Corebridge Financial (NYSE:CRBG) Issues Quarterly Earnings Results

Corebridge Financial (NYSE:CRBG) released its quarterly earnings results on Monday. The company reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.21, Briefing.com reports. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. The firm had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter last year, the firm earned $1.05 earnings per share. The company’s revenue for the quarter was up 39.5% on a year-over-year basis.

Corebridge Financial Price Performance

Shares of CRBG opened at $33.37 on Thursday. The business’s fifty day moving average is $29.55 and its 200 day moving average is $29.10. Corebridge Financial has a 12-month low of $18.83 and a 12-month high of $34.66. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.97. The stock has a market cap of $19.76 billion, a P/E ratio of -15.96, a P/E/G ratio of 0.43 and a beta of 0.90.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date of this dividend is Tuesday, December 17th. Corebridge Financial’s payout ratio is -44.02%.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 5,000,000 shares of Corebridge Financial stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the completion of the transaction, the insider now directly owns 279,238,898 shares in the company, valued at $8,058,834,596.28. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

CRBG has been the subject of several analyst reports. Bank of America lowered their target price on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. Barclays raised their price objective on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Morgan Stanley upped their target price on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday. Piper Sandler lowered their price target on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. Finally, TD Cowen started coverage on shares of Corebridge Financial in a research note on Wednesday, October 9th. They issued a “buy” rating and a $35.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $34.85.

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.