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

Corebridge Financial (NYSE:CRBG) released its quarterly earnings results on Monday. The company reported $1.38 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 company had revenue of $5.53 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same period in the prior year, the firm earned $1.05 earnings per share. The firm’s revenue was up 39.5% compared to the same quarter last year.

Corebridge Financial Price Performance

NYSE:CRBG traded down $1.20 during mid-day trading on Tuesday, hitting $30.35. 2,534,361 shares of the company’s stock traded hands, compared to its average volume of 3,850,836. Corebridge Financial has a 1 year low of $18.83 and a 1 year high of $34.66. The company has a market cap of $17.97 billion, a PE ratio of 9.83, a price-to-earnings-growth ratio of 0.43 and a beta of 0.90. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.14 and a current ratio of 0.14. The firm’s 50 day simple moving average is $29.44 and its 200 day simple moving average is $29.05.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CRBG. Morgan Stanley raised their target price on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday. UBS Group lifted their price objective 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. Royal Bank of Canada reduced their target price on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. TD Cowen started coverage on shares of Corebridge Financial in a research note on Wednesday, October 9th. They issued a “buy” rating and a $35.00 price target for the company. Finally, Piper Sandler cut their price objective on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 2nd. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $34.85.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 5,000,000 shares of the firm’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 completion of the transaction, the insider now owns 279,238,898 shares of the company’s stock, valued at approximately $8,058,834,596.28. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.08% of the company’s stock.

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.