T. Rowe Price Associates, Inc. recently announced the acquisition of new stake in Corebridge Financial Inc. (NYSE:CRBG). The institutional investor has increased its shareholding in the Financial company by 5.51% to 29.29 million shares with purchase of 1.53 million shares. This fresh investment now brings its stake to 4.61% valued currently at $585.82 million. In addition, Capital Research & Management Co raised its holdings by 5887.0 to 28.92 million shares. And The Vanguard Group, Inc. has lifted its position by 10.14% or 1.56 million shares – to 16.95 million shares.
With over 15.71 million Corebridge Financial Inc. (CRBG) shares trading Friday and a closing price of $20.41 on the day, the dollar volume was approximately $320.6 million. The shares have shown a positive half year performance of 24.51% and its price on 12/01/23 lost nearly -2.95%. Currently, there are 645.00M common shares owned by the public and among those 210.38M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 14 analysts who have offered their price forecasts for CRBG have a consensus price objective of $25.31. The analysts have set the share’s price value over the next 12 months at a high of $29.00 and a low of $21.00. The average price target is 19.36% above its recent price level and an upside to the estimated low will see the stock gain 2.81% over that period. But an upside of 29.62% will see the stock hit the forecast high price target while median target price for the stock is $25.00.
Insiders at the company have transacted a total of 52 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 19 of these insider trades were purchases, accounting for 503,650 shares. Insider sales of the common stock occurred on 33 occasions, with total insider shares sold totaling 136,067,561 shares.
The top 3 mutual fund holders in Corebridge Financial Inc. are American Funds Growth Fund of Ame, Government Pension Fund – Global, and T Rowe Price Value Fund. American Funds Growth Fund of Ame owns 26.77 million shares of the company’s stock, all valued at over $535.46 million. The company bought an additional 0.21 million shares recently to bring their total holdings to about 4.21% of the shares outstanding. T Rowe Price Value Fund bought 0.1 million shares to bring its total holdings to over 5.15 million shares at a value of $102.98 million. T Rowe Price Value Fund now owns shares totaling to 0.81% of the shares outstanding.
Shares of Corebridge Financial Inc. (NYSE: CRBG) opened at $20.13, down -$0.9 from a prior closing price of $21.03. However, the script later moved the day high at 20.47, down -2.95%. The company’s stock has a 5-day price change of -1.64% and 20.05% over the past three months. CRBG shares are trading 12.09% year to date (YTD), with the 12-month market performance up to 1.11% higher. It has a 12-month low price of $12.72 and touched a high of $21.10 over the same period. CRBG has an average intraday trading volume of 3.10 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.40%, 5.15%, and 19.43% respectively.
Institutional ownership of Corebridge Financial Inc. (NYSE: CRBG) shares accounts for 25.43% of the company’s 645.00M shares outstanding. Mutual fund holders own 57.79%, while other institutional holders and individual stakeholders account for 9.85% and 16.11% respectively.
It has a market capitalization of $13.23B and a beta (3y monthly) value of 0.90. The stock’s trailing 12-month PE ratio is 7.08, while the earnings-per-share (ttm) stands at $2.88. The company has a PEG of 0.43 and the debt-to-equity ratio at 1.43. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.51% over the week and 2.32% over the month.
Analysts forecast that Corebridge Financial Inc. (CRBG) will achieve an EPS of $1.04 for the current quarter, $1.14 for the next quarter and $4.93 for 2024. The lowest estimate earnings-per-share for the quarter is $1 while analysts give the company a high EPS estimate of $1.09. Comparatively, EPS for the current quarter was $0.88 a year ago. Earnings per share for the fiscal year are expected to increase by 43.47%, and 20.20% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 14 brokerage firm advisors rate Corebridge Financial Inc. (CRBG) as a “Strong Buy” at a consensus score of 1.57. Specifically, 10 Wall Street analysts polled rate the stock as a buy, while 4 of the 14 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the CRBG, a number of firms have released research notes about the stock. Citigroup stated their Neutral rating for the stock in a research note on July 11, 2023, with the firm’s price target at $18-$19.
