BMO Capital Markets Begins Coverage on Corebridge Financial (NYSE:CRBG)

Stock analysts at BMO Capital Markets began coverage on shares of Corebridge Financial (NYSE:CRBG) in a research report issued to clients and investors on Thursday,Briefing.com Automated Import reports. The firm set an “outperform” rating and a $43.00 price target on the stock. BMO Capital Markets’ price target indicates a potential upside of 33.27% from the company’s current price.

Several other equities analysts also recently commented on CRBG. Piper Sandler boosted their price objective on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. TD Cowen upped their price target on Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Morgan Stanley boosted their target price on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Wells Fargo & Company cut their target price on shares of Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating for the company in a research note on Tuesday, January 14th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Corebridge Financial from a “hold” rating to a “buy” rating and increased their price objective for the company from $33.00 to $40.00 in a report on Friday, January 10th. Three analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $36.43.

Corebridge Financial Stock Performance

Shares of CRBG opened at $32.27 on Thursday. The firm has a market capitalization of $18.35 billion, a P/E ratio of -15.44, a PEG ratio of 0.36 and a beta of 0.92. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14. Corebridge Financial has a one year low of $23.01 and a one year high of $34.66. The business has a fifty day moving average of $30.92 and a 200 day moving average of $29.77.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Monday, November 4th. The company reported $1.38 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 analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the business posted $1.05 EPS. As a group, sell-side analysts anticipate that Corebridge Financial will post 4.8 EPS for the current year.

Insider Buying and Selling

In other news, major shareholder International Group American sold 30,000,000 shares of the firm’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $31.20, for a total value of $936,000,000.00. Following the sale, the insider now directly owns 249,238,898 shares in the company, valued at approximately $7,776,253,617.60. This trade represents a 10.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.08% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CRBG. American Century Companies Inc. purchased a new position in shares of Corebridge Financial during the 2nd quarter worth approximately $2,155,000. Amalgamated Bank grew its holdings in Corebridge Financial by 24.9% during the second quarter. Amalgamated Bank now owns 39,998 shares of the company’s stock worth $1,165,000 after acquiring an additional 7,969 shares during the period. XTX Topco Ltd purchased a new position in Corebridge Financial in the second quarter worth $241,000. Sei Investments Co. lifted its holdings in Corebridge Financial by 5.9% in the second quarter. Sei Investments Co. now owns 444,325 shares of the company’s stock valued at $12,939,000 after acquiring an additional 24,784 shares during the period. Finally, Xponance Inc. boosted its position in shares of Corebridge Financial by 3.0% during the 2nd quarter. Xponance Inc. now owns 21,037 shares of the company’s stock worth $613,000 after purchasing an additional 612 shares in the last quarter. 98.25% of the stock is currently 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.