Keefe, Bruyette & Woods Has Lowered Expectations for Corebridge Financial (NYSE:CRBG) Stock Price

Key Points

• Keefe, Bruyette & Woods has lowered their price target for Corebridge Financial (NYSE:CRBG) from $42.00 to $41.00, while maintaining an "outperform" rating, indicating a potential upside of 27.71% from the last closing price.
• Corebridge Financial reported a quarterly earnings per share of $1.36, exceeding estimates, despite a decline in revenue compared to expectations; analysts forecast $5.43 earnings per share for the current fiscal year.
• Corporate insiders hold a minimal portion of the company, with only 0.29% of the stock owned by insiders following a recent sale of over 1.18 million shares by a major shareholder.

Corebridge Financial (NYSE:CRBG - Get Free Report) had its price target lowered by equities researchers at Keefe, Bruyette & Woods from $42.00 to $41.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Keefe, Bruyette & Woods' price objective indicates a potential upside of 27.71% from the company's previous close.

CRBG has been the topic of several other research reports. Piper Sandler raised their price target on Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a research note on Thursday, July 3rd. UBS Group upgraded shares of Corebridge Financial from a "sell" rating to a "neutral" rating and upped their price target for the company from $28.00 to $37.00 in a research note on Friday, July 11th. JPMorgan Chase & Co. increased their price objective on Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Evercore ISI cut their price target on Corebridge Financial from $39.00 to $38.00 and set an "outperform" rating on the stock in a research report on Thursday. Finally, Barclays cut their price target on Corebridge Financial from $46.00 to $39.00 and set an "overweight" rating on the stock in a research report on Wednesday. Nine analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $39.91.

Corebridge Financial Stock Performance

Shares of CRBG traded up $0.04 on Thursday, reaching $32.10. The company's stock had a trading volume of 2,366,904 shares, compared to its average volume of 3,299,879. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.12 and a quick ratio of 0.12. The stock has a market capitalization of $17.29 billion, a P/E ratio of -52.65, a PEG ratio of 0.56 and a beta of 1.02. The stock's 50 day simple moving average is $33.57 and its two-hundred day simple moving average is $32.55. Corebridge Financial has a 12-month low of $23.69 and a 12-month high of $36.57.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The company reported $1.36 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.21. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. The business had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.85 billion. During the same quarter in the previous year, the firm earned $1.13 earnings per share. Research analysts forecast that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder International Group American sold 1,184,160 shares of Corebridge Financial stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $33.65, for a total value of $39,846,984.00. Following the sale, the insider directly owned 82,711,853 shares of the company's stock, valued at $2,783,253,853.45. The trade was a 1.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.29% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Corebridge Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp boosted its position in Corebridge Financial by 14.7% during the first quarter. Bank of New York Mellon Corp now owns 1,343,025 shares of the company's stock worth $42,399,000 after acquiring an additional 172,475 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Corebridge Financial by 227.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 1,458,517 shares of the company's stock worth $46,045,000 after purchasing an additional 1,013,259 shares during the last quarter. Atlas Capital Advisors Inc. boosted its stake in Corebridge Financial by 1,178.9% during the first quarter. Atlas Capital Advisors Inc. now owns 25,386 shares of the company's stock worth $801,000 after buying an additional 23,401 shares during the last quarter. Truist Financial Corp boosted its stake in Corebridge Financial by 2,686.2% during the first quarter. Truist Financial Corp now owns 1,555,564 shares of the company's stock worth $49,109,000 after buying an additional 1,499,733 shares during the last quarter. Finally, iA Global Asset Management Inc. acquired a new position in shares of Corebridge Financial during the 1st quarter valued at about $358,000. Institutional investors and hedge funds own 98.25% of the company's stock.

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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