Wells Fargo & Company Lowers Corebridge Financial (NYSE:CRBG) Price Target to $43.00

Corebridge Financial (NYSE:CRBG) had its price objective lowered by analysts at Wells Fargo & Company from $44.00 to $43.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 39.96% from the stock’s previous close.

Several other research analysts also recently weighed in on the stock. Evercore ISI decreased their price target on shares of Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating on the stock in a research report on Wednesday. Keefe, Bruyette & Woods lowered their target price on Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating on the stock in a research report on Thursday, October 9th. Wall Street Zen upgraded Corebridge Financial from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Morgan Stanley cut their price objective on Corebridge Financial from $40.00 to $39.00 and set an “overweight” rating for the company in a research note on Tuesday, October 7th. Finally, UBS Group upgraded Corebridge Financial from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $28.00 to $37.00 in a research note on Friday, July 11th. Nine research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.73.

Corebridge Financial Stock Performance

Shares of CRBG traded down $0.54 during trading hours on Wednesday, hitting $30.72. The stock had a trading volume of 3,585,850 shares, compared to its average volume of 3,335,143. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.12 and a quick ratio of 0.12. Corebridge Financial has a 12 month low of $23.69 and a 12 month high of $36.57. The firm has a market capitalization of $16.54 billion, a PE ratio of 18.28, a PEG ratio of 0.49 and a beta of 1.02. The stock has a fifty day moving average price of $32.63 and a 200 day moving average price of $33.00.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings data on Monday, November 3rd. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.12). Corebridge Financial had a return on equity of 20.51% and a net margin of 5.01%.The firm had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $4.85 billion. During the same period in the previous year, the firm earned $1.23 EPS. The business’s revenue was up 34.2% on a year-over-year basis. Analysts anticipate that Corebridge Financial will post 5.43 EPS for the current year.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 1,184,160 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the insider owned 82,711,853 shares in the company, valued at $2,783,253,853.45. This trade represents a 1.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.29% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CRBG. IFP Advisors Inc lifted its holdings in shares of Corebridge Financial by 1,223.6% in the 2nd quarter. IFP Advisors Inc now owns 728 shares of the company’s stock valued at $26,000 after acquiring an additional 673 shares during the last quarter. Allworth Financial LP purchased a new position in shares of Corebridge Financial in the 2nd quarter worth approximately $26,000. Root Financial Partners LLC purchased a new position in shares of Corebridge Financial in the 3rd quarter worth approximately $32,000. Assetmark Inc. boosted its holdings in shares of Corebridge Financial by 60.9% in the 2nd quarter. Assetmark Inc. now owns 941 shares of the company’s stock worth $33,000 after purchasing an additional 356 shares during the period. Finally, Brooklyn Investment Group increased its position in Corebridge Financial by 66.7% during the first quarter. Brooklyn Investment Group now owns 1,452 shares of the company’s stock valued at $46,000 after acquiring an additional 581 shares during the last quarter. Institutional investors 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.