Corebridge Financial (NYSE:CRBG) Posts Earnings Results, Misses Estimates By $0.12 EPS

Corebridge Financial (NYSE:CRBG) released its quarterly earnings results on Monday. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.12), Zacks reports. Corebridge Financial had a net margin of 5.01% and a return on equity of 20.51%. The firm had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $4.85 billion. During the same period in the previous year, the business earned $1.23 earnings per share. The firm’s revenue for the quarter was up 34.2% on a year-over-year basis.

Corebridge Financial Stock Performance

CRBG stock traded down $0.56 during mid-day trading on Wednesday, hitting $30.70. The company had a trading volume of 5,999,100 shares, compared to its average volume of 3,346,830. The firm has a market cap of $16.53 billion, a PE ratio of 18.20, a price-to-earnings-growth ratio of 0.49 and a beta of 1.02. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12. Corebridge Financial has a 12 month low of $23.69 and a 12 month high of $36.57. The stock’s fifty day moving average price is $32.63 and its two-hundred day moving average price is $33.00.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th will be given a $0.24 dividend. The ex-dividend date of this dividend is Wednesday, December 17th. This represents a $0.96 annualized dividend and a yield of 3.1%. Corebridge Financial’s payout ratio is currently 57.14%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. raised their price target on shares of Corebridge Financial from $34.00 to $40.00 and gave the company a “neutral” rating in a research report on Tuesday, July 8th. UBS Group raised shares of Corebridge Financial from a “sell” rating to a “neutral” rating and raised their price target for the company from $28.00 to $37.00 in a research report on Friday, July 11th. Wall Street Zen raised shares of Corebridge Financial from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Weiss Ratings reissued a “hold (c-)” rating on shares of Corebridge Financial in a research report on Wednesday, October 8th. Finally, Morgan Stanley dropped their price target on shares of Corebridge Financial from $40.00 to $39.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 7th. Nine investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $39.73.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 1,184,160 shares of Corebridge Financial stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $33.65, for a total value of $39,846,984.00. Following the sale, the insider owned 82,711,853 shares of the company’s stock, valued at approximately $2,783,253,853.45. The trade was a 1.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.29% of the company’s stock.

Institutional Trading of Corebridge Financial

Several hedge funds have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Corebridge Financial in the second quarter valued at approximately $75,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in shares of Corebridge Financial by 102.2% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,313 shares of the company’s stock valued at $82,000 after purchasing an additional 1,169 shares during the period. EverSource Wealth Advisors LLC raised its position in shares of Corebridge Financial by 58.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,558 shares of the company’s stock valued at $162,000 after purchasing an additional 1,688 shares during the period. Bayesian Capital Management LP bought a new stake in shares of Corebridge Financial in the second quarter valued at approximately $213,000. Finally, Creative Planning bought a new stake in shares of Corebridge Financial in the second quarter valued at approximately $243,000. Institutional investors own 98.25% of the company’s stock.

About Corebridge Financial

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.