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

Corebridge Financial (NYSE:CRBG) issued its quarterly earnings data on Wednesday. The company reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate 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 Performance

Shares of NYSE CRBG traded down $1.73 during midday trading on Thursday, hitting $31.03. The company’s stock had a trading volume of 942,621 shares, compared to its average volume of 3,077,708. The firm has a market cap of $17.65 billion, a P/E ratio of -14.88, a P/E/G ratio of 0.37 and a beta of 0.94. Corebridge Financial has a 1-year low of $23.77 and a 1-year high of $34.66. The firm’s fifty day moving average price is $31.41 and its 200-day moving average price is $30.15. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of the firm’s stock in a transaction on 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 sale, the insider now directly 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 filing with the SEC, which can be accessed through this link. 0.08% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CRBG. DOWLING & PARTN downgraded Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Barclays raised 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 note on Monday, January 6th. Piper Sandler boosted their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. BMO Capital Markets began coverage on shares of Corebridge Financial in a research note on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 target price for the company. Finally, Wells Fargo & Company reduced their price target on Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 14th. Three analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $36.43.

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.