Keefe, Bruyette & Woods Issues Pessimistic Forecast for Corebridge Financial (NYSE:CRBG) Stock Price

Corebridge Financial (NYSE:CRBG) had its price objective lowered by investment analysts at Keefe, Bruyette & Woods from $42.00 to $41.00 in a report released on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ target price points to a potential upside of 31.03% from the stock’s previous close.

A number of other research analysts have also weighed in on CRBG. Piper Sandler boosted their target price on Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a report on Thursday, July 3rd. Morgan Stanley cut their price target on Corebridge Financial from $40.00 to $39.00 and set an “overweight” rating for the company in a report on Tuesday. Wall Street Zen raised Corebridge Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Wells Fargo & Company lifted their target price on shares of Corebridge Financial from $42.00 to $44.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, UBS Group raised shares of Corebridge Financial from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $28.00 to $37.00 in a report on Friday, July 11th. Nine analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.91.

Corebridge Financial Stock Down 2.8%

Shares of CRBG stock opened at $31.29 on Thursday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12. The firm’s 50-day moving average is $33.44 and its 200-day moving average is $32.53. The stock has a market cap of $16.85 billion, a price-to-earnings ratio of -51.29, a PEG ratio of 0.56 and a beta of 1.02. Corebridge Financial has a 52-week low of $23.69 and a 52-week high of $36.57.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.21. The company had revenue of $4.42 billion for the quarter, compared to analysts’ expectations of $4.85 billion. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. During the same period in the prior year, the firm earned $1.13 EPS. Sell-side analysts predict that Corebridge Financial will post 5.43 EPS for the current year.

Insider Transactions at Corebridge Financial

In related news, major shareholder International Group American sold 1,184,160 shares of the stock in a transaction that occurred 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 sale, the insider owned 82,711,853 shares of the company’s stock, valued at $2,783,253,853.45. This represents a 1.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.29% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Corebridge Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. IFP Advisors Inc raised its holdings in Corebridge Financial by 1,223.6% in the 2nd quarter. IFP Advisors Inc now owns 728 shares of the company’s stock valued at $26,000 after acquiring an additional 673 shares in the last quarter. Allworth Financial LP bought a new position in Corebridge Financial in the 2nd quarter valued at about $26,000. Assetmark Inc. increased its holdings in Corebridge Financial by 60.9% in the 2nd quarter. Assetmark Inc. now owns 941 shares of the company’s stock valued at $33,000 after buying an additional 356 shares during the period. Brooklyn Investment Group increased its holdings in Corebridge Financial by 66.7% in the 1st quarter. Brooklyn Investment Group now owns 1,452 shares of the company’s stock valued at $46,000 after buying an additional 581 shares during the period. Finally, Nisa Investment Advisors LLC increased its holdings in Corebridge Financial by 86.1% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,303 shares of the company’s stock valued at $46,000 after buying an additional 603 shares during the period. 98.25% of the stock is owned by institutional investors and hedge funds.

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.