Wells Fargo & Company Forecasts Strong Price Appreciation for Corebridge Financial (NYSE:CRBG) Stock

Corebridge Financial (NYSE:CRBG) had its target price raised by investment analysts at Wells Fargo & Company from $35.00 to $38.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 13.31% from the company’s current price.

A number of other research analysts also recently weighed in on CRBG. TD Cowen increased their price objective on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. DOWLING & PARTN downgraded shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Morgan Stanley increased their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. BMO Capital Markets started coverage on shares of Corebridge Financial in a research report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price target on the stock. Finally, Piper Sandler increased their price target on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $36.64.

Corebridge Financial Stock Down 0.0 %

Shares of Corebridge Financial stock opened at $33.54 on Wednesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.13 and a current ratio of 0.13. The stock has a market capitalization of $18.65 billion, a PE ratio of 8.87, a price-to-earnings-growth ratio of 0.43 and a beta of 0.94. Corebridge Financial has a 52-week low of $23.77 and a 52-week high of $34.66. The company has a 50-day simple moving average of $31.66 and a two-hundred day simple moving average of $30.33.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Wednesday, February 12th. The company reported $1.23 earnings per share (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, analysts anticipate that Corebridge Financial will post 5.45 EPS for the current fiscal year.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 121,956,256 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the completion of the sale, the insider now directly 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.08% of the company’s stock.

Institutional Trading of Corebridge Financial

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in Corebridge Financial during the third quarter valued at $27,000. Fortitude Family Office LLC purchased a new position in Corebridge Financial during the fourth quarter valued at $27,000. FNY Investment Advisers LLC purchased a new position in Corebridge Financial during the fourth quarter valued at $27,000. Smartleaf Asset Management LLC grew its stake in Corebridge Financial by 112.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock valued at $27,000 after acquiring an additional 480 shares in the last quarter. Finally, Capital Performance Advisors LLP purchased a new position in Corebridge Financial during the third quarter valued at $28,000. 98.25% of the stock is owned by hedge funds and other 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.