BMO Capital Markets Begins Coverage on Corebridge Financial (NYSE:CRBG)

Stock analysts at BMO Capital Markets started coverage on shares of Corebridge Financial (NYSE:CRBG) in a research note issued to investors on Thursday,Briefing.com Automated Import reports. The brokerage set an “outperform” rating and a $43.00 price target on the stock. BMO Capital Markets’ target price points to a potential upside of 33.27% from the stock’s current price.

A number of other analysts have also weighed in on the stock. DOWLING & PARTN lowered shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. Piper Sandler upped their target price on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft raised shares of Corebridge Financial from a “hold” rating to a “buy” rating and lifted their price target for the stock from $33.00 to $40.00 in a research report on Friday, January 10th. Wells Fargo & Company dropped their price objective on Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 14th. Finally, TD Cowen boosted their target price on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Three equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Corebridge Financial currently has an average rating of “Moderate Buy” and an average target price of $36.43.

Corebridge Financial Trading Down 0.5 %

Shares of NYSE:CRBG opened at $32.27 on Thursday. Corebridge Financial has a 1 year low of $23.01 and a 1 year high of $34.66. The firm has a fifty day moving average price of $30.92 and a 200 day moving average price of $29.77. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. The stock has a market capitalization of $18.35 billion, a PE ratio of -15.44, a P/E/G ratio of 0.36 and a beta of 0.92.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, topping the consensus estimate of $1.17 by $0.21. The firm had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The business’s quarterly revenue was up 39.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.05 EPS. Analysts expect that Corebridge Financial will post 4.8 EPS for the current fiscal year.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the completion of the transaction, the insider now owns 127,282,642 shares of the company’s stock, valued at $4,005,584,743.74. This represents a 48.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.08% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Nippon Life Insurance Co. purchased a new position in Corebridge Financial during the fourth quarter valued at $3,650,151,000. Massachusetts Financial Services Co. MA raised its position in shares of Corebridge Financial by 2.8% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 10,483,856 shares of the company’s stock worth $305,709,000 after purchasing an additional 284,781 shares during the last quarter. State Street Corp boosted its stake in Corebridge Financial by 11.7% in the 3rd quarter. State Street Corp now owns 8,035,438 shares of the company’s stock worth $234,313,000 after purchasing an additional 843,559 shares in the last quarter. FMR LLC grew its position in Corebridge Financial by 13.5% during the 3rd quarter. FMR LLC now owns 5,030,104 shares of the company’s stock valued at $146,678,000 after purchasing an additional 598,373 shares during the last quarter. Finally, AQR Capital Management LLC increased its stake in Corebridge Financial by 40.3% during the 2nd quarter. AQR Capital Management LLC now owns 4,462,933 shares of the company’s stock valued at $129,961,000 after purchasing an additional 1,282,154 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.