Mizuho Boosts Corebridge Financial (NYSE:CRBG) Price Target to $35.00

Key Points

• Mizuho raised its price target on Corebridge Financial from $31 to $35 and maintained an "outperform" rating, implying roughly a 24.75% upside from the prior close.
• Analyst opinions are mixed—Keefe, Bruyette & Woods lifted its target to $38 while Wells Fargo, Morgan Stanley and Barclays trimmed theirs; MarketBeat's consensus target is $35.92 with an average rating of "Moderate Buy".
• Corebridge missed Q1 expectations with EPS of $1.05 (vs. $1.07 estimate) and revenue of $4.09B (vs. $5.06B), and the stock trades near $28 with a P/E of about 51 and a market cap around $13.5B.

Corebridge Financial (NYSE:CRBG - Get Free Report) had its target price upped by research analysts at Mizuho from $31.00 to $35.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Mizuho's price target indicates a potential upside of 24.75% from the company's previous close.

A number of other analysts have also weighed in on CRBG. Wells Fargo & Company cut their price objective on Corebridge Financial from $36.00 to $32.00 and set an "overweight" rating on the stock in a research report on Friday, April 10th. Keefe, Bruyette & Woods upped their price objective on Corebridge Financial from $31.00 to $38.00 and gave the stock an "outperform" rating in a research report on Wednesday. Weiss Ratings lowered Corebridge Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, January 15th. Morgan Stanley cut their price objective on 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. Finally, Barclays cut their price objective on Corebridge Financial from $33.00 to $30.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 8th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $35.92.

Corebridge Financial Stock Down 1.4%

Corebridge Financial stock opened at $28.06 on Thursday. Corebridge Financial has a twelve month low of $22.19 and a twelve month high of $36.57. The stock's fifty day simple moving average is $25.27 and its 200-day simple moving average is $28.63. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $13.51 billion, a P/E ratio of 51.01, a P/E/G ratio of 0.40 and a beta of 1.18.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings data on Monday, May 4th. The company reported $1.05 earnings per share for the quarter, missing analysts' consensus estimates of $1.07 by ($0.02). Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.The company had revenue of $4.09 billion for the quarter, compared to analysts' expectations of $5.06 billion. During the same period in the prior year, the company posted $1.16 EPS. As a group, equities 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 institutional investors and hedge funds have recently modified their holdings of CRBG. California Public Employees Retirement System boosted its stake in Corebridge Financial by 11.0% in the first quarter. California Public Employees Retirement System now owns 555,559 shares of the company's stock valued at $13,256,000 after acquiring an additional 55,130 shares in the last quarter. Bessemer Group Inc. boosted its stake in Corebridge Financial by 1.4% in the first quarter. Bessemer Group Inc. now owns 129,282 shares of the company's stock valued at $3,086,000 after acquiring an additional 1,797 shares in the last quarter. Fifth Third Bancorp boosted its stake in Corebridge Financial by 28,151.1% in the first quarter. Fifth Third Bancorp now owns 176,852 shares of the company's stock valued at $4,220,000 after acquiring an additional 176,226 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in Corebridge Financial by 4.0% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 532,153 shares of the company's stock valued at $12,697,000 after acquiring an additional 20,615 shares in the last quarter. Finally, Resona Asset Management Co. Ltd. boosted its stake in Corebridge Financial by 5.1% in the first quarter. Resona Asset Management Co. Ltd. now owns 79,386 shares of the company's stock valued at $1,879,000 after acquiring an additional 3,882 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company's stock.

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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