Corebridge Financial (NYSE:CRBG) Price Target Raised to $36.00

Key Points

• Mizuho raised its price target on Corebridge Financial to $36 from $35 and kept an outperform rating, implying about 20.8% upside from the current price.
• Other analysts have been mixed but generally positive: several firms lifted targets, while Piper Sandler and JPMorgan trimmed theirs. Overall, Corebridge has a Moderate Buy consensus with an average price target of $35.
• The stock was down 2.6% and recently traded around $29.81; the company also reported a Q1 EPS miss and weaker-than-expected revenue, even as institutional ownership remains very high at 98.25%.

Corebridge Financial (NYSE:CRBG - Get Free Report) had its price target raised by stock analysts at Mizuho from $35.00 to $36.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Mizuho's price objective would indicate a potential upside of 20.76% from the company's current price.

Other research analysts have also recently issued research reports about the stock. Keefe, Bruyette & Woods raised their price target on shares of Corebridge Financial from $31.00 to $38.00 and gave the stock an "outperform" rating in a report on Wednesday, May 6th. Wells Fargo & Company boosted their price objective on shares of Corebridge Financial from $32.00 to $35.00 and gave the company an "overweight" rating in a report on Tuesday, May 12th. Piper Sandler cut their target price on Corebridge Financial from $35.00 to $31.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 26th. JPMorgan Chase & Co. cut their price objective on Corebridge Financial from $37.00 to $36.00 and set a "neutral" rating on the stock in a report on Tuesday, May 12th. Finally, Barclays lifted their target price on Corebridge Financial from $30.00 to $33.00 and gave the stock an "overweight" rating in a report on Tuesday. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $35.00.

Corebridge Financial Stock Down 2.6%

Corebridge Financial stock opened at $29.81 on Thursday. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12. The stock has a market capitalization of $13.29 billion, a price-to-earnings ratio of 54.20, a PEG ratio of 0.34 and a beta of 1.10. Corebridge Financial has a 1-year low of $22.19 and a 1-year high of $36.57. The business has a fifty day moving average price of $27.95 and a 200-day moving average price of $27.86.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.02). The business had revenue of $4.08 billion for the quarter, compared to analyst estimates 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 earned $1.16 earnings per share. Equities research analysts forecast that Corebridge Financial will post 4.75 EPS for the current fiscal year.

Insider Activity at Corebridge Financial

In related news, insider David Ditillo sold 4,250 shares of the firm's stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $30.00, for a total transaction of $127,500.00. Following the sale, the insider directly owned 128,153 shares of the company's stock, valued at $3,844,590. This trade represents a 3.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.29% of the stock is owned by insiders.

Institutional Trading of Corebridge Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. grew its holdings in Corebridge Financial by 229.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company's stock valued at $41,042,000 after purchasing an additional 905,918 shares during the period. Focus Partners Wealth purchased a new stake in shares of Corebridge Financial during the first quarter worth about $384,000. Creative Planning acquired a new position in shares of Corebridge Financial during the 2nd quarter worth about $243,000. EverSource Wealth Advisors LLC raised its position in shares of Corebridge Financial by 58.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,558 shares of the company's stock worth $162,000 after purchasing an additional 1,688 shares during the last quarter. Finally, Cerity Partners LLC lifted its stake in Corebridge Financial by 64.4% in the 2nd quarter. Cerity Partners LLC now owns 92,554 shares of the company's stock valued at $3,286,000 after buying an additional 36,239 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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