Analyst Joshua Shanker of Bank of America Securities reiterated a Buy rating on Corebridge Financial, Inc. (CRBG – Research Report), with a price target of $39.00.
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Joshua Shanker has given his Buy rating due to a combination of factors including Corebridge Financial, Inc.’s strong performance in the fourth quarter of 2024, where the company exceeded earnings expectations. The increase in variable investment income played a significant role in this earnings beat, although it was slightly offset by lower base portfolio income. Additionally, the company’s strategic share repurchase activity, despite being below expectations, has led to a total payout ratio above the long-term target, indicating a strong capital return focus.
Moreover, positive net flows in the Individual Retirement segment, driven by robust premium deposits in fixed-index annuities, suggest a favorable outlook for the company. Although Group Retirement faced challenges with net outflows due to a large plan exit and required minimum distributions, the overall financial health and the potential for future growth, as well as the attractive price objective, support the Buy recommendation.
Shanker covers the Financial sector, focusing on stocks such as Progressive, Allstate, and Metlife. According to TipRanks, Shanker has an average return of 8.7% and a 60.22% success rate on recommended stocks.
In another report released today, Barclays also maintained a Buy rating on the stock with a $37.00 price target.