Mizuho Initiates Coverage on Corebridge Financial (NYSE:CRBG)

Stock analysts at Mizuho initiated coverage on shares of Corebridge Financial (NYSE:CRBG) in a research note issued to investors on Monday, MarketBeat reports. The firm set an “outperform” rating and a $38.00 price target on the stock. Mizuho’s price objective points to a potential upside of 19.80% from the stock’s current price.

Several other equities research analysts have also weighed in on the stock. Wolfe Research began coverage on shares of Corebridge Financial in a research note on Friday, October 10th. They set a “peer perform” rating on the stock. Weiss Ratings restated a “buy (b-)” rating on shares of Corebridge Financial in a research note on Monday. Barclays dropped their target price on Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 8th. Evercore ISI dropped their price objective on shares of Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating on the stock in a report on Wednesday, November 5th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $33.00 target price (down previously from $39.00) on shares of Corebridge Financial in a research note on Monday, November 17th. Nine equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.27.

Corebridge Financial Stock Down 1.4%

NYSE:CRBG opened at $31.72 on Monday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.13 and a current ratio of 0.13. The company has a market capitalization of $16.51 billion, a price-to-earnings ratio of 19.02, a price-to-earnings-growth ratio of 0.44 and a beta of 1.05. Corebridge Financial has a one year low of $23.69 and a one year high of $36.57. The stock has a 50-day simple moving average of $30.60 and a 200 day simple moving average of $32.71.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Tuesday, November 4th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.12). The firm had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $4.85 billion. Corebridge Financial had a return on equity of 19.90% and a net margin of 5.01%.The company’s quarterly revenue was up 34.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.23 EPS. Sell-side analysts predict that Corebridge Financial will post 5.43 EPS for the current fiscal year.

Institutional Investors Weigh In On Corebridge Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. IFP Advisors Inc increased its position in Corebridge Financial by 1,223.6% in the 2nd quarter. IFP Advisors Inc now owns 728 shares of the company’s stock worth $26,000 after buying an additional 673 shares during the period. Allworth Financial LP acquired a new position in Corebridge Financial during the 2nd quarter valued at $26,000. Community Bank N.A. acquired a new stake in Corebridge Financial in the 3rd quarter worth $26,000. Smartleaf Asset Management LLC increased its holdings in shares of Corebridge Financial by 83.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 828 shares of the company’s stock worth $27,000 after purchasing an additional 377 shares during the period. Finally, Root Financial Partners LLC acquired a new position in shares of Corebridge Financial during the third quarter valued at about $32,000. 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.