Wells Fargo & Company Lowers Corebridge Financial (NYSE:CRBG) Price Target to $35.00

Corebridge Financial (NYSE:CRBG) had its price objective cut by stock analysts at Wells Fargo & Company from $37.00 to $35.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 13.82% from the stock’s current price.

Other analysts also recently issued research reports about the stock. Piper Sandler boosted their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Barclays raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target on the stock in a research note on Monday, January 6th. DOWLING & PARTN downgraded Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Morgan Stanley upped their target price on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a “hold” rating to a “buy” rating and lifted their price target for the stock from $33.00 to $40.00 in a research note on Friday, January 10th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and an average target price of $35.92.

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $30.75 on Tuesday. 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 stock has a 50 day simple moving average of $30.87 and a 200-day simple moving average of $29.66. The company has a market cap of $17.49 billion, a price-to-earnings ratio of -14.71, a price-to-earnings-growth ratio of 0.39 and a beta of 0.86. Corebridge Financial has a 12-month low of $23.01 and a 12-month high of $34.66.

Corebridge Financial (NYSE:CRBG) last released 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 during the quarter, compared to analysts’ expectations of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. Corebridge Financial’s revenue was up 39.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.05 earnings per share. On average, equities analysts forecast that Corebridge Financial will post 4.82 EPS for the current year.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $31.20, for a total value of $936,000,000.00. Following the completion of the sale, the insider now owns 249,238,898 shares in the company, valued at $7,776,253,617.60. The trade was a 10.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.08% of the stock is owned by company insiders.

Institutional Investors Weigh In On Corebridge Financial

Hedge funds have recently modified their holdings of the stock. Park Avenue Securities LLC raised its stake in Corebridge Financial by 52.2% during the fourth quarter. Park Avenue Securities LLC now owns 12,210 shares of the company’s stock worth $365,000 after purchasing an additional 4,188 shares during the period. Assenagon Asset Management S.A. raised its position in shares of Corebridge Financial by 3.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 116,389 shares of the company’s stock worth $3,484,000 after buying an additional 4,135 shares during the period. FNY Investment Advisers LLC acquired a new position in Corebridge Financial in the fourth quarter valued at $27,000. Fortitude Family Office LLC purchased a new stake in Corebridge Financial during the fourth quarter valued at about $27,000. Finally, First Hawaiian Bank acquired a new stake in Corebridge Financial during the fourth quarter worth about $1,168,000. 98.25% of the stock is owned by institutional investors and hedge funds.

Corebridge Financial Company Profile

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.