Barclays Upgrades Corebridge Financial (NYSE:CRBG) to “Overweight”

Corebridge Financial (NYSE:CRBG) was upgraded by research analysts at Barclays from an “equal weight” rating to an “overweight” rating in a research note issued on Monday, MarketBeat Ratings reports. The brokerage currently has a $37.00 price objective on the stock. Barclays‘s target price would suggest a potential upside of 18.17% from the company’s previous close.

Other analysts have also issued reports about the company. TD Cowen lifted their price objective on Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. DOWLING & PARTN cut shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Piper Sandler increased their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Finally, Morgan Stanley raised their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.15.

Corebridge Financial Price Performance

Shares of CRBG stock opened at $31.31 on Monday. Corebridge Financial has a 1 year low of $23.01 and a 1 year high of $34.66. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. The firm’s 50 day moving average is $30.97 and its 200-day moving average is $29.62. The firm has a market capitalization of $17.81 billion, a price-to-earnings ratio of -14.98, a PEG ratio of 0.39 and a beta of 0.92.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.21. The firm had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The business’s revenue for the quarter was up 39.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.05 EPS. Sell-side analysts forecast that Corebridge Financial will post 4.81 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder International Group American sold 121,956,256 shares of Corebridge Financial stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the completion of the sale, the insider now owns 127,282,642 shares of the company’s stock, valued at approximately $4,005,584,743.74. The trade was a 48.93 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.08% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Corebridge Financial

Institutional investors have recently made changes to their positions in the company. Massachusetts Financial Services Co. MA raised its stake in Corebridge Financial by 2.8% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 10,483,856 shares of the company’s stock worth $305,709,000 after purchasing an additional 284,781 shares in the last quarter. State Street Corp increased its holdings in shares of Corebridge Financial by 11.7% during the third quarter. State Street Corp now owns 8,035,438 shares of the company’s stock worth $234,313,000 after purchasing an additional 843,559 shares during the period. Canada Pension Plan Investment Board raised its position in shares of Corebridge Financial by 249.3% in the second quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock valued at $183,894,000 after buying an additional 4,507,322 shares in the last quarter. FMR LLC boosted its stake in shares of Corebridge Financial by 13.5% in the third quarter. FMR LLC now owns 5,030,104 shares of the company’s stock valued at $146,678,000 after buying an additional 598,373 shares during the period. Finally, AQR Capital Management LLC grew its position in Corebridge Financial by 40.3% during the second quarter. AQR Capital Management LLC now owns 4,462,933 shares of the company’s stock worth $129,961,000 after buying an additional 1,282,154 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

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.