Wells Fargo & Company Issues Positive Forecast for Corebridge Financial (NYSE:CRBG) Stock Price

Corebridge Financial (NYSE:CRBG) had its price target raised by analysts at Wells Fargo & Company from $35.00 to $38.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential upside of 13.31% from the stock’s previous close.

CRBG has been the subject of several other research reports. DOWLING & PARTN lowered shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. BMO Capital Markets began coverage on shares of Corebridge Financial in a research report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price objective for the company. Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price objective for the company in a research report on Monday, January 6th. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and raised their target price for the stock from $33.00 to $40.00 in a report on Friday, January 10th. Finally, TD Cowen raised their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, Corebridge Financial presently has an average rating of “Moderate Buy” and an average target price of $36.64.

Corebridge Financial Price Performance

CRBG stock opened at $33.54 on Wednesday. Corebridge Financial has a 52 week low of $23.77 and a 52 week high of $34.66. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 0.16. The company has a fifty day simple moving average of $31.66 and a two-hundred day simple moving average of $30.33. The firm has a market capitalization of $18.65 billion, a P/E ratio of 8.87, a price-to-earnings-growth ratio of 0.43 and a beta of 0.94.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Wednesday, February 12th. The company reported $1.23 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. Analysts anticipate that Corebridge Financial will post 5.45 earnings per share for the current fiscal year.

Insider Activity at Corebridge Financial

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 in the company, valued at $4,005,584,743.74. This trade represents a 48.93 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.08% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Corebridge Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Forum Financial Management LP increased its position in Corebridge Financial by 60.2% during the 4th quarter. Forum Financial Management LP now owns 15,730 shares of the company’s stock valued at $471,000 after purchasing an additional 5,912 shares during the period. Sunbelt Securities Inc. purchased a new position in Corebridge Financial during the 4th quarter valued at about $30,000. CSS LLC IL increased its position in Corebridge Financial by 22.2% during the 4th quarter. CSS LLC IL now owns 21,391 shares of the company’s stock valued at $640,000 after purchasing an additional 3,891 shares during the period. PharVision Advisers LLC purchased a new position in Corebridge Financial during the 4th quarter valued at about $268,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Corebridge Financial by 0.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,659,829 shares of the company’s stock valued at $49,679,000 after purchasing an additional 4,666 shares during the period. 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.