Corebridge Financial (NYSE:CRBG) Posts Quarterly Earnings Results

Corebridge Financial (NYSE:CRBG) released its quarterly earnings data on Monday. The company reported $1.38 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $5.66 billion. During the same period in the previous year, the company posted $1.05 EPS. The firm’s revenue for the quarter was up 39.5% compared to the same quarter last year.

Corebridge Financial Stock Performance

NYSE:CRBG opened at $29.99 on Wednesday. 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 firm’s fifty day simple moving average is $29.46 and its 200 day simple moving average is $29.07. The stock has a market cap of $17.75 billion, a P/E ratio of 9.34, a price-to-earnings-growth ratio of 0.43 and a beta of 0.90. Corebridge Financial has a twelve month low of $18.83 and a twelve month high of $34.66.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 5,000,000 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $28.86, for a total value 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 represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Morgan Stanley increased their price objective on Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Barclays boosted their price objective on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Tuesday. UBS Group raised their target price on shares of Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Royal Bank of Canada reduced their target price on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Finally, TD Cowen started coverage on Corebridge Financial in a research note on Wednesday, October 9th. They issued a “buy” rating and a $35.00 target price for the company. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus 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.