Corebridge Financial (NYSE:CRBG) Rating Increased to Overweight at Morgan Stanley

Corebridge Financial (NYSE:CRBG) was upgraded by equities researchers at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a report released on Friday,Briefing.com Automated Import reports. The firm presently has a $43.00 target price on the stock, up from their prior target price of $35.00. Morgan Stanley’s price objective would suggest a potential upside of 28.94% from the company’s current price.

Several other brokerages also recently commented on CRBG. DOWLING & PARTN cut shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. BMO Capital Markets began coverage on Corebridge Financial in a report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price objective on the stock. TD Cowen boosted their price objective on Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Piper Sandler increased their target price on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Finally, Wells Fargo & Company raised their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Corebridge Financial has a consensus rating of “Moderate Buy” and a consensus price target of $37.29.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG opened at $33.35 on Friday. Corebridge Financial has a 1 year low of $23.77 and a 1 year high of $34.66. The stock has a market capitalization of $18.54 billion, a price-to-earnings ratio of 8.82, a price-to-earnings-growth ratio of 0.43 and a beta of 0.94. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13. The company’s 50 day simple moving average is $31.96 and its 200 day simple moving average is $30.58.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. As a group, research analysts predict that Corebridge Financial will post 5.43 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder International Group American sold 121,956,256 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the transaction, the insider now directly 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.08% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors have recently made changes to their positions in the stock. Point72 Asia Singapore Pte. Ltd. bought a new stake in Corebridge Financial in the 3rd quarter valued at about $27,000. Fortitude Family Office LLC bought a new stake in shares of Corebridge Financial during the fourth quarter valued at approximately $27,000. FNY Investment Advisers LLC acquired a new position in shares of Corebridge Financial during the fourth quarter worth approximately $27,000. Smartleaf Asset Management LLC lifted its holdings in shares of Corebridge Financial by 112.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock worth $27,000 after purchasing an additional 480 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in Corebridge Financial in the 3rd quarter valued at $28,000. Institutional investors and hedge funds 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.