Corebridge Financial (NYSE:CRBG) Upgraded by Deutsche Bank Aktiengesellschaft to Buy Rating

Corebridge Financial (NYSE:CRBG) was upgraded by analysts at Deutsche Bank Aktiengesellschaft from a “hold” rating to a “buy” rating in a report released on Friday, MarketBeat.com reports. The brokerage currently has a $40.00 target price on the stock, up from their prior target price of $33.00. Deutsche Bank Aktiengesellschaft’s price target suggests a potential upside of 27.59% from the stock’s current price.

CRBG has been the subject of a number of other research reports. Piper Sandler boosted their price target on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Morgan Stanley boosted their target price on Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. DOWLING & PARTN downgraded Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. TD Cowen boosted their price objective on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Finally, Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price on the stock in a research note on Monday. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $35.85.

Corebridge Financial Stock Up 0.2 %

Shares of Corebridge Financial stock opened at $31.35 on Friday. The firm has a market cap of $17.83 billion, a price-to-earnings ratio of -15.00, a P/E/G ratio of 0.39 and a beta of 0.92. The stock has a 50-day simple moving average of $30.94 and a 200-day simple moving average of $29.64. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14. Corebridge Financial has a 52-week low of $23.01 and a 52-week high of $34.66.

Corebridge Financial (NYSE:CRBG) last announced its quarterly 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. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The company had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the business posted $1.05 EPS. Corebridge Financial’s quarterly revenue was up 39.5% on a year-over-year basis. On average, equities research analysts expect that Corebridge Financial will post 4.81 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the sale, the insider now directly owns 249,238,898 shares in the company, valued at approximately $7,776,253,617.60. The trade was a 10.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.08% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Covestor Ltd grew its stake in shares of Corebridge Financial by 118.8% in the 3rd quarter. Covestor Ltd now owns 1,050 shares of the company’s stock valued at $31,000 after purchasing an additional 570 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Corebridge Financial by 2.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock valued at $625,000 after buying an additional 585 shares in the last quarter. Commonwealth Equity Services LLC grew its position in Corebridge Financial by 2.7% in the second quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock valued at $650,000 after acquiring an additional 597 shares during the period. Xponance Inc. raised its stake in Corebridge Financial by 3.0% during the second quarter. Xponance Inc. now owns 21,037 shares of the company’s stock worth $613,000 after acquiring an additional 612 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Corebridge Financial by 3.1% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 25,403 shares of the company’s stock valued at $740,000 after acquiring an additional 770 shares during the period. 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.