Corebridge Financial to Join S&P MidCap 400 on December 17
Written by Emily J. Thompson, Senior Investment Analyst
Source: PRnewswire
Updated: 2 hour ago0mins
- Index Change: Corebridge Financial will replace Allete in the S&P MidCap 400 on December 17, marking a significant recognition in the financial sector that is expected to enhance its market visibility and investor confidence.
- Transaction Context: This change is prompted by the acquisition of Allete by the Canada Pension Plan Investment Board and Global Infrastructure Partners, which is nearing completion, reflecting market expectations for Allete's restructuring.
- Market Impact: The inclusion of Corebridge Financial is likely to increase its exposure within mid-cap investment portfolios, potentially attracting more institutional investor interest and driving its stock price upward.
- Strategic Significance: This change not only elevates Corebridge's market position but also indicates S&P's recognition of its future growth potential, which may provide further opportunities for its subsequent development.
ALE.N
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Analyst Views on ALE
Wall Street analysts forecast ALE stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for ALE is 67.00 USD with a low forecast of 67.00 USD and a high forecast of 67.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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Current: 67.940
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67.00
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67.00
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67.00
Current: 67.940
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67.00
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67.00
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About ALE
ALLETE, Inc. is an energy company. The Company's segments include Regulated Operations, ALLETE Clean Energy, New Energy and Corporate and Other. The Regulated Operations segment includes its regulated utilities, Minnesota Power and Superior Water, Light and Power Company, as well as its investment in American Transmission Company LLC, a Wisconsin-based regulated utility that owns and maintains electric transmission assets in portions of Wisconsin, Michigan, Minnesota and Illinois. The ALLETE Clean Energy segment is focused on developing, acquiring, and operating clean and renewable energy projects. The New Energy segment is a renewable energy company with a primary focus on developing solar and energy storage facilities for external sale and internal ownership while also offering comprehensive operations, maintenance and asset management services. The Corporate and Other segment is comprised of its investment in Nobles 2, South Shore Energy, BNI Energy, ALLETE Properties and others.
About the author
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Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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