TD Cowen Increases Corebridge Financial (NYSE:CRBG) Price Target to $38.00

Corebridge Financial (NYSE:CRBG) had its target price upped by equities research analysts at TD Cowen from $35.00 to $38.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s price objective suggests a potential upside of 23.28% from the company’s current price.

A number of other equities research analysts have also recently issued reports on CRBG. Weiss Ratings cut Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Jefferies Financial Group upped their price target on shares of Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. UBS Group increased their price objective on shares of Corebridge Financial from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, July 8th. Keefe, Bruyette & Woods lifted their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an “outperform” rating in a research report on Monday, July 13th. Finally, Barclays boosted their target price on shares of Corebridge Financial from $30.00 to $33.00 and gave the company an “overweight” rating in a research note on Tuesday, July 7th. Nine investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, Corebridge Financial has an average rating of “Moderate Buy” and an average price target of $36.75.

Corebridge Financial Stock Down 2.7%

Shares of Corebridge Financial stock opened at $30.82 on Wednesday. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.99. The business’s 50 day simple moving average is $28.83 and its 200-day simple moving average is $27.92. The stock has a market capitalization of $13.74 billion, a price-to-earnings ratio of 56.04, a PEG ratio of 0.39 and a beta of 1.10. Corebridge Financial has a twelve month low of $22.19 and a twelve month high of $36.57.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). The company had revenue of $4.08 billion for the quarter, compared to analyst estimates of $5.06 billion. Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. During the same quarter in the prior year, the firm earned $1.16 EPS. Equities research analysts forecast that Corebridge Financial will post 4.62 earnings per share for the current year.

Insider Activity

In other news, insider David Ditillo sold 4,250 shares of the firm’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $30.00, for a total transaction of $127,500.00. Following the transaction, the insider directly owned 128,153 shares of the company’s stock, valued at approximately $3,844,590. This trade represents a 3.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On Corebridge Financial

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Salomon & Ludwin LLC raised its position in shares of Corebridge Financial by 179.7% during the 4th quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock worth $26,000 after buying an additional 532 shares in the last quarter. Rothschild Investment LLC boosted its holdings in shares of Corebridge Financial by 133.3% in the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock valued at $27,000 after acquiring an additional 520 shares in the last quarter. Sonoma Allocations LLC bought a new position in shares of Corebridge Financial in the first quarter valued at approximately $30,000. True Wealth Design LLC increased its stake in shares of Corebridge Financial by 50.2% during the fourth quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock valued at $37,000 after acquiring an additional 412 shares during the period. Finally, Versant Capital Management Inc increased its stake in shares of Corebridge Financial by 1,124.2% during the second quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock valued at $46,000 after acquiring an additional 1,484 shares during the period. Institutional investors own 98.25% of the company’s stock.

About Corebridge Financial

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.