Corebridge Financial (NYSE:CRBG) Issues Quarterly Earnings Results, Beats Estimates By $0.21 EPS

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

Corebridge Financial Price Performance

CRBG stock traded down $1.20 during trading hours on Tuesday, hitting $30.35. 2,534,361 shares of the stock traded hands, compared to its average volume of 3,850,836. The stock has a 50-day simple moving average of $29.44 and a 200 day simple moving average of $29.05. The company has a market cap of $17.97 billion, a P/E ratio of 9.83, a P/E/G ratio of 0.43 and a beta of 0.90. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.97. Corebridge Financial has a one year low of $18.83 and a one year high of $34.66.

Insider Activity at Corebridge Financial

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

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Royal Bank of Canada decreased their target price on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. UBS Group lifted their price target on shares of Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. Barclays increased their target price on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Bank of America lowered their price target 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. Finally, Morgan Stanley raised their price objective on Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock presently 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.