Keefe, Bruyette & Woods Issues Positive Forecast for Corebridge Financial (NYSE:CRBG) Stock Price

Key Points

• Keefe, Bruyette & Woods raised its price target on Corebridge to $38 from $31 and keeps an "outperform" rating, implying about a 35.45% upside from the stock's current price.
• Analysts are mixed but broadly positive: the consensus is a "Moderate Buy" with a $35.58 target, based on 1 Strong Buy, 8 Buy, 5 Hold and 1 Sell ratings from covering firms.
• Corebridge recently missed quarterly estimates—reporting $1.05 EPS vs. $1.07 expected and $4.09B revenue vs. $5.06B expected—and its shares traded at $28.06 on heavy volume, inside a 12‑month range of $22.19–$36.57.

Corebridge Financial (NYSE:CRBG - Get Free Report) had its price target raised by stock analysts at Keefe, Bruyette & Woods from $31.00 to $38.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Keefe, Bruyette & Woods' target price would suggest a potential upside of 35.45% from the stock's current price.

Other analysts also recently issued reports about the stock. Piper Sandler upgraded shares of Corebridge Financial to a "strong-buy" rating in a report on Thursday, April 2nd. Barclays reduced their target price on shares of Corebridge Financial from $33.00 to $30.00 and set an "overweight" rating for the company in a report on Wednesday, April 8th. Morgan Stanley cut their price target on shares of Corebridge Financial from $35.00 to $32.00 and set an "equal weight" rating on the stock in a research report on Tuesday, March 3rd. Weiss Ratings downgraded Corebridge Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, January 15th. Finally, Bank of America decreased their price target on Corebridge Financial from $42.00 to $40.00 and set a "buy" rating for the company in a research note on Tuesday, April 14th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $35.58.

Corebridge Financial Price Performance

Shares of NYSE:CRBG traded down $0.41 during midday trading on Wednesday, reaching $28.06. 12,808,352 shares of the company's stock were exchanged, compared to its average volume of 4,978,777. Corebridge Financial has a 12 month low of $22.19 and a 12 month high of $36.57. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.12 and a current ratio of 0.12. The firm has a market capitalization of $13.51 billion, a PE ratio of 51.22, a price-to-earnings-growth ratio of 0.38 and a beta of 1.18. The company's 50 day simple moving average is $25.25 and its two-hundred day simple moving average is $28.65.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.02). The company had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $5.06 billion. Corebridge Financial had a net margin of 1.20% and a return on equity of 17.56%. During the same quarter in the prior year, the company posted $1.16 earnings per share. Equities research analysts expect that Corebridge Financial will post 4.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Corebridge Financial

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Corebridge Financial by 7.2% during the third quarter. Vanguard Group Inc. now owns 26,831,915 shares of the company's stock worth $859,963,000 after buying an additional 1,805,819 shares in the last quarter. Machina Capital S.A.S. acquired a new position in Corebridge Financial in the 3rd quarter valued at $1,182,000. Algebris UK Ltd. lifted its position in shares of Corebridge Financial by 31.4% during the 3rd quarter. Algebris UK Ltd. now owns 1,393,378 shares of the company's stock valued at $44,624,000 after acquiring an additional 333,245 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Corebridge Financial by 6.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 6,686,747 shares of the company's stock valued at $214,372,000 after acquiring an additional 430,308 shares during the period. Finally, State of Michigan Retirement System acquired a new stake in shares of Corebridge Financial during the 4th quarter worth $2,130,000. 98.25% of the stock is 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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