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

Corebridge Financial (NYSE:CRBG) released its quarterly earnings results on Wednesday. The company reported $1.23 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 Price Performance

Shares of Corebridge Financial stock traded up $1.06 during midday trading on Friday, hitting $33.08. 533,403 shares of the company traded hands, compared to its average volume of 3,166,594. The stock has a market cap of $18.82 billion, a price-to-earnings ratio of -15.79, a PEG ratio of 0.37 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. The firm’s fifty day moving average price is $31.40 and its 200-day moving average price is $30.16. Corebridge Financial has a 12 month low of $23.77 and a 12 month high of $34.66.

Corebridge Financial Increases Dividend

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

Insider Buying and Selling

In related news, major shareholder International Group American sold 121,956,256 shares of Corebridge Financial stock in a transaction that occurred 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 sale, the insider now directly owns 127,282,642 shares in the company, valued at $4,005,584,743.74. This trade represents a 48.93 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.08% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CRBG has been the topic of a number of recent research reports. DOWLING & PARTN lowered shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. TD Cowen raised their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Deutsche Bank Aktiengesellschaft raised shares of Corebridge Financial from a “hold” rating to a “buy” rating and raised their target price for the company from $33.00 to $40.00 in a report on Friday, January 10th. Morgan Stanley raised their target price on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Finally, Barclays raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price on the stock in a report on Monday, January 6th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, Corebridge Financial has a consensus rating of “Moderate Buy” and a consensus target price 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.