Corebridge Financial (NYSE:CRBG) Given New $38.00 Price Target at TD Cowen

Key Points

• TD Cowen raised its price target on Corebridge Financial from $35 to $38 and kept a buy rating, implying about 20% upside from the current share price.
• Wall Street sentiment remains constructive overall: the stock now has nine Buy ratings and six Hold ratings, with a consensus rating of Moderate Buy and an average price target of $36.75.
• Corebridge shares traded around $31.55, while the company recently reported Q1 earnings and revenue below estimates; an insider also sold shares in a pre-arranged transaction, and institutional investors continue to hold the vast majority of the stock.

Corebridge Financial (NYSE:CRBG - Get Free Report) had its price objective raised by investment analysts at TD Cowen from $35.00 to $38.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. TD Cowen's price objective suggests a potential upside of 20.46% from the company's current price.

Several other research firms also recently commented on CRBG. UBS Group upped their price objective on shares of Corebridge Financial from $29.00 to $32.00 and gave the company a "neutral" rating in a report on Wednesday, July 8th. Zacks Research raised shares of Corebridge Financial from a "strong sell" rating to a "hold" rating in a research report on Monday, June 22nd. Barclays boosted their price objective on shares of Corebridge Financial from $30.00 to $33.00 and gave the company an "overweight" rating in a report on Tuesday, July 7th. Bank of America reduced their price target on Corebridge Financial from $42.00 to $40.00 and set a "buy" rating on the stock in a research report on Tuesday, April 14th. Finally, Jefferies Financial Group upped their target price on Corebridge Financial from $43.00 to $45.00 and gave the company a "buy" rating in a research report on Friday, July 10th. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, Corebridge Financial currently has a consensus rating of "Moderate Buy" and an average price target of $36.75.

Corebridge Financial Trading Up 0.0%

NYSE CRBG traded up $0.01 during trading on Wednesday, reaching $31.55. 838,373 shares of the stock traded hands, compared to its average volume of 5,158,418. The stock's 50-day moving average price is $28.66 and its 200 day moving average price is $27.90. The firm has a market cap of $14.06 billion, a price-to-earnings ratio of 57.37, a price-to-earnings-growth ratio of 0.38 and a beta of 1.10. Corebridge Financial has a fifty-two week low of $22.19 and a fifty-two 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.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing analysts' consensus estimates of $1.07 by ($0.02). The company had revenue of $4.08 billion during the quarter, compared to the consensus estimate 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 previous year, the firm posted $1.16 EPS. Analysts predict that Corebridge Financial will post 4.63 EPS for the current year.

Insider Activity

In other news, insider David Ditillo sold 4,250 shares of the stock in a transaction that occurred 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 transaction, the insider directly owned 128,153 shares of the company's stock, valued at $3,844,590. This represents a 3.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.29% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Corebridge Financial

Several hedge funds have recently bought and sold shares of CRBG. Norges Bank bought a new position in Corebridge Financial in the fourth quarter valued at $611,550,000. State Street Corp increased its holdings in Corebridge Financial by 44.3% during the 4th quarter. State Street Corp now owns 11,295,692 shares of the company's stock valued at $340,791,000 after purchasing an additional 3,465,371 shares during the period. Pzena Investment Management LLC grew its position in shares of Corebridge Financial by 14.4% in the 1st quarter. Pzena Investment Management LLC now owns 27,045,794 shares of the company's stock worth $645,313,000 after buying an additional 3,413,384 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Corebridge Financial by 91.5% during the fourth quarter. AQR Capital Management LLC now owns 5,911,164 shares of the company's stock valued at $178,340,000 after buying an additional 2,823,801 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in Corebridge Financial by 43.5% in the first quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company's stock valued at $211,575,000 after acquiring an additional 2,689,611 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company's stock.

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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