Wells Fargo & Company Forecasts Strong Price Appreciation for Corebridge Financial (NYSE:CRBG) Stock

Corebridge Financial (NYSE:CRBG) had its price target boosted by research analysts at Wells Fargo & Company from $42.00 to $44.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 36.79% from the company’s previous close.

Several other brokerages have also recently issued reports on CRBG. Keefe, Bruyette & Woods upped their target price on Corebridge Financial from $39.00 to $42.00 and gave the company an “outperform” rating in a report on Wednesday, July 9th. BMO Capital Markets upped their price target on Corebridge Financial from $43.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, June 27th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Corebridge Financial in a research note on Saturday, September 27th. UBS Group raised Corebridge Financial from a “sell” rating to a “neutral” rating and upped their price target for the company from $28.00 to $37.00 in a research note on Friday, July 11th. Finally, Barclays decreased their price target on Corebridge Financial from $47.00 to $46.00 and set an “overweight” rating on the stock in a research note on Friday, September 5th. Nine analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $39.91.

Corebridge Financial Stock Up 0.3%

Shares of NYSE:CRBG opened at $32.17 on Wednesday. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.86. The business has a fifty day moving average of $33.50 and a two-hundred day moving average of $32.55. The stock has a market cap of $17.32 billion, a P/E ratio of -52.73, a PEG ratio of 0.56 and a beta of 1.02. Corebridge Financial has a 52-week low of $23.69 and a 52-week high of $36.57.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.21. The company had revenue of $4.42 billion during the quarter, compared to analysts’ expectations of $4.85 billion. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.During the same period in the prior year, the business earned $1.13 EPS. On average, research analysts expect that Corebridge Financial will post 5.43 earnings per share for the current year.

Insider Transactions at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the transaction, the insider owned 83,896,013 shares of the company’s stock, valued at approximately $2,823,100,837.45. This represents a 26.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On Corebridge Financial

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Corebridge Financial by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 24,249,948 shares of the company’s stock worth $765,571,000 after acquiring an additional 324,692 shares in the last quarter. Pzena Investment Management LLC lifted its stake in Corebridge Financial by 132.6% during the 2nd quarter. Pzena Investment Management LLC now owns 18,723,701 shares of the company’s stock worth $664,691,000 after acquiring an additional 10,673,099 shares in the last quarter. AQR Capital Management LLC raised its position in Corebridge Financial by 50.0% in the 1st quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company’s stock valued at $258,880,000 after purchasing an additional 2,780,764 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Corebridge Financial by 6.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,829,711 shares of the company’s stock valued at $184,034,000 after purchasing an additional 372,270 shares in the last quarter. Finally, LSV Asset Management raised its position in Corebridge Financial by 5.8% in the 2nd quarter. LSV Asset Management now owns 4,587,100 shares of the company’s stock valued at $162,842,000 after purchasing an additional 250,066 shares in the last quarter. Institutional investors and hedge funds 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.