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 63.23% to 16.05 million shares with purchase of 6.22 million shares. This fresh investment now brings its stake to 2.48% valued currently at $270.58 million. In addition, The Vanguard Group, Inc. raised its holdings by 1.35 million to 6.2 million shares.
With over 1.45 million Corebridge Financial Inc. (CRBG) shares trading Monday and a closing price of $17.24 on the day, the dollar volume was approximately $24.92 million. The shares have shown a negative half year performance of -21.03% and its price on 05/22/23 gained nearly 1.47%. Currently, there are 650.80M common shares owned by the public and among those 141.83M 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 $24.31. The analysts have set the share’s price value over the next 12 months at a high of $32.00 and a low of $18.00. The average price target is 29.52% above its recent price level and an upside to the estimated low will see the stock gain 4.22% over that period. But an upside of 46.13% will see the stock hit the forecast high price target while median target price for the stock is $24.00.
Insiders at the company have transacted a total of 65 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 35 of these insider trades were purchases, accounting for 2,454,489 shares. Insider sales of the common stock occurred on 30 occasions, with total insider shares sold totaling 80,333,739 shares.
The top 3 mutual fund holders in Corebridge Financial Inc. are Government Pension Fund – Global, Capital Income Builder, and T Rowe Price Value Fund. Government Pension Fund – Global owns 5.75 million shares of the company’s stock, all valued at over $97.0 million. The company bought an additional 5.75 million shares recently to bring their total holdings to about 0.89% of the shares outstanding. T Rowe Price Value Fund sold 20831.0 shares to bring its total holdings to over 3.75 million shares at a value of $63.27 million. T Rowe Price Value Fund now owns shares totaling to 0.58% of the shares outstanding.
Shares of Corebridge Financial Inc. (NYSE: CRBG) opened at $17.09, up $0.1 from a prior closing price of $16.99. However, the script later moved the day high at 17.31, up 1.47%. The company’s stock has a 5-day price change of 3.61% and -15.07% over the past three months. It has a 12-month low price of $14.01 and touched a high of $23.50 over the same period. CRBG has an average intraday trading volume of 1.86 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 4.17%, 5.98%, and -11.99% respectively.
Institutional ownership of Corebridge Financial Inc. (NYSE: CRBG) shares accounts for 22.70% of the company’s 650.80M shares outstanding. Mutual fund holders own 7.84%, while other institutional holders and individual stakeholders account for 90.03% and 6.92% respectively.
It has a market capitalization of $11.14B. The stock’s trailing 12-month PE ratio is 2.63, while the earnings-per-share (ttm) stands at $6.56. The company has a debt-to-equity ratio at 1.04. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.26% over the week and 3.52% over the month.
Analysts forecast that Corebridge Financial Inc. (CRBG) will achieve an EPS of $0.93 for the current quarter, $0.98 for the next quarter and $4.72 for 2024. The lowest estimate earnings-per-share for the quarter is $0.89 while analysts give the company a high EPS estimate of $1.04. Earnings per share for the fiscal year are expected to increase by 10.80%, and 23.64% 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 “Moderate Buy” at a consensus score of 2.00. Specifically, 11 Wall Street analysts polled rate the stock as a buy, while 3 of the 14 advise that investors “hold,” and 0 rated it as a “Sell.”
