Mizuho Initiates Coverage on Corebridge Financial (NYSE:CRBG)

Mizuho started coverage on shares of Corebridge Financial (NYSE:CRBG) in a research report issued to clients and investors on Monday, MarketBeat.com reports. The brokerage set an “outperform” rating on the stock.

Other research analysts have also issued reports about the stock. Keefe, Bruyette & Woods cut their target price on shares of Corebridge Financial from $42.00 to $41.00 and set an “outperform” rating on the stock in a research note on Thursday, October 9th. Wells Fargo & Company cut their price objective on shares of Corebridge Financial from $44.00 to $43.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 5th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $33.00 target price (down from $39.00) on shares of Corebridge Financial in a research report on Monday, November 17th. Evercore ISI cut their price target on Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating on the stock in a report on Wednesday, November 5th. Finally, Wolfe Research started coverage on Corebridge Financial in a research note on Friday, October 10th. They issued a “peer perform” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Corebridge Financial currently has an average rating of “Moderate Buy” and a consensus target price of $39.27.

Corebridge Financial Stock Down 0.4%

Shares of NYSE CRBG opened at $32.05 on Monday. The company’s 50 day moving average price is $30.60 and its 200-day moving average price is $32.71. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.13 and a current ratio of 0.13. Corebridge Financial has a 52-week low of $23.69 and a 52-week high of $36.57. The company has a market capitalization of $16.68 billion, a P/E ratio of 19.08, a price-to-earnings-growth ratio of 0.44 and a beta of 1.05.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Tuesday, November 4th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.12). The firm had revenue of $5.63 billion for 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%.Corebridge Financial’s quarterly revenue was up 34.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.23 EPS. Equities analysts forecast that Corebridge Financial will post 5.43 earnings per share for the current year.

Hedge Funds Weigh In On Corebridge Financial

Large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in Corebridge Financial by 7.2% during the third quarter. Vanguard Group Inc. now owns 26,831,915 shares of the company’s stock valued at $859,963,000 after buying an additional 1,805,819 shares during the period. Pzena Investment Management LLC raised its stake in shares of Corebridge Financial by 19.3% during the third quarter. Pzena Investment Management LLC now owns 22,329,199 shares of the company’s stock worth $715,651,000 after acquiring an additional 3,605,498 shares in the last quarter. AQR Capital Management LLC raised its position 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 worth $258,880,000 after purchasing an additional 2,780,764 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Corebridge Financial by 6.9% during the third quarter. Dimensional Fund Advisors LP now owns 6,686,747 shares of the company’s stock valued at $214,372,000 after buying an additional 430,308 shares during the last quarter. Finally, LSV Asset Management increased its holdings in shares of Corebridge Financial by 2.1% in the third quarter. LSV Asset Management now owns 4,685,535 shares of the company’s stock worth $150,171,000 after buying an additional 98,435 shares during the period. Hedge funds and other institutional investors own 98.25% of the company’s stock.

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.