Corebridge Financial (NYSE:CRBG) Price Target Cut to $38.00 by Analysts at Evercore ISI

Key Points

• Corebridge Financial had its price target reduced from $39.00 to $38.00 by Evercore ISI, while still maintaining an "outperform" rating, indicating potential for an 18.18% upside from its previous close.
• The stock traded at $32.16 on Thursday, with a market capitalization of $17.31 billion and a 1-year high of $36.57.
• Recent insider transactions revealed that major shareholder International Group American sold 30 million shares, reducing their ownership by 26.34% to 83,896,013 shares.

Corebridge Financial (NYSE:CRBG - Get Free Report) had its price target cut by equities researchers at Evercore ISI from $39.00 to $38.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Evercore ISI's price objective would suggest a potential upside of 18.18% from the stock's previous close.

CRBG has been the topic of several other research reports. Keefe, Bruyette & Woods boosted their price target on Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Corebridge Financial in a research note on Wednesday. Wall Street Zen raised Corebridge Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. UBS Group raised Corebridge Financial from a "sell" rating to a "neutral" rating and boosted their price objective for the stock from $28.00 to $37.00 in a research note on Friday, July 11th. Finally, Wells Fargo & Company boosted their price objective on Corebridge Financial from $42.00 to $44.00 and gave the stock an "overweight" rating in a research note on Wednesday. Nine research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $40.00.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG traded up $0.10 during trading on Thursday, hitting $32.16. 2,016,085 shares of the stock were exchanged, compared to its average volume of 3,298,126. Corebridge Financial has a 1-year low of $23.69 and a 1-year high of $36.57. The company has a market capitalization of $17.31 billion, a price-to-earnings ratio of -52.71, a price-to-earnings-growth ratio of 0.56 and a beta of 1.02. The company's fifty day simple moving average is $33.57 and its 200-day simple moving average is $32.55. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12.

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

Insider Buying and Selling at Corebridge Financial

In other 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 completion of 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.29% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. IFP Advisors Inc boosted its position in Corebridge Financial by 1,223.6% during the second quarter. IFP Advisors Inc now owns 728 shares of the company's stock valued at $26,000 after purchasing an additional 673 shares during the last quarter. Allworth Financial LP bought a new position in shares of Corebridge Financial during the second quarter worth approximately $26,000. Assetmark Inc. increased its stake in Corebridge Financial by 60.9% during the 2nd quarter. Assetmark Inc. now owns 941 shares of the company's stock worth $33,000 after acquiring an additional 356 shares during the period. Brooklyn Investment Group increased its stake in Corebridge Financial by 66.7% during the 1st quarter. Brooklyn Investment Group now owns 1,452 shares of the company's stock worth $46,000 after acquiring an additional 581 shares during the period. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of Corebridge Financial by 86.1% in the second quarter. Nisa Investment Advisors LLC now owns 1,303 shares of the company's stock worth $46,000 after acquiring an additional 603 shares during the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Company Profile

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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