Evercore ISI Has Lowered Expectations for Corebridge Financial (NYSE:CRBG) Stock Price

Corebridge Financial (NYSE:CRBG) had its price objective lowered by investment analysts at Evercore ISI from $38.00 to $37.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Evercore ISI’s target price suggests a potential upside of 18.23% from the stock’s current price.

A number of other research firms have also recently commented on CRBG. Keefe, Bruyette & Woods reduced their price target on Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating for the company in a report on Thursday, October 9th. Wolfe Research started coverage on Corebridge Financial in a report on Friday, October 10th. They set a “peer perform” rating on the stock. JPMorgan Chase & Co. increased their price target on Corebridge Financial from $34.00 to $40.00 and gave the company a “neutral” rating in a research note on Tuesday, July 8th. Morgan Stanley reduced their price objective on shares of Corebridge Financial from $40.00 to $39.00 and set an “overweight” rating for the company in a research report on Tuesday, October 7th. Finally, UBS Group upgraded shares of Corebridge Financial from a “sell” rating to a “neutral” rating and upped their price objective for the company from $28.00 to $37.00 in a report on Friday, July 11th. Nine analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, Corebridge Financial currently has an average rating of “Moderate Buy” and a consensus price target of $39.82.

Corebridge Financial Price Performance

NYSE:CRBG opened at $31.30 on Wednesday. Corebridge Financial has a 52-week low of $23.69 and a 52-week high of $36.57. The company has a market cap of $16.85 billion, a P/E ratio of 18.63, a P/E/G ratio of 0.49 and a beta of 1.02. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12. The stock’s 50-day simple moving average is $32.63 and its 200 day simple moving average is $33.00.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Monday, November 3rd. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.12). The company had revenue of $5.63 billion for the quarter, compared to analyst estimates of $4.85 billion. Corebridge Financial had a return on equity of 20.51% and a net margin of 5.01%.The firm’s revenue for the quarter was up 34.2% compared to the same quarter last year. During the same period last year, the firm earned $1.23 EPS. As a group, sell-side analysts forecast that Corebridge Financial will post 5.43 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder International Group American sold 1,184,160 shares of the stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $33.65, for a total transaction of $39,846,984.00. Following the sale, the insider owned 82,711,853 shares of the company’s stock, valued at $2,783,253,853.45. This represents a 1.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.29% of the company’s stock.

Institutional Trading of Corebridge Financial

A number of institutional investors have recently modified their holdings of the stock. Teacher Retirement System of Texas bought a new position in shares of Corebridge Financial in the first quarter worth $1,177,000. IFM Investors Pty Ltd lifted its position in Corebridge Financial by 5.8% during the first quarter. IFM Investors Pty Ltd now owns 41,915 shares of the company’s stock worth $1,222,000 after purchasing an additional 2,291 shares during the period. Bank of New York Mellon Corp grew its stake in Corebridge Financial by 14.7% during the first quarter. Bank of New York Mellon Corp now owns 1,343,025 shares of the company’s stock worth $42,399,000 after buying an additional 172,475 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in Corebridge Financial by 227.6% in the 1st quarter. Envestnet Asset Management Inc. now owns 1,458,517 shares of the company’s stock valued at $46,045,000 after buying an additional 1,013,259 shares during the period. Finally, Alps Advisors Inc. acquired a new position in shares of Corebridge Financial in the 1st quarter valued at approximately $348,000. 98.25% of the stock is currently owned by institutional investors.

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.