Corebridge Financial (NYSE:CRBG) Price Target Raised to $40.00 at Jefferies Financial Group

Corebridge Financial (NYSE:CRBG) had its target price lifted by investment analysts at Jefferies Financial Group from $35.00 to $40.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Jefferies Financial Group’s target price points to a potential upside of 37.93% from the company’s previous close.

Several other brokerages have also recently weighed in on CRBG. Royal Bank of Canada reissued an “outperform” rating and set a $33.00 price target on shares of Corebridge Financial in a research report on Friday. Keefe, Bruyette & Woods increased their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Wednesday, April 10th. Wells Fargo & Company upped their price objective on shares of Corebridge Financial from $33.00 to $34.00 and gave the stock an “overweight” rating in a report on Friday, May 10th. Piper Sandler upped their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Monday, May 6th. Finally, Evercore ISI increased their price target on shares of Corebridge Financial from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, April 11th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.18.

Corebridge Financial Trading Down 0.4 %

Shares of Corebridge Financial stock traded down $0.11 during trading on Friday, reaching $29.00. The company’s stock had a trading volume of 1,444,636 shares, compared to its average volume of 4,452,550. Corebridge Financial has a 52-week low of $17.37 and a 52-week high of $34.66. The company has a market cap of $17.64 billion, a price-to-earnings ratio of 7.63, a PEG ratio of 0.32 and a beta of 0.99. The firm’s 50-day moving average is $29.11 and its two-hundred day moving average is $26.19. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.94.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Friday, May 3rd. The company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.05. The business had revenue of $5.85 billion during the quarter, compared to analysts’ expectations of $5.50 billion. Corebridge Financial had a net margin of 11.25% and a return on equity of 23.64%. During the same quarter in the prior year, the company posted $0.97 EPS. On average, sell-side analysts anticipate that Corebridge Financial will post 4.95 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder International Group American sold 30,000,000 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $29.20, for a total value of $876,000,000.00. Following the transaction, the insider now owns 294,203,636 shares of the company’s stock, valued at $8,590,746,171.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.09% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Corebridge Financial

Several institutional investors and hedge funds have recently modified their holdings of CRBG. American International Group Inc. boosted its stake in shares of Corebridge Financial by 25,998,738.6% during the fourth quarter. American International Group Inc. now owns 324,205,517 shares of the company’s stock valued at $7,022,291,000 after purchasing an additional 324,204,270 shares during the period. Norges Bank purchased a new stake in shares of Corebridge Financial during the fourth quarter valued at $225,561,000. Vanguard Group Inc. boosted its stake in shares of Corebridge Financial by 39.0% during the fourth quarter. Vanguard Group Inc. now owns 23,713,102 shares of the company’s stock valued at $513,626,000 after purchasing an additional 6,648,673 shares during the period. Hotchkis & Wiley Capital Management LLC boosted its stake in shares of Corebridge Financial by 106.3% during the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 10,010,679 shares of the company’s stock valued at $216,831,000 after purchasing an additional 5,157,570 shares during the period. Finally, Balyasny Asset Management L.P. purchased a new stake in shares of Corebridge Financial during the fourth quarter valued at $105,728,000. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Company Profile

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.