Piper Sandler Reiterates Overweight Rating on Corebridge Financial (CRBG)

Piper Sandler analyst John Barnidge reiterated an Overweight rating and $35.00 price target on Corebridge Financial (NYSE: CRBG).

The analyst commented, "On 5/30/24, AIG (covered by Newsome) announced another secondary stock sale of ~5.7% of CRBG. This follows (here) from earlier in May when AIG announced it was selling ~20% CRBG stake to Nippon Life (not covered) with that transaction expected to close in 1Q25. AIG’s ownership in CRBG stood at ~52.7% as of 1Q24 so this secondary offering announced is anticipated to take AIG’s ownership below the important majority status. We note CRBG announced a $2 billion increase to its share repurchase program in early May with cadence in 1Q24 being $243 million. This is an incremental positive for a name that remains in our opinion one of the more attractive Overweight-rated names in our coverage trading at 5.0x ‘25E, which is a 2.2x discount to MET and 3.0x discount to PRU, with a growth bent in Institutional Markets and yet to be explored optionality for its liabilities."

For an analyst ratings summary and ratings history on Corebridge Financial click here. For more ratings news on Corebridge Financial click here.

Shares of Corebridge Financial closed at $29.64 yesterday.

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