JPMorgan Cuts Corebridge Financial Price Target to $39.00

Corebridge Financial (NYSE: CRBG) has seen its price target revised down by analysts at JPMorgan Chase & Co. The new target, set at $39.00, reflects a reduction from the previous estimate of $40.00. This adjustment came in a research report published on December 29, 2023, where JPMorgan also maintained a “neutral” rating on the stock. The updated target suggests a potential upside of 25.74% from Corebridge’s current trading price.

JPMorgan’s revision is part of a broader trend among analysts evaluating Corebridge Financial. Weiss Ratings reaffirmed a “buy (b-)” rating for the company, while Mizuho initiated coverage with an “outperform” rating and a price target of $38.00. Conversely, Morgan Stanley adjusted its rating from “equal weight” to a lower target of $33.00 on November 17, 2023. Additionally, Keefe, Bruyette & Woods reduced their price target from $42.00 to $41.00 while maintaining an “outperform” rating.

Overall, nine analysts have rated Corebridge Financial as a Buy, while four have given it a Hold rating. The average rating across all analysts is classified as a “Moderate Buy,” with a consensus target price of $39.18, according to data compiled by MarketBeat.com.

Recent Financial Performance

Corebridge Financial disclosed its quarterly earnings on November 4, 2023, reporting earnings per share (EPS) of $0.96. This figure fell short of analyst expectations, which anticipated an EPS of $1.08. The company’s revenue for the quarter reached $5.63 billion, significantly surpassing estimates of $4.85 billion. Year-over-year, Corebridge Financial experienced a revenue increase of 34.2%, although EPS dropped from $1.23 in the same quarter the previous year. Analysts project that Corebridge Financial will report an EPS of $5.43 for the current fiscal year.

Institutional Investors Take Position

Recent changes in institutional holdings reflect growing interest in Corebridge Financial. IFP Advisors Inc. increased its stake in the company by an impressive 1,223.6% during the second quarter, acquiring a total of 728 shares valued at approximately $26,000. Similarly, Allworth Financial LP and Community Bank N.A. each established new positions worth around $26,000 during the same period.

Smartleaf Asset Management LLC also expanded its holdings by 83.6% in the third quarter, bringing its total to 828 shares valued at about $27,000. The overall investment landscape for Corebridge Financial shows that approximately 98.25% of its stock is held by institutional investors and hedge funds.

Corebridge Financial specializes in retirement, life insurance, and asset management solutions. The company emerged from the separation of American International Group’s life and retirement operations and aims to assist individuals, employers, and institutions in managing retirement income and protecting against longevity and mortality risks.