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

Corebridge Financial (NYSE:CRBG) announced 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 positive return on equity of 22.24% and a negative net margin of 6.10%.

Corebridge Financial Stock Performance

Shares of CRBG traded down $0.38 during mid-day trading on Wednesday, reaching $32.77. 3,616,628 shares of the company’s stock were exchanged, compared to its average volume of 3,162,326. The business’s fifty day simple moving average is $31.40 and its 200-day simple moving average is $30.13. The stock has a market capitalization of $18.64 billion, a PE ratio of -15.68, a price-to-earnings-growth ratio of 0.37 and a beta of 0.94. Corebridge Financial has a 52-week low of $23.34 and a 52-week high of $34.66. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CRBG. Piper Sandler lifted their price target on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. Wells Fargo & Company lowered their target price on shares of Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating for the company in a research note on Tuesday, January 14th. TD Cowen increased their target price 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 report on Monday, January 6th. Finally, Morgan Stanley increased their price objective on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Three investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $36.43.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 121,956,256 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the transaction, the insider now 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 legal filing with the SEC, which is available at the SEC website. 0.08% of the stock is owned by insiders.

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.