Corebridge Financial (NYSE:CRBG) Earns Outperform Rating from Royal Bank of Canada

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

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

Corebridge Financial Stock Up 2.9 %

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

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Friday, May 3rd. The company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.05. The business had revenue of $5.85 billion during the quarter, compared to analysts’ expectations of $5.50 billion. Corebridge Financial had a return on equity of 23.64% and a net margin of 11.25%. During the same period in the prior year, the business posted $0.97 EPS. On average, equities research analysts anticipate that Corebridge Financial will post 4.95 EPS for the current year.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction on 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 owns 294,203,636 shares in the company, valued at approximately $8,590,746,171.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.09% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRBG. Riverview Trust Co purchased a new stake in shares of Corebridge Financial during the 1st quarter worth about $25,000. Vestor Capital LLC acquired a new stake in shares of Corebridge Financial in the fourth quarter worth $43,000. Headlands Technologies LLC purchased a new position in shares of Corebridge Financial in the 4th quarter valued at $65,000. Plato Investment Management Ltd purchased a new position in shares of Corebridge Financial in the 1st quarter valued at $100,000. Finally, UniSuper Management Pty Ltd acquired a new position in shares of Corebridge Financial during the 1st quarter valued at $103,000. 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.