Morgan Stanley Issues Positive Forecast for Corebridge Financial (NYSE:CRBG) Stock Price

Corebridge Financial (NYSE:CRBG) had its price target increased by stock analysts at Morgan Stanley from $31.00 to $34.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective points to a potential upside of 7.77% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the stock. UBS Group upped their price objective on shares of Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. Piper Sandler decreased their price objective on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 2nd. Royal Bank of Canada reduced their target price on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Barclays raised their price objective on Corebridge Financial from $33.00 to $34.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 8th. Finally, TD Cowen started coverage on Corebridge Financial in a research note on Wednesday, October 9th. They set a “buy” rating and a $35.00 target price for the company. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $34.69.

Corebridge Financial Stock Performance

CRBG opened at $31.55 on Tuesday. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14. The company has a market capitalization of $18.68 billion, a PE ratio of 9.83, a price-to-earnings-growth ratio of 0.43 and a beta of 0.90. The business has a fifty day simple moving average of $29.44 and a 200 day simple moving average of $29.05. Corebridge Financial has a 1 year low of $18.83 and a 1 year high of $34.66.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, beating the consensus estimate of $1.17 by $0.21. The business had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. Corebridge Financial’s revenue was up 39.5% compared to the same quarter last year. During the same period in the prior year, the company posted $1.05 earnings per share. Research analysts expect that Corebridge Financial will post 4.65 EPS for the current year.

Insider Activity at Corebridge Financial

In other news, major shareholder International Group American sold 8,032,129 shares of the stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $24.90, for a total transaction of $200,000,012.10. Following the completion of the sale, the insider now directly owns 284,238,898 shares in the company, valued at $7,077,548,560.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.08% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Corebridge Financial

Several institutional investors and hedge funds have recently made changes to their positions in CRBG. Capital Research Global Investors boosted its position in shares of Corebridge Financial by 9.9% during the 1st quarter. Capital Research Global Investors now owns 33,841,160 shares of the company’s stock worth $972,257,000 after purchasing an additional 3,059,354 shares in the last quarter. Vanguard Group Inc. grew its stake in Corebridge Financial by 6.0% in the first quarter. Vanguard Group Inc. now owns 25,128,367 shares of the company’s stock valued at $721,938,000 after acquiring an additional 1,415,265 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in shares of Corebridge Financial by 2.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 10,199,075 shares of the company’s stock valued at $296,997,000 after acquiring an additional 227,973 shares in the last quarter. TD Asset Management Inc raised its position in shares of Corebridge Financial by 0.5% during the second quarter. TD Asset Management Inc now owns 7,426,483 shares of the company’s stock worth $216,259,000 after purchasing an additional 37,269 shares during the period. Finally, Canada Pension Plan Investment Board lifted its holdings in shares of Corebridge Financial by 249.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock worth $183,894,000 after purchasing an additional 4,507,322 shares in the last quarter. 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.