Morgan Stanley Forecasts Strong Price Appreciation for Corebridge Financial (NYSE:CRBG) Stock

Corebridge Financial (NYSE:CRBG) had its target price boosted by equities research analysts at Morgan Stanley from $31.00 to $34.00 in a report released on Tuesday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s target price suggests a potential upside of 7.77% from the stock’s previous close.

A number of other analysts have also weighed in on the company. UBS Group raised their target price on Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Piper Sandler reduced their target price on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 2nd. TD Cowen began coverage on Corebridge Financial in a report on Wednesday, October 9th. They set a “buy” rating and a $35.00 price objective on the stock. Bank of America lowered their target price on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Thursday, July 11th. Finally, Barclays upped their price target on Corebridge Financial from $33.00 to $34.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 8th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Corebridge Financial presently has an average rating of “Moderate Buy” and a consensus target price of $34.69.

Corebridge Financial Stock Down 0.2 %

Shares of NYSE:CRBG opened at $31.55 on Tuesday. The company has a market capitalization of $18.68 billion, a PE ratio of 9.83, a P/E/G ratio of 0.43 and a beta of 0.90. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.14 and a current ratio of 0.14. The company’s fifty day moving average is $29.44 and its 200-day moving average is $29.05. Corebridge Financial has a 52 week low of $18.83 and a 52 week high of $34.66.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.21. The company had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.66 billion. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. The company’s revenue was up 39.5% on a year-over-year basis. During the same quarter last year, the business posted $1.05 earnings per share. Equities research analysts predict that Corebridge Financial will post 4.65 earnings per share for the current fiscal year.

Insider Buying and Selling at Corebridge Financial

In related news, major shareholder International Group American sold 5,000,000 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $28.86, for a total value of $144,300,000.00. Following the completion of the transaction, the insider now directly owns 279,238,898 shares in the company, valued at approximately $8,058,834,596.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.08% of the company’s stock.

Hedge Funds Weigh In On Corebridge Financial

Large investors have recently added to or reduced their stakes in the company. Capital Performance Advisors LLP acquired a new position in Corebridge Financial during the 3rd quarter worth approximately $28,000. ORG Wealth Partners LLC acquired a new position in Corebridge Financial during the third quarter worth $29,000. HM Payson & Co. bought a new position in Corebridge Financial in the third quarter valued at $29,000. LRI Investments LLC acquired a new stake in Corebridge Financial in the 2nd quarter valued at $30,000. Finally, Covestor Ltd lifted its position in Corebridge Financial by 118.8% during the 3rd quarter. Covestor Ltd now owns 1,050 shares of the company’s stock worth $31,000 after buying an additional 570 shares in the last quarter. Institutional investors 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.