Corebridge Financial (NYSE:CRBG) Issues Quarterly Earnings Results, Misses Expectations By $0.04 EPS

Corebridge Financial (NYSE:CRBG) released its earnings results on Wednesday. The company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.04), Zacks reports. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%.

Corebridge Financial Stock Down 5.3 %

CRBG traded down $1.73 on Thursday, reaching $31.03. 942,621 shares of the company traded hands, compared to its average volume of 3,077,708. The company has a market cap of $17.65 billion, a price-to-earnings ratio of -14.88, a PEG ratio of 0.37 and a beta of 0.94. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14. The stock’s 50 day moving average price is $31.41 and its 200-day moving average price is $30.15. Corebridge Financial has a 52-week low of $23.77 and a 52-week high of $34.66.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 121,956,256 shares of Corebridge Financial stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the completion of the sale, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.08% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on CRBG shares. Morgan Stanley lifted their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a “hold” rating to a “buy” rating and raised their price objective for the stock from $33.00 to $40.00 in a research note on Friday, January 10th. TD Cowen boosted their target price on Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Piper Sandler increased their price target on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Finally, DOWLING & PARTN cut Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Three analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $36.43.

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.