Corebridge Financial (NYSE:CRBG) Stock Price Expected to Rise, Piper Sandler Analyst Says

Key Points

• Piper Sandler raised Corebridge Financial’s price target to $38 from $36 and maintained an “overweight” rating, implying 13.53% upside from the prior close. Analysts overall assign the stock a “Moderate Buy” consensus rating with a $37.17 target.
• Corebridge reported quarterly earnings of $1.12 per share, beating the $1.08 consensus estimate, though revenue of $4.30 billion fell short of the $4.66 billion forecast and earnings declined from $1.36 per share a year earlier.
• CRBG shares traded at $33.47, near their 52-week high of $35.22, while institutional investors own a substantial 98.25% of the company. An insider separately sold 12,414 shares at an average price of $34 under a pre-arranged trading plan.

Corebridge Financial (NYSE:CRBG - Get Free Report) had its target price hoisted by equities research analysts at Piper Sandler from $36.00 to $38.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Piper Sandler's price objective points to a potential upside of 13.53% from the stock's previous close.

Several other analysts also recently weighed in on CRBG. Keefe, Bruyette & Woods boosted their price target on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an "outperform" rating in a research note on Tuesday. Bank of America decreased their price objective on Corebridge Financial from $42.00 to $40.00 and set a "buy" rating on the stock in a report on Tuesday, April 14th. TD Cowen boosted their target price on Corebridge Financial from $35.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, July 22nd. Weiss Ratings upgraded Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a research report on Thursday, August 6th. Finally, Mizuho lifted their price target on Corebridge Financial from $35.00 to $36.00 and gave the stock an "outperform" rating in a research note on Thursday, July 9th. Nine equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Corebridge Financial currently has a consensus rating of "Moderate Buy" and a consensus target price of $37.17.

Corebridge Financial Price Performance

CRBG traded up $0.08 during midday trading on Wednesday, hitting $33.47. The stock had a trading volume of 2,008,696 shares, compared to its average volume of 5,162,648. Corebridge Financial has a 1 year low of $22.19 and a 1 year high of $35.22. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. The business has a fifty day moving average of $30.19 and a 200 day moving average of $28.10. The company has a market cap of $14.92 billion, a P/E ratio of 19.57, a price-to-earnings-growth ratio of 0.45 and a beta of 1.08.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $1.12 EPS for the quarter, topping the consensus estimate of $1.08 by $0.04. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The firm had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same period last year, the firm posted $1.36 earnings per share. As a group, equities analysts forecast that Corebridge Financial will post 4.56 earnings per share for the current fiscal year.

Insider Buying and Selling at Corebridge Financial

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

Institutional Investors Weigh In On Corebridge Financial

A number of large investors have recently made changes to their positions in CRBG. Salomon & Ludwin LLC raised its holdings in shares of Corebridge Financial by 179.7% during the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company's stock valued at $26,000 after acquiring an additional 532 shares in the last quarter. Rothschild Investment LLC boosted its holdings in Corebridge Financial by 133.3% in the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company's stock valued at $27,000 after acquiring an additional 520 shares in the last quarter. Bell Investment Advisors Inc purchased a new position in Corebridge Financial during the 2nd quarter valued at $27,000. Sonoma Allocations LLC bought a new position in Corebridge Financial in the 1st quarter worth $30,000. Finally, Allworth Financial LP bought a new position in Corebridge Financial in the 2nd quarter worth $41,000. 98.25% of the stock is currently owned by institutional investors.

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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