Corebridge Financial (NYSE:CRBG) Price Target Raised to $43.00 at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods raised Corebridge Financial’s price target to $43 from $40 while maintaining an “outperform” rating, implying about 25% upside from the prior close.
• Analyst sentiment is broadly positive, with nine Buy ratings and six Holds producing a “Moderate Buy” consensus and an average target of $37; Jefferies separately raised its target to $45.
• Corebridge reported quarterly EPS of $1.12, topping estimates of $1.08, although revenue of $4.30 billion fell short of the $4.66 billion consensus estimate.

Corebridge Financial (NYSE:CRBG - Get Free Report) had its price objective hoisted by analysts at Keefe, Bruyette & Woods from $40.00 to $43.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Keefe, Bruyette & Woods' target price would indicate a potential upside of 25.22% from the company's previous close.

A number of other brokerages also recently weighed in on CRBG. Zacks Research raised shares of Corebridge Financial from a "strong sell" rating to a "hold" rating in a research report on Monday, June 22nd. Weiss Ratings raised shares of Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a report on Thursday. UBS Group lifted their target price on Corebridge Financial from $29.00 to $32.00 and gave the company a "neutral" rating in a research note on Wednesday, July 8th. 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 report on Friday, July 10th. Finally, Piper Sandler raised their target price on Corebridge Financial from $31.00 to $36.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $37.00.

Corebridge Financial Trading Up 2.0%

NYSE CRBG opened at $34.34 on Tuesday. Corebridge Financial has a 12 month low of $22.19 and a 12 month high of $35.22. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. The company has a market capitalization of $15.31 billion, a price-to-earnings ratio of 20.08, a price-to-earnings-growth ratio of 0.44 and a beta of 1.08. The company's fifty day moving average price is $30.07 and its two-hundred day moving average price is $28.08.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported $1.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.08 by $0.04. The business had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. During the same quarter in the prior year, the business posted $1.36 EPS. As a group, research analysts predict that Corebridge Financial will post 4.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider David Ditillo sold 12,414 shares of the firm's stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $34.00, for a total transaction of $422,076.00. Following the transaction, the insider owned 111,153 shares in the company, valued at approximately $3,779,202. This trade represents a 10.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.32% of the company's stock.

Institutional Investors Weigh In On Corebridge Financial

A number of hedge funds have recently bought and sold shares of CRBG. Salomon & Ludwin LLC grew its position in Corebridge Financial by 179.7% in the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company's stock worth $26,000 after purchasing an additional 532 shares during the last quarter. Rothschild Investment LLC lifted its position in shares of Corebridge Financial by 133.3% in the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company's stock worth $27,000 after acquiring an additional 520 shares during the period. Bell Investment Advisors Inc acquired a new stake in shares of Corebridge Financial during the 2nd quarter worth approximately $27,000. Sonoma Allocations LLC bought a new stake in shares of Corebridge Financial during the first quarter valued at approximately $30,000. Finally, Versant Capital Management Inc increased its position in shares of Corebridge Financial by 1,124.2% during the second quarter. Versant Capital Management Inc now owns 1,616 shares of the company's stock valued at $46,000 after purchasing an additional 1,484 shares during the period. 98.25% of the stock is currently owned by institutional investors.

About Corebridge Financial

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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