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

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

Corebridge Financial Price Performance

Shares of NYSE:CRBG traded down $1.66 during trading on Tuesday, reaching $29.89. 3,014,324 shares of the company’s stock traded hands, compared to its average volume of 3,852,266. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.97. The company has a 50-day simple moving average of $29.44 and a 200-day simple moving average of $29.05. Corebridge Financial has a fifty-two week low of $18.83 and a fifty-two week high of $34.66. The firm has a market cap of $17.70 billion, a PE ratio of 9.83, a P/E/G ratio of 0.43 and a beta of 0.90.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 5,000,000 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $28.86, for a total value of $144,300,000.00. Following the transaction, the insider now directly owns 279,238,898 shares of the company’s stock, valued at $8,058,834,596.28. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.08% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on CRBG shares. Royal Bank of Canada cut their target price on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. UBS Group upped their target price on Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Barclays upped their target price on Corebridge Financial from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Tuesday. Bank of America cut their target price on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. Finally, Piper Sandler cut their target price on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 2nd. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $34.85.

Corebridge Financial Company Profile

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.