Corebridge Financial (NYSE:CRBG) Releases Earnings Results, Beats Expectations By $0.04 EPS

Corebridge Financial (NYSE:CRBG) issued its earnings results on Tuesday. The company reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.04, Zacks reports. The business had revenue of $4.30 billion during the quarter, compared to analysts’ expectations of $4.66 billion. Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.During the same quarter in the previous year, the business earned $1.36 EPS.

Corebridge Financial Stock Up 6.7%

CRBG traded up $2.11 during trading on Wednesday, hitting $33.71. The company had a trading volume of 2,487,778 shares, compared to its average volume of 5,099,295. Corebridge Financial has a 1-year low of $22.19 and a 1-year high of $35.22. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12. The company has a market cap of $15.03 billion, a PE ratio of 61.29, a P/E/G ratio of 0.39 and a beta of 1.08. The business has a 50-day moving average of $29.50 and a 200-day moving average of $27.97.

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Wednesday, September 16th. Corebridge Financial’s payout ratio is 181.82%.

Insider Buying and Selling at Corebridge Financial

In other news, insider David Ditillo sold 4,250 shares of the business’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $30.00, for a total value of $127,500.00. Following the completion of the sale, the insider owned 128,153 shares of the company’s stock, valued at approximately $3,844,590. The trade was a 3.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.29% of the company’s stock.

Institutional Trading of Corebridge Financial

Hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp lifted its holdings in Corebridge Financial by 44.3% during the 4th quarter. State Street Corp now owns 11,295,692 shares of the company’s stock worth $340,791,000 after buying an additional 3,465,371 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of Corebridge Financial by 91.5% in the 4th quarter. AQR Capital Management LLC now owns 5,911,164 shares of the company’s stock valued at $178,340,000 after acquiring an additional 2,823,801 shares during the last quarter. Amundi increased its holdings in shares of Corebridge Financial by 227.7% in the 4th quarter. Amundi now owns 3,551,944 shares of the company’s stock valued at $107,162,000 after acquiring an additional 2,467,981 shares during the last quarter. Bank of America Corp DE raised 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 valued at $102,403,000 after acquiring an additional 864,946 shares in the last quarter. Finally, Voloridge Investment Management LLC lifted its stake in Corebridge Financial by 129.2% during the fourth quarter. Voloridge Investment Management LLC now owns 2,715,452 shares of the company’s stock worth $81,925,000 after purchasing an additional 1,530,897 shares during the last quarter. 98.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on CRBG. Barclays boosted their price objective on shares of Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. Wells Fargo & Company lifted their target price on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. Bank of America decreased their price target on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, April 14th. Zacks Research raised Corebridge Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Finally, Weiss Ratings cut Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $36.75.

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.