Corebridge Financial (NYSE:CRBG) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Corebridge Financial (NYSE:CRBG) had its price objective raised by research analysts at Wells Fargo & Company from $32.00 to $35.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 32.94% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. Bank of America cut their price target on Corebridge Financial from $42.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, April 14th. Piper Sandler upgraded shares of Corebridge Financial to a “strong-buy” rating in a report on Thursday, April 2nd. Mizuho raised their price objective on shares of Corebridge Financial from $31.00 to $35.00 and gave the company an “outperform” rating in a report on Thursday, May 7th. Barclays lowered their target price on shares of Corebridge Financial from $33.00 to $30.00 and set an “overweight” rating for the company in a research note on Wednesday, April 8th. Finally, TD Cowen dropped their price objective on shares of Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday, March 10th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $36.17.

Corebridge Financial Trading Down 3.6%

CRBG opened at $26.33 on Tuesday. The company has a market capitalization of $12.02 billion, a P/E ratio of 47.87, a PEG ratio of 0.38 and a beta of 1.18. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99. Corebridge Financial has a 52 week low of $22.19 and a 52 week high of $36.57. The stock’s fifty day moving average is $25.23 and its two-hundred day moving average is $28.53.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). The business had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $5.06 billion. Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. During the same quarter last year, the business posted $1.16 earnings per share. Analysts forecast that Corebridge Financial will post 4.92 earnings per share for the current year.

Hedge Funds Weigh In On Corebridge Financial

Several hedge funds and other institutional investors have recently made changes to their positions in CRBG. Goldman Sachs Group Inc. grew its position in Corebridge Financial by 229.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock valued at $41,042,000 after buying an additional 905,918 shares in the last quarter. Focus Partners Wealth acquired a new stake in Corebridge Financial in the 1st quarter worth approximately $384,000. Creative Planning bought a new position in shares of Corebridge Financial in the second quarter valued at approximately $243,000. EverSource Wealth Advisors LLC lifted its position in Corebridge Financial by 58.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,558 shares of the company’s stock worth $162,000 after acquiring an additional 1,688 shares during the last quarter. Finally, Cerity Partners LLC boosted its position in shares of Corebridge Financial by 64.4% during the 2nd quarter. Cerity Partners LLC now owns 92,554 shares of the company’s stock valued at $3,286,000 after acquiring an additional 36,239 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Company Profile

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.