Corebridge Financial (NYSE:CRBG) Stock Price Expected to Rise, UBS Group Analyst Says

Corebridge Financial (NYSE:CRBG) had its target price lifted by equities research analysts at UBS Group from $29.00 to $32.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. UBS Group’s target price points to a potential upside of 7.51% from the company’s previous close.

CRBG has been the subject of several other reports. Zacks Research raised Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. JPMorgan Chase & Co. decreased their price target on Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating on the stock in a report on Tuesday, May 12th. Weiss Ratings downgraded Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, May 26th. TD Cowen cut their price objective on shares of Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a research report on Tuesday, March 10th. Finally, Barclays increased 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. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, Corebridge Financial presently has a consensus rating of “Moderate Buy” and an average price target of $34.91.

Corebridge Financial Price Performance

CRBG stock traded down $0.84 during midday trading on Wednesday, hitting $29.77. The company’s stock had a trading volume of 1,586,391 shares, compared to its average volume of 5,258,167. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99. Corebridge Financial has a 12 month low of $22.19 and a 12 month high of $36.57. The company has a 50 day moving average of $27.88 and a two-hundred day moving average of $27.87. The firm has a market capitalization of $13.27 billion, a price-to-earnings ratio of 53.99, a price-to-earnings-growth ratio of 0.34 and a beta of 1.10.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The firm had revenue of $4.08 billion for the quarter, compared to analysts’ expectations of $5.06 billion. During the same quarter in the previous year, the business earned $1.16 EPS. On average, analysts expect that Corebridge Financial will post 4.75 EPS for the current year.

Insider Transactions at Corebridge Financial

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 value of $127,500.00. Following the completion of the sale, the insider owned 128,153 shares of the company’s stock, valued at $3,844,590. This trade represents a 3.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.29% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. PensionDanmark Pensionsforsikringsaktieselskab increased its stake in shares of Corebridge Financial by 68.3% in the second quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 29,572 shares of the company’s stock worth $847,000 after acquiring an additional 12,000 shares during the period. GAMMA Investing LLC increased its stake in shares of Corebridge Financial by 46.0% in the 2nd quarter. GAMMA Investing LLC now owns 5,040 shares of the company’s stock valued at $144,000 after purchasing an additional 1,589 shares in the last quarter. Versant Capital Management Inc increased its position in shares of Corebridge Financial by 1,124.2% in the second quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock valued at $46,000 after buying an additional 1,484 shares in the last quarter. Redwood Investment Management LLC raised its position in Corebridge Financial by 9.6% during the first quarter. Redwood Investment Management LLC now owns 45,362 shares of the company’s stock worth $1,082,000 after acquiring an additional 3,982 shares during the period. Finally, Glenmede Trust Co. NA raised its position in shares of Corebridge Financial by 11.2% during the 1st quarter. Glenmede Trust Co. NA now owns 8,742 shares of the company’s stock worth $209,000 after purchasing an additional 884 shares during the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

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.