Morgan Stanley Lowers Corebridge Financial (NYSE:CRBG) Price Target to $39.00

Key Points

• Morgan Stanley has lowered the price target for Corebridge Financial (NYSE:CRBG) from $40.00 to $39.00, while maintaining an "overweight" rating, suggesting a potential upside of 20.49% from the previous close.
• The stock is currently rated as a "Moderate Buy" by analysts, with a consensus target price of $40.70, indicating that many analysts are optimistic about the company's future performance.
• Corebridge Financial's stock has seen trading activity increase, up 0.5% to $32.37, with a market capitalization of $17.43 billion and recent quarterly earnings surpassing estimates.

Corebridge Financial (NYSE:CRBG - Get Free Report) had its price target lowered by Morgan Stanley from $40.00 to $39.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Morgan Stanley's target price would suggest a potential upside of 20.49% from the company's previous close.

A number of other equities analysts have also commented on CRBG. Wells Fargo & Company lifted their price objective on Corebridge Financial from $37.00 to $42.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. lifted their price objective on Corebridge Financial from $34.00 to $40.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Corebridge Financial in a research note on Saturday, September 27th. UBS Group upgraded Corebridge Financial from a "sell" rating to a "neutral" rating and lifted their price objective for the stock from $28.00 to $37.00 in a research note on Friday, July 11th. Finally, Piper Sandler lifted their price objective on Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a research note on Thursday, July 3rd. Eight research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $40.70.

Corebridge Financial Stock Up 0.5%

Shares of NYSE:CRBG traded up $0.17 on Tuesday, reaching $32.37. The company had a trading volume of 898,220 shares, compared to its average volume of 3,292,048. Corebridge Financial has a twelve month low of $23.69 and a twelve month high of $36.57. The stock has a 50-day moving average price of $33.70 and a 200 day moving average price of $32.56. The stock has a market capitalization of $17.43 billion, a P/E ratio of -53.12, a P/E/G ratio of 0.56 and a beta of 1.02. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.86.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported $1.36 earnings per share for the quarter, topping analysts' consensus estimates of $1.15 by $0.21. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.The company had revenue of $4.42 billion during the quarter, compared to analysts' expectations of $4.85 billion. During the same quarter in the previous year, the firm earned $1.13 earnings per share. On average, equities analysts expect that Corebridge Financial will post 5.43 EPS for the current year.

Insiders Place Their Bets

In other Corebridge Financial 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 transaction of $39,846,984.00. Following the sale, the insider directly owned 82,711,853 shares of the company's stock, valued at approximately $2,783,253,853.45. The trade was a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.29% of the company's stock.

Institutional Investors Weigh In On Corebridge Financial

Institutional investors have recently added to or reduced their stakes in the stock. IFP Advisors Inc boosted its holdings in Corebridge Financial by 1,223.6% during the second quarter. IFP Advisors Inc now owns 728 shares of the company's stock valued at $26,000 after purchasing an additional 673 shares in the last quarter. Allworth Financial LP acquired a new position in shares of Corebridge Financial in the 2nd quarter worth approximately $26,000. Assetmark Inc. boosted its holdings in shares of Corebridge Financial by 60.9% in the 2nd quarter. Assetmark Inc. now owns 941 shares of the company's stock worth $33,000 after acquiring an additional 356 shares in the last quarter. Brooklyn Investment Group boosted its holdings in shares of Corebridge Financial by 66.7% in the 1st quarter. Brooklyn Investment Group now owns 1,452 shares of the company's stock worth $46,000 after acquiring an additional 581 shares in the last quarter. Finally, Nisa Investment Advisors LLC boosted its holdings in shares of Corebridge Financial by 86.1% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,303 shares of the company's stock worth $46,000 after acquiring an additional 603 shares in 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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