Corebridge Financial (NYSE:CRBG) Stock Price Target Raised at Mizuho

Corebridge Financial (NYSE:CRBG) had its price target hoisted by Mizuho from $38.00 to $40.00 in a report released on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Mizuho’s price target points to a potential upside of 16.40% from the stock’s current price.

A number of other equities research analysts have also issued reports on CRBG. TD Cowen increased their target price on Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Zacks Research upgraded Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. UBS Group increased their price objective on shares of Corebridge Financial from $32.00 to $36.00 and gave the company a “neutral” rating in a research report on Tuesday. Weiss Ratings upgraded shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. Finally, Jefferies Financial Group boosted their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $38.58.

Corebridge Financial Stock Down 2.3%

Corebridge Financial stock traded down $0.81 during trading on Wednesday, reaching $34.37. 2,149,774 shares of the company’s stock were exchanged, compared to its average volume of 4,957,078. Corebridge Financial has a 52-week low of $22.19 and a 52-week high of $35.64. The firm has a market cap of $15.32 billion, a price-to-earnings ratio of 20.04, a PEG ratio of 0.45 and a beta of 1.07. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. The company’s 50-day moving average is $33.52 and its two-hundred day moving average is $29.63.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, beating the consensus estimate of $1.08 by $0.04. The company had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.During the same period last year, the company posted $1.36 earnings per share. On average, analysts predict that Corebridge Financial will post 4.62 earnings per share for the current year.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, major shareholder Life Insurance Co Nippon bought 187,155 shares of the business’s stock in a transaction on Friday, October 2nd. The shares were bought at an average cost of $34.27 per share, with a total value of $6,413,801.85. Following the transaction, the insider directly owned 126,604,050 shares in the company, valued at approximately $4,338,720,793.50. This trade represents a 0.15% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last quarter, insiders purchased 4,443,379 shares of company stock worth $152,298,139 and sold 28,895 shares worth $983,886. 0.32% of the stock is owned by corporate insiders.

Institutional Trading of Corebridge Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Sequoia Financial Advisors LLC raised its holdings in Corebridge Financial by 23.7% in the second quarter. Sequoia Financial Advisors LLC now owns 14,676 shares of the company’s stock valued at $420,000 after acquiring an additional 2,814 shares in the last quarter. Tidal Investments LLC grew its holdings in Corebridge Financial by 42.8% during the 2nd quarter. Tidal Investments LLC now owns 93,351 shares of the company’s stock worth $2,673,000 after acquiring an additional 27,992 shares in the last quarter. National Pension Service increased its position in shares of Corebridge Financial by 83.2% in the 2nd quarter. National Pension Service now owns 20,647 shares of the company’s stock worth $591,000 after purchasing an additional 9,375 shares during the last quarter. WINTON GROUP Ltd bought a new stake in shares of Corebridge Financial in the 2nd quarter worth about $1,729,000. Finally, Engineers Gate Manager LP acquired a new stake in shares of Corebridge Financial in the 2nd quarter valued at about $4,186,000. Institutional investors own 98.25% of the company’s stock.

Key Headlines Impacting Corebridge Financial

Here are the key news stories impacting Corebridge Financial this week:

• Positive Sentiment: Barclays raised its price target on Corebridge Financial from $33 to $39 and maintained an “overweight” rating. The new target implies approximately 13.7% upside from recent trading levels, signaling increased confidence in the insurer’s valuation and prospects.
• Positive Sentiment: Major shareholder Nippon Life continued buying CRBG shares. Nippon Life purchased 187,155 shares at an average price of $34.27, worth approximately $6.4 million, increasing its ownership by 0.15%. This follows a purchase of 272,208 shares worth about $9.0 million at an average price of $33.07. Repeated buying by a large shareholder can support sentiment by signaling confidence in the company’s long-term value. Nippon Life Purchases Corebridge Financial Shares
• Neutral Sentiment: UBS raised its price target from $32 to $36 but retained a “neutral” rating. The target represents only about 5% upside, suggesting UBS sees some additional value but believes the shares are closer to fairly valued than Barclays does. UBS Raises Corebridge Financial Price Target
• Negative Sentiment: Valuation and recent operating results may be limiting gains. Corebridge’s shares are near their 52-week high, while its latest quarterly revenue of $4.30 billion fell short of the $4.66 billion consensus estimate and earnings declined from the prior-year period. These factors may encourage profit-taking despite the positive analyst revisions.

About Corebridge Financial

Corebridge Financial, Inc (NYSE: CRBG) is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers and institutional clients through businesses focused on retirement services, life insurance and institutional markets.

Its offerings include fixed, variable and registered index-linked annuities; individual life insurance; employer-sponsored retirement plans; and investment, funding and risk-management solutions for institutions.