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

Corebridge Financial (NYSE:CRBG) issued 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 1.1 %

Shares of CRBG traded down $0.38 during trading hours on Wednesday, reaching $32.77. 3,613,400 shares of the stock traded hands, compared to its average volume of 3,160,393. Corebridge Financial has a 52 week low of $23.34 and a 52 week high of $34.66. The company has a market cap of $18.64 billion, a price-to-earnings ratio of -15.68, a PEG ratio of 0.37 and a beta of 0.94. The stock has a fifty day simple moving average of $31.40 and a 200 day simple moving average of $30.13. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83.

Insider Transactions at Corebridge Financial

In related news, major shareholder International Group American sold 121,956,256 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the completion of the transaction, the insider now owns 127,282,642 shares of the company’s stock, valued at approximately $4,005,584,743.74. The trade was a 48.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

CRBG has been the topic of a number of research analyst reports. DOWLING & PARTN cut Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. BMO Capital Markets initiated coverage on shares of Corebridge Financial in a report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 target price for the company. Barclays upgraded Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price objective for the company in a report on Monday, January 6th. TD Cowen lifted their price target on Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Finally, Wells Fargo & Company lowered their price objective on Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 14th. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target 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.