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

Corebridge Financial (NYSE:CRBG) issued its quarterly earnings results 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 Trading Up 0.6%

NYSE:CRBG traded up $0.22 during midday trading on Monday, reaching $35.03. 4,274,928 shares of the stock traded hands, compared to its average volume of 4,980,543. The stock has a market capitalization of $15.62 billion, a P/E ratio of 20.49, a PEG ratio of 0.50 and a beta of 1.05. Corebridge Financial has a 12 month low of $22.19 and a 12 month high of $36.00. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. The company has a fifty day moving average of $34.19 and a 200 day moving average of $29.87.

Corebridge Financial Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CRBG. TD Cowen upped their target price on Corebridge Financial from $38.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, October 21st. Mizuho lifted their price target on Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, October 7th. Weiss Ratings raised Corebridge Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday. Piper Sandler upped their price objective on Corebridge Financial from $38.00 to $40.00 and gave the company an “overweight” rating in a research note on Monday, October 12th. Finally, Wells Fargo & Company lifted their target price on Corebridge Financial from $39.00 to $40.00 and gave the stock an “overweight” rating in a research note on Monday, October 12th. Ten research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $39.00.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder Life Insurance Co Nippon bought 246,521 shares of Corebridge Financial stock in a transaction dated Thursday, October 29th. The shares were purchased at an average cost of $35.50 per share, with a total value of $8,751,495.50. Following the transaction, the insider directly 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 ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders purchased 9,955,418 shares of company stock worth $342,360,191 and sold 28,895 shares worth $983,886. Insiders own 0.32% of the company’s stock.

Corebridge Financial Company Profile

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.