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

Corebridge Financial (NYSE:CRBG) released its quarterly earnings data 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 negative net margin of 6.10% and a positive return on equity of 22.24%.

Corebridge Financial Stock Performance

NYSE:CRBG traded down $0.38 during mid-day trading on Wednesday, hitting $32.77. 3,613,400 shares of the company’s stock traded hands, compared to its average volume of 3,160,393. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. The firm has a 50 day moving average of $31.40 and a two-hundred day moving average of $30.13. The firm has a market capitalization of $18.64 billion, a price-to-earnings ratio of -15.68, a price-to-earnings-growth ratio of 0.37 and a beta of 0.94. Corebridge Financial has a 12 month low of $23.34 and a 12 month high of $34.66.

Wall Street Analysts Forecast Growth

CRBG has been the topic of a number of analyst reports. TD Cowen lifted their price objective on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Barclays raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target for the company in a research report on Monday, January 6th. Piper Sandler lifted their price objective on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. DOWLING & PARTN cut shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and lifted their target price for the company from $33.00 to $40.00 in a report on Friday, January 10th. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Corebridge Financial has an average rating of “Moderate Buy” and an average price target of $36.43.

Insider Transactions at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the transaction, the insider now directly owns 127,282,642 shares in the company, valued at $4,005,584,743.74. The trade was a 48.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate 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.