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

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

Corebridge Financial Stock Performance

NYSE CRBG opened at $29.99 on Wednesday. Corebridge Financial has a 1 year low of $18.83 and a 1 year high of $34.66. The firm has a market cap of $17.75 billion, a price-to-earnings ratio of 9.34, a PEG ratio of 0.43 and a beta of 0.90. The company has a fifty day moving average price of $29.46 and a 200-day moving average price of $29.07. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14.

Analysts Set New Price Targets

CRBG has been the topic of several research reports. Morgan Stanley upped their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Tuesday. TD Cowen initiated coverage on Corebridge Financial in a research note on Wednesday, October 9th. They issued a “buy” rating and a $35.00 price target for the company. Bank of America lowered their price objective 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. Piper Sandler cut their target price on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. Finally, Royal Bank of Canada decreased their price target on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $34.85.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 5,000,000 shares of the business’s 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 transaction, the insider now owns 279,238,898 shares in the company, valued at $8,058,834,596.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.08% of the company’s stock.

About Corebridge Financial

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.