Joshua Shanker, an analyst from Bank of America Securities, reiterated the Buy rating on Corebridge Financial, Inc.. The associated price target was raised to $40.00.
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Joshua Shanker has given his Buy rating due to a combination of factors including strong performance in Corebridge Financial’s Institutional Markets segment, which reported its highest sales since going public. The company also demonstrated robust capital returns, distributing 98% of its operating income back to shareholders through buybacks and dividends, which is expected to continue in the coming quarters.
Additionally, while Individual Retirement net flows were slightly below expectations, deposits remained strong, supporting the company’s financial health. The price objective for Corebridge Financial’s stock has been raised to $40, reflecting a positive outlook based on a lower share count and a larger asset base. These elements, combined with the potential for further capital returns, underpin Shanker’s confidence in the stock’s upside potential.
Based on the recent corporate insider activity of 59 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.