Corebridge Financial (NYSE:CRBG) Rating Reiterated by Royal Bank of Canada

Corebridge Financial (NYSE:CRBG)‘s stock had its “outperform” rating reaffirmed by research analysts at Royal Bank of Canada in a report issued on Friday, Benzinga reports. They presently have a $33.00 target price on the stock. Royal Bank of Canada’s price objective indicates a potential upside of 10.22% from the company’s current price.

CRBG has been the subject of several other reports. Keefe, Bruyette & Woods raised their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 10th. Wells Fargo & Company lifted their price target on shares of Corebridge Financial from $33.00 to $34.00 and gave the company an “overweight” rating in a research note on Friday, May 10th. Morgan Stanley increased their price objective on shares of Corebridge Financial from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. Evercore ISI boosted their target price on shares of Corebridge Financial from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, April 11th. Finally, Piper Sandler upped their target price on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a report on Monday, May 6th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $29.64.

Corebridge Financial Price Performance

Shares of CRBG stock opened at $29.94 on Friday. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.94. Corebridge Financial has a 12 month low of $17.37 and a 12 month high of $34.66. The firm has a market cap of $18.22 billion, a price-to-earnings ratio of 7.66, a PEG ratio of 0.32 and a beta of 0.99. The stock has a 50-day moving average price of $29.11 and a 200 day moving average price of $26.19.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Friday, May 3rd. The company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.05. The business had revenue of $5.85 billion for the quarter, compared to analyst estimates of $5.50 billion. Corebridge Financial had a net margin of 11.25% and a return on equity of 23.64%. During the same period in the prior year, the business posted $0.97 earnings per share. Research analysts expect that Corebridge Financial will post 4.95 EPS for the current year.

Insider Activity

In other news, major shareholder International Group American sold 30,000,000 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $29.20, for a total transaction of $876,000,000.00. Following the sale, the insider now directly owns 294,203,636 shares in the company, valued at $8,590,746,171.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.09% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Corebridge Financial

Large investors have recently added to or reduced their stakes in the business. Rhumbline Advisers raised its position in shares of Corebridge Financial by 72.4% during the third quarter. Rhumbline Advisers now owns 152,119 shares of the company’s stock worth $3,004,000 after purchasing an additional 63,903 shares during the period. Invesco Ltd. boosted its holdings in shares of Corebridge Financial by 128.4% in the third quarter. Invesco Ltd. now owns 333,170 shares of the company’s stock worth $6,580,000 after acquiring an additional 187,272 shares during the period. Hsbc Holdings PLC bought a new stake in shares of Corebridge Financial during the third quarter valued at about $372,000. Mariner LLC grew its position in shares of Corebridge Financial by 4.3% during the 3rd quarter. Mariner LLC now owns 33,647 shares of the company’s stock valued at $665,000 after purchasing an additional 1,388 shares in the last quarter. Finally, Richard Bernstein Advisors LLC bought a new stake in Corebridge Financial during the third quarter valued at $2,772,000. Institutional investors and hedge funds 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.