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

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

Corebridge Financial Stock Performance

NYSE:CRBG opened at $33.37 on Thursday. Corebridge Financial has a 1-year low of $18.83 and a 1-year high of $34.66. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14. The business has a 50 day moving average of $29.55 and a 200 day moving average of $29.10. The company has a market capitalization of $19.76 billion, a price-to-earnings ratio of -15.96, a PEG ratio of 0.43 and a beta of 0.90.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be given a dividend of $0.23 per share. The ex-dividend date is Tuesday, December 17th. This represents a $0.92 annualized dividend and a dividend yield of 2.76%. Corebridge Financial’s dividend payout ratio (DPR) is presently -44.02%.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 5,000,000 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $28.86, for a total value of $144,300,000.00. Following the completion of the sale, the insider now owns 279,238,898 shares of the company’s stock, valued at approximately $8,058,834,596.28. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.08% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Piper Sandler decreased their price objective on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. TD Cowen started coverage on shares of Corebridge Financial in a report on Wednesday, October 9th. They issued a “buy” rating and a $35.00 price objective for the company. Barclays increased their target price on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Morgan Stanley boosted their price objective on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Tuesday. Finally, Royal Bank of Canada cut their target price on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $34.85.

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.