Evercore ISI Lowers Corebridge Financial (NYSE:CRBG) Price Target to $37.00

Corebridge Financial (NYSE:CRBG) had its price objective reduced by equities research analysts at Evercore ISI from $38.00 to $37.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Evercore ISI’s price objective would indicate a potential upside of 23.79% from the stock’s previous close.

A number of other research analysts have also recently commented on CRBG. Weiss Ratings reiterated a “hold (c-)” rating on shares of Corebridge Financial in a research report on Wednesday, October 8th. Wells Fargo & Company boosted their price target on Corebridge Financial from $42.00 to $44.00 and gave the company an “overweight” rating in a report on Wednesday, October 8th. UBS Group upgraded shares of Corebridge Financial from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $28.00 to $37.00 in a report on Friday, July 11th. JPMorgan Chase & Co. raised their target price on Corebridge Financial from $34.00 to $40.00 and gave the company a “neutral” rating in a research note on Tuesday, July 8th. Finally, Barclays lowered their price target on shares of Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating for the company in a research report on Wednesday, October 8th. Nine analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $39.73.

Corebridge Financial Price Performance

NYSE:CRBG opened at $29.89 on Wednesday. The firm has a market capitalization of $15.56 billion, a price-to-earnings ratio of 17.79, a P/E/G ratio of 0.43 and a beta of 1.02. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.12 and a current ratio of 0.13. The stock has a fifty day moving average of $32.44 and a 200 day moving average of $32.96. Corebridge Financial has a 52-week low of $23.69 and a 52-week high of $36.57.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Monday, November 3rd. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.12). The company had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $4.85 billion. Corebridge Financial had a return on equity of 19.90% and a net margin of 5.01%.The firm’s revenue for the quarter was up 34.2% on a year-over-year basis. During the same quarter last year, the company posted $1.23 earnings per share. On average, research analysts expect that Corebridge Financial will post 5.43 EPS for the current fiscal year.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 1,184,160 shares of the company’s stock in a transaction on Friday, September 5th. The stock was sold at an average price of $33.65, for a total transaction of $39,846,984.00. Following the completion of the sale, the insider owned 82,711,853 shares in the company, valued at approximately $2,783,253,853.45. This represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.29% of the stock is owned by insiders.

Institutional Trading of Corebridge Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pzena Investment Management LLC grew its position in shares of Corebridge Financial by 132.6% during the 2nd quarter. Pzena Investment Management LLC now owns 18,723,701 shares of the company’s stock valued at $664,691,000 after acquiring an additional 10,673,099 shares during the period. Norges Bank bought a new position in Corebridge Financial in the 2nd quarter worth approximately $145,632,000. Nuveen LLC purchased a new position in Corebridge Financial during the first quarter valued at $100,404,000. AQR Capital Management LLC increased its holdings in Corebridge Financial by 50.0% in the 1st quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company’s stock valued at $258,880,000 after acquiring an additional 2,780,764 shares during the last quarter. Finally, LSV Asset Management lifted its stake in Corebridge Financial by 51.3% in the 1st quarter. LSV Asset Management now owns 4,337,034 shares of the company’s stock worth $136,920,000 after purchasing an additional 1,470,812 shares in the last quarter. 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.