Morgan Stanley Upgrades Corebridge Financial (NYSE:CRBG) to “Overweight”

Corebridge Financial (NYSE:CRBG) was upgraded by research analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a note issued to investors on Friday, MarketBeat reports. The brokerage presently has a $43.00 price objective on the stock, up from their prior price objective of $35.00. Morgan Stanley’s target price suggests a potential upside of 23.88% from the stock’s previous close.

A number of other equities analysts have also commented on CRBG. BMO Capital Markets assumed coverage on shares of Corebridge Financial in a report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price target on the stock. Wells Fargo & Company increased their target price on Corebridge Financial from $35.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. DOWLING & PARTN downgraded Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Piper Sandler upped their price objective on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Finally, Barclays upgraded Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price objective on the stock in a research report on Monday, January 6th. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $37.29.

Corebridge Financial Price Performance

Corebridge Financial stock opened at $34.71 on Friday. The stock has a market cap of $19.30 billion, a price-to-earnings ratio of 9.18, a PEG ratio of 0.43 and a beta of 0.94. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16. The business has a 50-day simple moving average of $32.06 and a 200 day simple moving average of $30.67. Corebridge Financial has a 52 week low of $23.77 and a 52 week high of $34.84.

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

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the completion of the transaction, the insider now 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 position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.08% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Corebridge Financial

Large investors have recently made changes to their positions in the business. Nippon Life Insurance Co. purchased a new stake in Corebridge Financial in the fourth quarter worth $3,650,151,000. Norges Bank bought a new position in Corebridge Financial in the 4th quarter worth $283,212,000. Price T Rowe Associates Inc. MD raised its holdings in Corebridge Financial by 31.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,961,533 shares of the company’s stock worth $986,539,000 after purchasing an additional 7,828,929 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Corebridge Financial by 4,624.2% in the 4th quarter. Wellington Management Group LLP now owns 3,707,960 shares of the company’s stock worth $110,979,000 after purchasing an additional 3,629,472 shares during the period. Finally, Pzena Investment Management LLC boosted its stake in shares of Corebridge Financial by 222.9% during the 4th quarter. Pzena Investment Management LLC now owns 4,638,455 shares of the company’s stock valued at $138,829,000 after purchasing an additional 3,202,145 shares in the last quarter. 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.