Corebridge Financial (NYSE:CRBG) Upgraded at Wall Street Zen

Key Points

• Corebridge Financial was upgraded from a "sell" rating to a "hold" rating by Wall Street Zen in a report issued recently.
• Multiple brokerages have raised their price targets for Corebridge Financial, with an average target of $39.91 and a consensus rating of "Moderate Buy."
• The company reported a quarterly earnings per share of $1.16, surpassing analysts' estimates, despite lower-than-expected revenue of $4.74 billion.

Corebridge Financial (NYSE:CRBG - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Saturday.

A number of other brokerages have also recently weighed in on CRBG. Keefe, Bruyette & Woods lifted their price target on Corebridge Financial from $39.00 to $42.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. Morgan Stanley upped their price target on shares of Corebridge Financial from $37.00 to $40.00 and gave the company an "overweight" rating in a research report on Friday, June 27th. BMO Capital Markets raised their price objective on shares of Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a research note on Friday, June 27th. JPMorgan Chase & Co. boosted their target price on shares of Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Finally, Wells Fargo & Company increased their target price on Corebridge Financial from $37.00 to $42.00 and gave the company an "overweight" rating in a report on Wednesday, July 2nd. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $39.91.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $34.44 on Friday. The company has a 50-day moving average of $34.01 and a 200-day moving average of $32.28. The firm has a market cap of $18.93 billion, a price-to-earnings ratio of 29.19, a price-to-earnings-growth ratio of 0.58 and a beta of 1.06. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.96. Corebridge Financial has a twelve month low of $23.69 and a twelve month high of $36.41.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported $1.16 earnings per share for the quarter, topping analysts' consensus estimates of $1.15 by $0.01. The firm had revenue of $4.74 billion during the quarter, compared to analysts' expectations of $5.28 billion. Corebridge Financial had a net margin of 3.73% and a return on equity of 22.19%. During the same period last year, the firm posted $1.10 earnings per share. Analysts forecast that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CRBG. Bank of New York Mellon Corp lifted its holdings in shares of Corebridge Financial by 14.7% during the 1st quarter. Bank of New York Mellon Corp now owns 1,343,025 shares of the company's stock valued at $42,399,000 after buying an additional 172,475 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in Corebridge Financial by 227.6% in the first quarter. Envestnet Asset Management Inc. now owns 1,458,517 shares of the company's stock valued at $46,045,000 after acquiring an additional 1,013,259 shares during the last quarter. Truist Financial Corp grew its position in Corebridge Financial by 2,686.2% in the first quarter. Truist Financial Corp now owns 1,555,564 shares of the company's stock worth $49,109,000 after acquiring an additional 1,499,733 shares in the last quarter. Merit Financial Group LLC bought a new stake in Corebridge Financial in the first quarter worth approximately $832,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Corebridge Financial by 88.1% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 96,872 shares of the company's stock worth $2,899,000 after purchasing an additional 45,363 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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