Corebridge Financial (NYSE:CRBG) Releases Earnings Results, Misses Estimates By $0.04 EPS

Corebridge Financial (NYSE:CRBG) issued its quarterly earnings results on Wednesday. The company reported $1.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.04), Zacks reports. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%.

Corebridge Financial Stock Up 3.3 %

CRBG stock traded up $1.06 during midday trading on Friday, reaching $33.08. 533,403 shares of the company’s stock traded hands, compared to its average volume of 3,166,594. The company has a market cap of $18.82 billion, a price-to-earnings ratio of -15.79, a P/E/G ratio of 0.37 and a beta of 0.94. The firm’s fifty day moving average price is $31.40 and its 200-day moving average price is $30.16. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83. Corebridge Financial has a 52 week low of $23.77 and a 52 week high of $34.66.

Corebridge Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date of this dividend is Monday, March 17th. This is a positive change from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s payout ratio is -44.02%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target on the stock in a research report on Monday, January 6th. TD Cowen boosted their price target on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Wells Fargo & Company dropped their price target on shares of Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 14th. BMO Capital Markets began coverage on shares of Corebridge Financial in a research report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price target on the stock. Finally, Piper Sandler lifted their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $36.43.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the completion of the sale, the insider now owns 127,282,642 shares in the company, valued at approximately $4,005,584,743.74. The trade was a 48.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.08% of the stock is currently owned by company insiders.

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.