Corebridge Financial (NYSE:CRBG) Announces Quarterly Earnings Results

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

Corebridge Financial Trading Down 1.1 %

Shares of NYSE:CRBG traded down $0.38 during midday 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 firm’s 50 day simple moving average is $31.40 and its two-hundred day simple moving average is $30.13. Corebridge Financial has a fifty-two week low of $23.34 and a fifty-two 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. The stock has a market cap of $18.64 billion, a price-to-earnings ratio of -15.68, a P/E/G ratio of 0.37 and a beta of 0.94.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 121,956,256 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was 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 directly owns 127,282,642 shares in the company, valued at $4,005,584,743.74. This trade represents a 48.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.08% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

CRBG has been the subject of several research reports. Morgan Stanley boosted their price target on Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. TD Cowen upped their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. BMO Capital Markets initiated coverage on shares of Corebridge Financial in a research note on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price target on the stock. Piper Sandler upped their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Finally, Wells Fargo & Company cut their price objective on shares of Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating for the company in a report on Tuesday, January 14th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average 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.