Weiss Ratings Reiterates "Hold (C-)" Rating for Corebridge Financial (NYSE:CRBG)

Key Points

• Weiss Ratings has maintained a "Hold (C-)" rating for Corebridge Financial (NYSE:CRBG), indicating a cautious outlook from the firm.
• Corebridge Financial's stock recently traded at $32.28, with analysts offering a consensus target price of $39.91 and a rating of "Moderate Buy."
• Several hedge funds significantly increased their holdings in Corebridge Financial, showcasing strong institutional interest in the company's stock.

Corebridge Financial (NYSE:CRBG - Get Free Report)'s stock had its "hold (c-)" rating restated by equities researchers at Weiss Ratings in a research report issued to clients and investors on Friday,Weiss Ratings reports.

Several other research analysts have also recently commented on the stock. Wells Fargo & Company boosted their price target on shares of Corebridge Financial from $42.00 to $44.00 and gave the stock an "overweight" rating in a report on Wednesday, October 8th. Morgan Stanley decreased their price objective on shares of Corebridge Financial from $40.00 to $39.00 and set an "overweight" rating for the company in a research report on Tuesday, October 7th. Wolfe Research initiated coverage on Corebridge Financial in a report on Friday, October 10th. They issued a "peer perform" rating on the stock. Keefe, Bruyette & Woods decreased their price target on Corebridge Financial from $42.00 to $41.00 and set an "outperform" rating for the company in a report on Thursday, October 9th. Finally, BMO Capital Markets increased their price objective on Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a report on Friday, June 27th. Nine analysts have rated the stock with a Buy rating and five 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 $39.91.

Corebridge Financial Stock Up 1.3%

NYSE:CRBG traded up $0.42 during midday trading on Friday, reaching $32.28. The company had a trading volume of 2,335,518 shares, compared to its average volume of 3,218,937. The stock's fifty day simple moving average is $33.01 and its 200-day simple moving average is $32.68. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.86. Corebridge Financial has a 12-month low of $23.69 and a 12-month high of $36.57. The firm has a market capitalization of $17.38 billion, a price-to-earnings ratio of -52.91, a PEG ratio of 0.49 and a beta of 1.02.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $4.42 billion during the quarter, compared to analysts' expectations of $4.85 billion. During the same quarter last year, the business posted $1.13 EPS. On average, sell-side analysts anticipate that Corebridge Financial will post 5.43 earnings per share for the current fiscal year.

Insider Activity at Corebridge Financial

In other news, major shareholder International Group American sold 1,184,160 shares of the business's stock in a transaction dated 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 completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.29% of the company's stock.

Hedge Funds Weigh In On Corebridge Financial

A number of hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp raised its position in Corebridge Financial by 14.7% in the 1st quarter. Bank of New York Mellon Corp now owns 1,343,025 shares of the company's stock valued at $42,399,000 after purchasing an additional 172,475 shares during the last quarter. Envestnet Asset Management Inc. grew its position in 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. increased its stake in Corebridge Financial by 1,178.9% in the first quarter. Atlas Capital Advisors Inc. now owns 25,386 shares of the company's stock valued at $801,000 after purchasing an additional 23,401 shares during the period. Truist Financial Corp increased its stake in Corebridge Financial by 2,686.2% in the first quarter. Truist Financial Corp now owns 1,555,564 shares of the company's stock valued at $49,109,000 after purchasing an additional 1,499,733 shares during the period. Finally, iA Global Asset Management Inc. purchased a new stake in shares of Corebridge Financial in the first quarter valued at about $358,000. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

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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