were down slightly to $30.71 despite the upbeat analyst note, while the company recently reported Q1 earnings and revenue below estimates and saw an insider sale by David Ditillo under a pre-arranged trading plan.

Corebridge Financial (NYSE:CRBG - Get Free Report) had its target price hoisted by equities research analysts at Piper Sandler from $31.00 to $36.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Piper Sandler's target price indicates a potential upside of 17.21% from the stock's current price.

CRBG has been the topic of a number of other research reports. Zacks Research upgraded Corebridge Financial from a "strong sell" rating to a "hold" rating in a research report on Monday, June 22nd. Wells Fargo & Company boosted their price objective on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an "overweight" rating in a report on Thursday, July 9th. JPMorgan Chase & Co. lowered their target price on shares of Corebridge Financial from $37.00 to $36.00 and set a "neutral" rating for the company in a research note on Tuesday, May 12th. UBS Group boosted their price target on shares of Corebridge Financial from $29.00 to $32.00 and gave the company a "neutral" rating in a research note on Wednesday, July 8th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an "outperform" rating in a research report on Monday. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $36.50.

Corebridge Financial Stock Down 0.3%

Shares of CRBG opened at $30.71 on Wednesday. Corebridge Financial has a 52-week low of $22.19 and a 52-week high of $36.57. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99. The stock has a fifty day simple moving average of $28.20 and a two-hundred day simple moving average of $27.86. The company has a market capitalization of $13.69 billion, a PE ratio of 55.85, a price-to-earnings-growth ratio of 0.35 and a beta of 1.10.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.07 by ($0.02). The firm had revenue of $4.08 billion during the quarter, compared to analysts' expectations of $5.06 billion. Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. During the same period in the prior year, the company posted $1.16 EPS. As a group, equities analysts forecast that Corebridge Financial will post 4.7 EPS for the current year.

Insider Activity

In other news, insider David Ditillo sold 4,250 shares of Corebridge Financial stock in a transaction on Monday, July 6th. The shares were sold at an average price of $30.00, for a total transaction of $127,500.00. Following the completion of the sale, the insider directly owned 128,153 shares of the company's stock, valued at approximately $3,844,590. The trade was a 3.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.29% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Salomon & Ludwin LLC raised its position in shares of Corebridge Financial by 179.7% during the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company's stock worth $26,000 after acquiring an additional 532 shares in the last quarter. Rothschild Investment LLC increased its stake in Corebridge Financial by 133.3% in the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company's stock valued at $27,000 after purchasing an additional 520 shares during the last quarter. Sonoma Allocations LLC purchased a new position in Corebridge Financial in the first quarter valued at approximately $30,000. True Wealth Design LLC raised its holdings in Corebridge Financial by 50.2% during the fourth quarter. True Wealth Design LLC now owns 1,233 shares of the company's stock worth $37,000 after purchasing an additional 412 shares in the last quarter. Finally, Versant Capital Management Inc raised its holdings in Corebridge Financial by 1,124.2% during the second quarter. Versant Capital Management Inc now owns 1,616 shares of the company's stock worth $46,000 after purchasing an additional 1,484 shares in the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

About Corebridge Financial

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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