Corebridge Financial, Inc. (CRBG – Research Report), the Financial sector company, was revisited by a Wall Street analyst yesterday. Analyst Bob Huang from Morgan Stanley maintained a Hold rating on the stock and has a $35.00 price target.
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Bob Huang has given his Hold rating due to a combination of factors related to Corebridge Financial, Inc.’s mixed performance in recent earnings. The life insurance segment performed exceptionally well, with adjusted earnings significantly surpassing expectations, largely due to strong underwriting activities. Similarly, the institutional segment also exceeded consensus forecasts, driven by increased premiums and deposits from guaranteed investment contracts.
However, the individual retirement segment did not meet expectations, with earnings falling short partly due to the impact of short-term rates and hedging activities on floating rate assets. Additionally, the group retirement segment experienced a notable net outflow, primarily from older age cohorts, while individual retirement saw only a modest net inflow, both of which were below projections. Despite these challenges, forward-looking statements from the company suggest potential improvements, particularly in alternative investment returns, which might support future earnings. These offsetting elements contribute to the Hold rating, indicating a balanced view on the stock’s prospects.
Based on the recent corporate insider activity of 51 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CRBG in relation to earlier this year.