Corebridge Financial (NYSE:CRBG) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Key Points

• Wells Fargo raised Corebridge Financial’s price target to $39 from $36 and maintained an “overweight” rating, implying 17.59% upside from the prior close.
• Analyst sentiment is broadly positive: nine analysts rate the stock “Buy” and six rate it “Hold,” producing a consensus “Moderate Buy” rating and average target price of $37.42.
• Corebridge exceeded quarterly EPS expectations, reporting $1.12 versus the $1.08 consensus estimate, although revenue of $4.30 billion fell short of the $4.66 billion forecast.

Corebridge Financial (NYSE:CRBG - Get Free Report) had its price target increased by Wells Fargo & Company from $36.00 to $39.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Wells Fargo & Company's price target suggests a potential upside of 17.59% from the company's previous close.

Other equities research analysts have also issued reports about the company. Piper Sandler upped their price target on Corebridge Financial from $36.00 to $38.00 and gave the company an "overweight" rating in a research report on Wednesday, August 12th. Keefe, Bruyette & Woods lifted their price objective on Corebridge Financial from $40.00 to $43.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 11th. JPMorgan Chase & Co. lowered their price objective on Corebridge Financial from $37.00 to $36.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 12th. TD Cowen upped their target price on Corebridge Financial from $35.00 to $38.00 and gave the company a "buy" rating in a report on Wednesday, July 22nd. Finally, UBS Group upped their target price on Corebridge Financial from $29.00 to $32.00 and gave the company a "neutral" rating in a report on Wednesday, July 8th. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, Corebridge Financial currently has a consensus rating of "Moderate Buy" and an average target price of $37.42.

Corebridge Financial Stock Performance

CRBG opened at $33.17 on Wednesday. The firm has a market capitalization of $14.78 billion, a PE ratio of 19.40, a PEG ratio of 0.44 and a beta of 1.08. Corebridge Financial has a twelve month low of $22.19 and a twelve month high of $35.22. The firm's 50-day moving average price is $30.89 and its 200 day moving average price is $28.22. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, beating 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 company had revenue of $4.30 billion during the quarter, compared to analysts' expectations of $4.66 billion. During the same quarter in the prior year, the company earned $1.36 EPS. As a group, sell-side analysts expect that Corebridge Financial will post 4.58 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider David Ditillo sold 12,414 shares of the firm's stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $34.00, for a total transaction of $422,076.00. Following the completion of the transaction, the insider directly owned 111,153 shares in the company, valued at $3,779,202. This trade represents a 10.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.32% of the stock is owned by company insiders.

Institutional Trading of Corebridge Financial

Hedge funds have recently made changes to their positions in the business. Salomon & Ludwin LLC grew its holdings in shares of Corebridge Financial by 179.7% in the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company's stock valued at $26,000 after purchasing an additional 532 shares in the last quarter. Rothschild Investment LLC boosted its position in Corebridge Financial by 133.3% in the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company's stock valued at $27,000 after buying an additional 520 shares during the period. Bell Investment Advisors Inc purchased a new position in Corebridge Financial in the 2nd quarter valued at approximately $27,000. Sonoma Allocations LLC purchased a new position in Corebridge Financial in the 1st quarter valued at approximately $30,000. Finally, Allworth Financial LP acquired a new position in shares of Corebridge Financial in the second quarter worth $41,000. Institutional investors and hedge funds own 98.25% of the company's stock.

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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