Corebridge Financial (NYSE:CRBG) Announces Quarterly Earnings Results, Beats Estimates By $0.11 EPS

Corebridge Financial (NYSE:CRBG) announced its quarterly earnings results on Monday. The company reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.11, Zacks reports. Corebridge Financial had a net margin of 5.01% and a return on equity of 19.90%. During the same period in the prior year, the company posted $1.06 EPS.

Corebridge Financial Stock Performance

CRBG stock traded up $0.11 during midday trading on Monday, hitting $31.27. 5,047,797 shares of the stock traded hands, compared to its average volume of 4,152,242. Corebridge Financial has a 1-year low of $23.69 and a 1-year high of $36.57. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.13 and a quick ratio of 0.13. The stock’s fifty day simple moving average is $30.55 and its 200-day simple moving average is $31.78. The firm has a market cap of $16.27 billion, a P/E ratio of 18.61, a PEG ratio of 0.44 and a beta of 1.04.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Barclays reduced their price objective on shares of Corebridge Financial from $39.00 to $35.00 and set an “overweight” rating for the company in a research note on Thursday, January 8th. Morgan Stanley reiterated an “equal weight” rating and issued a $33.00 price target (down from $39.00) on shares of Corebridge Financial in a research note on Monday, November 17th. Zacks Research lowered Corebridge Financial from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 27th. Wells Fargo & Company cut their price objective on shares of Corebridge Financial from $43.00 to $37.00 and set an “overweight” rating on the stock in a report on Tuesday, January 13th. Finally, Evercore lowered their target price on shares of Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating for the company in a research note on Wednesday, November 5th. Seven equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $37.70.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors and hedge funds have recently modified their holdings of the business. Bank of America Corp DE increased its position in shares of Corebridge Financial by 42.8% during the 2nd quarter. Bank of America Corp DE now owns 2,884,599 shares of the company’s stock worth $102,403,000 after purchasing an additional 864,946 shares during the last quarter. Wellington Management Group LLP lifted its position in Corebridge Financial by 24.2% in the third quarter. Wellington Management Group LLP now owns 2,549,249 shares of the company’s stock valued at $81,703,000 after buying an additional 496,033 shares during the last quarter. Alyeska Investment Group L.P. purchased a new position in Corebridge Financial during the third quarter worth about $69,738,000. Northern Trust Corp increased its position in shares of Corebridge Financial by 8.7% during the third quarter. Northern Trust Corp now owns 1,920,847 shares of the company’s stock valued at $61,563,000 after acquiring an additional 154,101 shares during the last quarter. Finally, Marshall Wace LLP lifted its holdings in shares of Corebridge Financial by 16,388.6% in the 3rd quarter. Marshall Wace LLP now owns 1,525,031 shares of the company’s stock worth $48,877,000 after acquiring an additional 1,515,782 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Company Profile

Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.

Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.