Corebridge Financial (NYSE:CRBG) Upgraded to Neutral at UBS Group

Corebridge Financial (NYSE:CRBG - Get Free Report) was upgraded by analysts at UBS Group from a "sell" rating to a "neutral" rating in a research report issued on Friday, Marketbeat reports. The firm presently has a $37.00 price objective on the stock. UBS Group's price target would suggest a potential upside of 7.02% from the company's previous close.

A number of other brokerages also recently issued reports on CRBG. Wells Fargo & Company boosted their price target on Corebridge Financial from $37.00 to $42.00 and gave the company an "overweight" rating in a report on Wednesday, July 2nd. JPMorgan Chase & Co. upped their target price on Corebridge Financial from $34.00 to $40.00 and gave the stock a "neutral" rating in a research note on Tuesday. Keefe, Bruyette & Woods upped their target price on Corebridge Financial from $39.00 to $42.00 and gave the stock an "outperform" rating in a research note on Wednesday. Piper Sandler upped their target price on Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a research note on Thursday, July 3rd. Finally, BMO Capital Markets upped their target price on Corebridge Financial from $43.00 to $44.00 and gave the stock an "outperform" rating in a research note on Friday, June 27th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $39.75.

Corebridge Financial Trading Up 1.0%

Shares of NYSE:CRBG opened at $34.57 on Friday. Corebridge Financial has a 12-month low of $23.69 and a 12-month high of $36.08. The company has a market capitalization of $19.00 billion, a PE ratio of 29.30, a PEG ratio of 0.56 and a beta of 1.06. The business has a 50 day moving average of $32.98 and a two-hundred day moving average of $31.76. 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 (NYSE:CRBG - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.15 by $0.01. Corebridge Financial had a return on equity of 22.19% and a net margin of 3.73%. The company had revenue of $4.74 billion during the quarter, compared to the consensus estimate of $5.28 billion. During the same period in the previous year, the company posted $1.10 earnings per share. As a group, analysts forecast that Corebridge Financial will post 5.43 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CRBG. Raymond James Financial Inc. acquired a new position in Corebridge Financial in the 4th quarter valued at $31,844,000. PNC Financial Services Group Inc. increased its stake in shares of Corebridge Financial by 70.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,322 shares of the company's stock worth $129,000 after acquiring an additional 1,787 shares during the last quarter. Amundi increased its stake in shares of Corebridge Financial by 268.4% in the 4th quarter. Amundi now owns 503,010 shares of the company's stock worth $15,769,000 after acquiring an additional 366,480 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Corebridge Financial by 15.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 64,651 shares of the company's stock worth $1,935,000 after acquiring an additional 8,815 shares during the last quarter. Finally, Daiwa Securities Group Inc. increased its stake in shares of Corebridge Financial by 34.5% in the 4th quarter. Daiwa Securities Group Inc. now owns 73,300 shares of the company's stock worth $2,194,000 after acquiring an additional 18,800 shares during the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

About Corebridge Financial

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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