TD Cowen Boosts Corebridge Financial (NYSE:CRBG) Price Target to $37.00

Corebridge Financial (NYSE:CRBG) had its price target lifted by equities research analysts at TD Cowen from $35.00 to $37.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. TD Cowen’s price objective would suggest a potential upside of 14.16% from the stock’s previous close.

Several other research firms have also commented on CRBG. Barclays upped their price objective on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Royal Bank of Canada reduced their price target on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Morgan Stanley lifted their price objective on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Finally, Piper Sandler reduced their target price on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.00.

Corebridge Financial Trading Up 1.1 %

Shares of NYSE:CRBG opened at $32.41 on Wednesday. The stock’s 50-day simple moving average is $30.66 and its two-hundred day simple moving average is $29.44. The stock has a market capitalization of $18.44 billion, a price-to-earnings ratio of -15.51, a PEG ratio of 0.41 and a beta of 0.90. Corebridge Financial has a 52-week low of $20.07 and a 52-week high of $34.66. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The company had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter last year, the firm posted $1.05 earnings per share. The firm’s revenue was up 39.5% compared to the same quarter last year. Analysts expect that Corebridge Financial will post 4.78 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the completion of the transaction, the insider now directly owns 249,238,898 shares in the company, valued at approximately $7,776,253,617.60. This represents a 10.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.08% of the company’s stock.

Institutional Investors Weigh In On Corebridge Financial

Large investors have recently bought and sold shares of the business. Franklin Resources Inc. grew its position in Corebridge Financial by 68.6% in the third quarter. Franklin Resources Inc. now owns 423,654 shares of the company’s stock worth $12,981,000 after acquiring an additional 172,397 shares in the last quarter. Tidal Investments LLC lifted its stake in shares of Corebridge Financial by 38.0% in the 3rd quarter. Tidal Investments LLC now owns 31,780 shares of the company’s stock valued at $927,000 after purchasing an additional 8,751 shares during the last quarter. Sanctuary Advisors LLC bought a new stake in shares of Corebridge Financial in the 3rd quarter valued at approximately $683,000. Virtu Financial LLC purchased a new position in shares of Corebridge Financial in the 3rd quarter worth approximately $581,000. Finally, Toronto Dominion Bank increased its position in shares of Corebridge Financial by 38.8% during the 3rd quarter. Toronto Dominion Bank now owns 38,033 shares of the company’s stock valued at $1,109,000 after purchasing an additional 10,629 shares during 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.