Wells Fargo & Company Forecasts Strong Price Appreciation for Corebridge Financial (NYSE:CRBG) Stock

Corebridge Financial (NYSE:CRBG) had its price objective raised by equities researchers at Wells Fargo & Company from $32.00 to $35.00 in a report released on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 32.39% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on CRBG. TD Cowen reduced their price target on shares of Corebridge Financial from $38.00 to $35.00 and set a “buy” rating for the company in a research report on Tuesday, March 10th. Barclays dropped their price objective on Corebridge Financial from $33.00 to $30.00 and set an “overweight” rating on the stock in a report on Wednesday, April 8th. Bank of America cut their target price on Corebridge Financial from $42.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, April 14th. Piper Sandler raised Corebridge Financial to a “strong-buy” rating in a research report on Thursday, April 2nd. Finally, UBS Group decreased their target price on Corebridge Financial from $33.00 to $29.00 and set a “neutral” rating for the company in a research report on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $35.92.

Corebridge Financial Price Performance

Shares of NYSE CRBG opened at $26.44 on Tuesday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.12 and a current ratio of 0.12. Corebridge Financial has a fifty-two week low of $22.19 and a fifty-two week high of $36.57. The firm has a market capitalization of $12.07 billion, a PE ratio of 48.07, a price-to-earnings-growth ratio of 0.36 and a beta of 1.18. The stock’s 50-day simple moving average is $25.25 and its 200-day simple moving average is $28.45.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02). Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%. The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $5.06 billion. During the same period last year, the company earned $1.16 earnings per share. As a group, equities research analysts forecast that Corebridge Financial will post 4.93 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in Corebridge Financial by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 27,143,048 shares of the company’s stock worth $818,906,000 after buying an additional 311,133 shares during the last quarter. Pzena Investment Management LLC increased its stake in shares of Corebridge Financial by 14.4% during the first quarter. Pzena Investment Management LLC now owns 27,045,794 shares of the company’s stock worth $645,313,000 after acquiring an additional 3,413,384 shares during the period. Norges Bank acquired a new position in shares of Corebridge Financial during the fourth quarter worth about $611,550,000. State Street Corp raised its holdings in Corebridge Financial by 44.3% during the fourth quarter. State Street Corp now owns 11,295,692 shares of the company’s stock worth $340,791,000 after purchasing an additional 3,465,371 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Corebridge Financial by 43.5% during the first quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company’s stock worth $211,575,000 after purchasing an additional 2,689,611 shares in the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

About Corebridge Financial

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.