Corebridge Financial (NYSE:CRBG) Price Target Raised to $42.00

Corebridge Financial (NYSE:CRBG) had its target price hoisted by equities researchers at Wells Fargo & Company from $37.00 to $42.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 17.38% from the company’s previous close.

A number of other equities analysts have also recently commented on CRBG. BMO Capital Markets lifted their price objective on shares of Corebridge Financial from $43.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday, June 27th. Morgan Stanley lifted their target price on shares of Corebridge Financial from $37.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, June 27th. Barclays raised their price objective on shares of Corebridge Financial from $38.00 to $45.00 and gave the stock an “overweight” rating in a research report on Thursday, June 26th. Wall Street Zen upgraded Corebridge Financial from a “sell” rating to a “hold” rating in a report on Friday, June 6th. Finally, UBS Group lowered Corebridge Financial from a “buy” rating to a “sell” rating and lowered their target price for the stock from $40.00 to $28.00 in a research note on Wednesday, April 2nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Corebridge Financial currently has an average rating of “Moderate Buy” and an average target price of $38.64.

Corebridge Financial Trading Up 1.2%

Shares of NYSE:CRBG opened at $35.78 on Wednesday. Corebridge Financial has a 52-week low of $23.69 and a 52-week high of $36.08. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.14 and a current ratio of 0.14. The company has a market capitalization of $19.67 billion, a P/E ratio of 30.32, a price-to-earnings-growth ratio of 0.58 and a beta of 1.06. The company has a 50-day simple moving average of $32.48 and a 200 day simple moving average of $31.57.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Monday, May 5th. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.01. The company had revenue of $4.74 billion during the quarter, compared to analysts’ expectations of $5.28 billion. Corebridge Financial had a return on equity of 22.19% and a net margin of 3.73%. During the same period last year, the firm posted $1.10 earnings per share. Sell-side analysts forecast that Corebridge Financial will post 5.43 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CRBG. Smartleaf Asset Management LLC lifted its position in Corebridge Financial by 112.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock worth $27,000 after purchasing an additional 480 shares during the period. Oarsman Capital Inc. acquired a new position in shares of Corebridge Financial in the 4th quarter valued at approximately $30,000. Sunbelt Securities Inc. acquired a new position in shares of Corebridge Financial in the 4th quarter valued at approximately $30,000. Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Corebridge Financial by 58.4% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 1,147 shares of the company’s stock worth $34,000 after acquiring an additional 423 shares during the period. Finally, Brooklyn Investment Group boosted its position in shares of Corebridge Financial by 66.7% during 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. Institutional investors 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.