Wells Fargo & Company Forecasts Strong Price Appreciation for Corebridge Financial (NYSE:CRBG) Stock

Corebridge Financial (NYSE:CRBG) had its price objective increased by research analysts at Wells Fargo & Company from $35.00 to $36.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 17.95% from the stock’s previous close.

Several other brokerages have also recently issued reports on CRBG. Weiss Ratings cut shares of Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Bank of America reduced their target price on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, April 14th. Barclays raised their price target on shares of Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a research note on Tuesday. Zacks Research raised shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Corebridge Financial from $31.00 to $38.00 and gave the company an “outperform” rating in a report on Wednesday, May 6th. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Corebridge Financial has an average rating of “Moderate Buy” and an average price target of $35.92.

Corebridge Financial Stock Performance

NYSE CRBG opened at $30.52 on Thursday. The company has a market cap of $13.61 billion, a PE ratio of 55.49, a price-to-earnings-growth ratio of 0.34 and a beta of 1.10. The stock’s 50 day simple moving average is $28.08 and its 200-day simple moving average is $27.88. Corebridge Financial has a 1-year low of $22.19 and a 1-year high of $36.57. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.The firm had revenue of $4.08 billion during the quarter, compared to analyst estimates of $5.06 billion. During the same period in the prior year, the firm earned $1.16 earnings per share. As a group, equities research analysts anticipate that Corebridge Financial will post 4.75 EPS for the current fiscal year.

Insider Activity

In other Corebridge Financial news, insider David Ditillo sold 4,250 shares of the firm’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $30.00, for a total value of $127,500.00. Following the completion of the sale, the insider directly owned 128,153 shares of the company’s stock, valued at $3,844,590. This trade represents a 3.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.29% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CRBG. Community Bank N.A. purchased a new stake in shares of Corebridge Financial in the third quarter valued at about $26,000. Salomon & Ludwin LLC raised its stake in Corebridge Financial by 179.7% during the fourth quarter. Salomon & Ludwin LLC now owns 828 shares of the company’s stock worth $26,000 after purchasing an additional 532 shares during the period. Rothschild Investment LLC raised its stake in Corebridge Financial by 133.3% during the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after purchasing an additional 520 shares during the period. Sonoma Allocations LLC acquired a new position in Corebridge Financial in the 1st quarter valued at about $30,000. Finally, True Wealth Design LLC boosted its holdings in Corebridge Financial by 50.2% in the 4th quarter. True Wealth Design LLC now owns 1,233 shares of the company’s stock valued at $37,000 after purchasing an additional 412 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

About Corebridge Financial

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.