Corebridge Financial (NYSE:CRBG) Posts Earnings Results, Misses Expectations By $0.01 EPS

Corebridge Financial (NYSE:CRBG) posted its earnings results on Monday. The company reported $1.22 EPS for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.01), Zacks reports. Corebridge Financial had a return on equity of 18.51% and a net margin of 11.37%. The firm had revenue of $4.50 billion for the quarter, compared to analyst estimates of $5.36 billion. During the same quarter last year, the firm posted $0.96 EPS. The firm’s revenue for the quarter was down 20.0% on a year-over-year basis.

Corebridge Financial Stock Performance

Shares of NYSE CRBG traded up $0.25 during mid-day trading on Wednesday, hitting $35.99. 2,186,425 shares of the company were exchanged, compared to its average volume of 4,981,834. The stock has a 50 day simple moving average of $34.26 and a 200-day simple moving average of $29.90. Corebridge Financial has a 1-year low of $22.19 and a 1-year high of $36.71. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14. The firm has a market cap of $16.04 billion, a price-to-earnings ratio of 7.72, a price-to-earnings-growth ratio of 0.50 and a beta of 1.05.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Thursday, December 17th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, December 17th. This represents a $1.00 annualized dividend and a dividend yield of 2.8%. Corebridge Financial’s dividend payout ratio (DPR) is currently 58.48%.

Insider Buying and Selling

In other news, major shareholder Life Insurance Co Nippon bought 805,782 shares of Corebridge Financial stock in a transaction dated Monday, September 28th. The stock was bought at an average price of $34.15 per share, for a total transaction of $27,517,455.30. Following the purchase, the insider owned 125,579,654 shares of the company’s stock, valued at approximately $4,288,545,184.10. The trade was a 0.65% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last ninety days, insiders have acquired 10,183,191 shares of company stock worth $350,245,692 and have sold 28,895 shares worth $983,886. Insiders own 0.32% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CRBG. Barclays raised their price target on Corebridge Financial from $33.00 to $39.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 7th. TD Cowen raised their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, October 21st. Keefe, Bruyette & Woods lifted their target price on shares of Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a report on Tuesday, August 11th. Mizuho increased their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 7th. Finally, Piper Sandler lifted their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an “overweight” rating in a research note on Monday, October 12th. Ten investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $39.00.

Key Headlines Impacting Corebridge Financial

Here are the key news stories impacting Corebridge Financial this week:

• Positive Sentiment: Corebridge’s Q3 operating-earnings headline and reported EPS of $1.22—up from $0.96 a year earlier—point to improving earnings. Management also highlighted its strongest annuity sales of the year and momentum in advisory. Corebridge Financial Q3 Operating Earnings Rise
• Positive Sentiment: Nippon Life, a major shareholder, continued buying CRBG shares, including more than $16 million worth across October 29–30. The purchases may signal confidence, although they are a small addition to its already large holding. Nippon Life Share Purchase
• Neutral Sentiment: The company declared a regular quarterly dividend of $0.25 per share, equivalent to $1.00 annualized and a stated 2.8% yield. It also announced a preferred-stock dividend; the provided report did not specify its amount. Preferred Stock Dividend Announcement
• Negative Sentiment: Revenue of $4.50 billion fell short of the $5.36 billion analyst estimate and was down 20% year over year. A separate report cited a 29% decline in premiums and deposits, raising concerns about business volumes and future growth. EPS also came in slightly below some analysts’ $1.23 consensus. Q3 Premiums and Deposits Report

About Corebridge Financial

Corebridge Financial, Inc (NYSE: CRBG) is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers and institutions through offerings designed to support retirement savings, income planning and financial protection.

Its products and services include individual and group retirement plans, annuities, life insurance and institutional retirement solutions. Corebridge also provides investment and administrative services associated with retirement plans, helping employers and employees manage long-term savings and retirement income needs.

Corebridge was established through the separation of American International Group’s (AIG) Life and Retirement business and began operating as an independent publicly traded company in 2022.