Corebridge Financial (CRBG) Expected to Announce Quarterly Earnings on Wednesday

Corebridge Financial (NYSE:CRBG) will likely be announcing its earnings results after the market closes on Wednesday, February 12th. Analysts expect the company to announce earnings of $1.27 per share and revenue of $5.86 billion for the quarter. Investors interested in participating in the company’s conference call can do so using this link.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The company had revenue of $5.53 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same period last year, the firm earned $1.05 EPS. Corebridge Financial’s revenue for the quarter was up 39.5% compared to the same quarter last year. On average, analysts expect Corebridge Financial to post $5 EPS for the current fiscal year and $6 EPS for the next fiscal year.

Corebridge Financial Price Performance

Shares of Corebridge Financial stock opened at $32.79 on Wednesday. Corebridge Financial has a one year low of $23.01 and a one year high of $34.66. The stock’s fifty day moving average is $31.29 and its 200 day moving average is $29.97. The stock has a market cap of $18.65 billion, a P/E ratio of -15.69, a P/E/G ratio of 0.38 and a beta of 0.94. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14.

Analysts Set New Price Targets

CRBG has been the topic of a number of recent research reports. Morgan Stanley raised their target price on Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a “hold” rating to a “buy” rating and raised their target price for the stock from $33.00 to $40.00 in a report on Friday, January 10th. Piper Sandler raised their target price on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. DOWLING & PARTN lowered Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Finally, BMO Capital Markets initiated coverage on Corebridge Financial in a research note on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price target for the company. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $36.43.

Insider Activity

In related news, major shareholder International Group American sold 121,956,256 shares of Corebridge Financial stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the completion of the transaction, the insider now owns 127,282,642 shares in the company, valued at approximately $4,005,584,743.74. This trade represents a 48.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.08% 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.