Corebridge Financial (NYSE:CRBG) Receives Upgrade to Buy Rating from Deutsche Bank

Corebridge Financial (NYSE:CRBG) has been given a positive update by Deutsche Bank Aktiengesellschaft. In a report released on Friday, the analysts upgraded the company’s rating from "hold" to "buy". They also increased the target price for the company from $33.00 to $40.00. This updated price target indicates a potential upside of 27.59% from the stock's current price.

Analysts are paying attention to Corebridge Financial as several other firms have also issued their assessments. For instance, Piper Sandler raised their target price from $34.00 to $35.00, maintaining an "overweight" rating as of December 18. Similarly, Morgan Stanley increased their target price from $31.00 to $34.00 while keeping an "equal weight" rating on November 5. On the other hand, DOWLING & PARTNERS downgraded their rating from "strong-buy" to "hold" on November 26.

In addition, TD Cowen has set a new target price of $37.00 for Corebridge Financial, moving from a previous rating to "buy" on November 27. Barclays also upgraded the company's shares from "equal weight" to "overweight" with a target price of $37.00 on a recent report. Within the market, three investment analysts currently rate the stock as a hold, while eleven have given it a buy rating. The average rating for the stock is categorized as "Moderate Buy" with a consensus price target of $35.85.

Current Stock Performance

As of Friday, Corebridge Financial stock opened at $31.35. The company maintains a market capitalization of $17.83 billion, along with a P/E ratio of -15.00. The beta of the stock stands at 0.92. The 50-day simple moving average is recorded at $30.94, whereas the 200-day simple moving average is $29.64. The debt-to-equity ratio for Corebridge Financial is 0.83, with both the current ratio and quick ratio at 0.14. Over the past year, the stock has seen a low of $23.01 and a high of $34.66.

Corebridge Financial released its quarterly earnings results on November 4, reporting an earnings per share (EPS) of $1.38 for the quarter. This exceeded the consensus estimate of $1.17 by $0.21. In comparison to the previous year, the company had a negative net margin of 6.10% but a solid return on equity rate of 22.24%. The quarterly revenue was $5.53 billion, which was slightly below analyst estimates of $5.66 billion. This represents a 39.5% increase in revenue year-over-year. Analysts predict that the company will report an EPS of 4.81 for the current fiscal year.

Insider Information

In related news, a significant transaction took place involving Corebridge Financial's major shareholder. The International Group American sold 30,000,000 shares on November 7 at an average price of $31.20 per share, amounting to a total of $936 million. Post-sale, the insider retains 249,238,898 shares, valued at approximately $7.78 billion. This sale reflects a 10.74% reduction in their stake and has been officially disclosed through a filing with the Securities and Exchange Commission.

Institutional Ownership Trends

Recently, institutional investors have made adjustments to their holdings in Corebridge Financial. Covestor Ltd increased its stake by 118.8% in the third quarter, now owning 1,050 shares valued at about $31,000. The Manufacturers Life Insurance Company also boosted its stake by 2.8% and now holds 21,479 shares worth $625,000 after acquiring additional shares in the last quarter. Other investors, such as Commonwealth Equity Services LLC and Xponance Inc, have similarly raised their holdings. In total, institutional investors control approximately 98.25% of the stock.

Company Overview

Corebridge Financial, Inc. provides retirement solutions and insurance products in the United States. The company operates through different segments including Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets. The Individual Retirement segment offers a variety of products including fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.

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