Corebridge Financial (NYSE:CRBG) Given New $40.00 Price Target at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods raised its price target on Corebridge Financial to $40 from $38 and kept an outperform rating, implying about 31% upside from the current share price.
• Analyst sentiment is mixed but still constructive overall: the stock has a Moderate Buy consensus rating, with nine Buy ratings and six Hold ratings, and a consensus target of $36.08.
• Corebridge recently reported Q1 earnings of $1.05 per share, missing estimates, while revenue also fell short of expectations; meanwhile, insider David Ditillo sold shares in a pre-arranged trading plan and institutional investors continue to hold the vast majority of the stock.

Corebridge Financial (NYSE:CRBG - Get Free Report) had its price objective hoisted by Keefe, Bruyette & Woods from $38.00 to $40.00 in a report released on Monday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Keefe, Bruyette & Woods' target price suggests a potential upside of 31.06% from the stock's current price.

CRBG has been the subject of a number of other reports. Bank of America lowered their target price on Corebridge Financial from $42.00 to $40.00 and set a "buy" rating for the company in a research report on Tuesday, April 14th. Weiss Ratings downgraded shares of Corebridge Financial from a "hold (c)" rating to a "hold (c-)" rating in a research note on Tuesday, May 26th. Mizuho increased their price objective on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an "outperform" rating in a research report on Thursday. Zacks Research raised shares of Corebridge Financial from a "strong sell" rating to a "hold" rating in a research note on Monday, June 22nd. Finally, UBS Group lifted their price objective on shares of Corebridge Financial from $29.00 to $32.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 8th. Nine research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $36.08.

Corebridge Financial Price Performance

NYSE:CRBG opened at $30.52 on Monday. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.99. The company has a market capitalization of $13.61 billion, a P/E ratio of 55.49, a P/E/G ratio of 0.34 and a beta of 1.10. Corebridge Financial has a 12 month low of $22.19 and a 12 month high of $36.57. The business's 50-day moving average is $28.08 and its 200 day moving average is $27.86.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The firm had revenue of $4.08 billion for the quarter, compared to analysts' expectations of $5.06 billion. During the same quarter in the prior year, the business earned $1.16 EPS. On average, equities research analysts forecast that Corebridge Financial will post 4.75 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider David Ditillo sold 4,250 shares of the business's stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $30.00, for a total value of $127,500.00. Following the completion of the transaction, the insider owned 128,153 shares of the company's stock, valued at $3,844,590. The trade was a 3.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, 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 company insiders.

Institutional Investors Weigh In On Corebridge Financial

A number of institutional investors and hedge funds have recently modified their holdings of CRBG. Vanguard Group Inc. boosted its holdings in Corebridge Financial by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company's stock valued at $818,906,000 after purchasing an additional 311,133 shares during the last quarter. Pzena Investment Management LLC grew its holdings in Corebridge Financial by 14.4% during the first quarter. Pzena Investment Management LLC now owns 27,045,794 shares of the company's stock worth $645,313,000 after acquiring an additional 3,413,384 shares during the period. Norges Bank purchased a new position in Corebridge Financial during the fourth quarter valued at approximately $611,550,000. State Street Corp raised its position in Corebridge Financial by 44.3% during the fourth quarter. State Street Corp now owns 11,295,692 shares of the company's stock valued at $340,791,000 after acquiring an additional 3,465,371 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Corebridge Financial by 43.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company's stock worth $211,575,000 after purchasing an additional 2,689,611 shares in the last quarter. Institutional investors and hedge funds 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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