Corebridge Financial (NYSE:CRBG) Releases Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Corebridge Financial (NYSE:CRBG) issued its quarterly earnings data on Monday. The company reported $1.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.01), Zacks reports. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.

Corebridge Financial Stock Performance

Shares of Corebridge Financial stock traded up $0.22 on Monday, reaching $35.03. The stock had a trading volume of 4,274,928 shares, compared to its average volume of 4,980,543. The business’s 50-day moving average price is $34.12 and its two-hundred day moving average price is $29.84. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. Corebridge Financial has a fifty-two week low of $22.19 and a fifty-two week high of $36.00. The stock has a market cap of $15.62 billion, a P/E ratio of 20.49, a price-to-earnings-growth ratio of 0.50 and a beta of 1.05.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Wednesday, September 16th. Corebridge Financial’s payout ratio is presently 58.48%.

Insider Activity

In other news, major shareholder Life Insurance Co Nippon bought 246,521 shares of the stock in a transaction that occurred on Thursday, October 29th. The shares were acquired at an average cost of $35.50 per share, for a total transaction of $8,751,495.50. Following the purchase, the insider owned 132,116,089 shares of the company’s stock, valued at $4,690,121,159.50. This represents a 0.19% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Over the last ninety days, insiders have acquired 9,955,418 shares of company stock worth $342,360,191 and have sold 28,895 shares worth $983,886. Corporate insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on CRBG. Barclays increased their target price on shares of Corebridge Financial from $33.00 to $39.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 7th. Mizuho boosted their price target on Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 7th. Jefferies Financial Group upped their price target on Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. Weiss Ratings upgraded Corebridge Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday. Finally, Wells Fargo & Company increased their price objective on Corebridge Financial from $39.00 to $40.00 and gave the company an “overweight” rating in a report on Monday, October 12th. Ten equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $39.00.

About Corebridge Financial

Corebridge Financial, Inc (NYSE: CRBG) is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers and institutions through offerings designed to support retirement savings, income planning and financial protection.

Its products and services include individual and group retirement plans, annuities, life insurance and institutional retirement solutions. Corebridge also provides investment and administrative services associated with retirement plans, helping employers and employees manage long-term savings and retirement income needs.

Corebridge was established through the separation of American International Group’s (AIG) Life and Retirement business and began operating as an independent publicly traded company in 2022.