Corebridge Financial (NYSE:CRBG) Given New $44.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo & Company has raised its price target for Corebridge Financial from $42.00 to $44.00, suggesting a potential upside of 35.58% from its previous close.
• Corebridge Financial recently reported an EPS of $1.36 for the last quarter, exceeding the consensus estimate of $1.15, while its revenue of $4.42 billion fell short of the expected $4.85 billion.
• Recent institutional investments include Pzena Investment Management growing its holdings by 132.6%, now owning over 18 million shares, reflecting strong institutional interest in the stock.

Corebridge Financial (NYSE:CRBG - Get Free Report) had its price target raised by investment analysts at Wells Fargo & Company from $42.00 to $44.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Wells Fargo & Company's price objective suggests a potential upside of 35.58% from the company's previous close.

CRBG has been the topic of several other research reports. JPMorgan Chase & Co. upped their price objective on Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Morgan Stanley lowered their target price on Corebridge Financial from $40.00 to $39.00 and set an "overweight" rating for the company in a report on Tuesday. BMO Capital Markets upped their target price on Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a report on Friday, June 27th. Keefe, Bruyette & Woods upped their target price on Corebridge Financial from $39.00 to $42.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. Finally, UBS Group upgraded Corebridge Financial from a "sell" rating to a "neutral" rating and upped their target price for the stock from $28.00 to $37.00 in a report on Friday, July 11th. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $40.90.

Corebridge Financial Trading Up 0.1%

Shares of NYSE CRBG traded up $0.03 during trading hours on Wednesday, hitting $32.45. 256,626 shares of the company traded hands, compared to its average volume of 3,289,777. The stock has a market capitalization of $17.48 billion, a price-to-earnings ratio of -53.24, a price-to-earnings-growth ratio of 0.56 and a beta of 1.02. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.86. The company's 50 day moving average price is $33.63 and its 200 day moving average price is $32.55. Corebridge Financial has a 12 month low of $23.69 and a 12 month high of $36.57.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported $1.36 EPS for the quarter, beating the consensus estimate of $1.15 by $0.21. The company had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.85 billion. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.During the same quarter in the prior year, the company posted $1.13 EPS. On average, equities research analysts anticipate that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Insider Transactions at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of the company's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the transaction, the insider directly owned 83,896,013 shares of the company's stock, valued at $2,823,100,837.45. This represents a 26.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.29% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CRBG. Pzena Investment Management LLC grew its holdings in Corebridge Financial by 132.6% during the second quarter. Pzena Investment Management LLC now owns 18,723,701 shares of the company's stock worth $664,691,000 after acquiring an additional 10,673,099 shares during the period. Norges Bank acquired a new stake in Corebridge Financial during the second quarter worth about $145,632,000. Nuveen LLC acquired a new stake in Corebridge Financial during the first quarter worth about $100,404,000. AQR Capital Management LLC grew its holdings in Corebridge Financial by 50.0% during the first quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company's stock worth $258,880,000 after acquiring an additional 2,780,764 shares during the period. Finally, Truist Financial Corp grew its holdings in 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 acquiring an additional 1,499,733 shares during the period. 98.25% of the stock is owned by institutional investors and hedge funds.

About Corebridge Financial

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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