Corebridge Financial (NYSE:CRBG) Price Target Lowered to $35.00 at Wells Fargo & Company

Corebridge Financial (NYSE:CRBG) had its price target lowered by investment analysts at Wells Fargo & Company from $37.00 to $35.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 16.86% from the company’s previous close.

A number of other brokerages have also commented on CRBG. Deutsche Bank Aktiengesellschaft raised shares of Corebridge Financial from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $33.00 to $40.00 in a research report on Friday. 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 report on Wednesday, November 27th. Barclays raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target on the stock in a research report on Monday, January 6th. 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. Finally, DOWLING & PARTN downgraded shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $35.92.

Corebridge Financial Trading Up 1.1 %

NYSE CRBG traded up $0.34 during trading on Tuesday, reaching $29.95. 566,395 shares of the stock traded hands, compared to its average volume of 2,613,507. The firm has a market cap of $17.04 billion, a price-to-earnings ratio of -14.33, a price-to-earnings-growth ratio of 0.39 and a beta of 0.92. The stock’s 50-day moving average price is $30.87 and its 200 day moving average price is $29.65. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83. Corebridge Financial has a fifty-two week low of $23.01 and a fifty-two week high of $34.66.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.21. The company had revenue of $5.53 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The business’s quarterly revenue was up 39.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.05 earnings per share. Analysts predict that Corebridge Financial will post 4.81 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder International Group American sold 121,956,256 shares of Corebridge Financial 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 owns 127,282,642 shares of the company’s stock, valued at approximately $4,005,584,743.74. This trade represents a 48.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.08% of the company’s stock.

Institutional Trading of Corebridge Financial

Several hedge funds have recently bought and sold shares of the business. Fortitude Family Office LLC bought a new position in Corebridge Financial during the fourth quarter valued at about $27,000. FNY Investment Advisers LLC bought a new position in Corebridge Financial during the fourth quarter valued at about $27,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Corebridge Financial during the third quarter valued at about $27,000. Capital Performance Advisors LLP bought a new position in Corebridge Financial during the third quarter valued at about $28,000. Finally, HM Payson & Co. bought a new position in Corebridge Financial during the third quarter valued at about $29,000. Institutional investors and hedge funds 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.