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

Corebridge Financial (NYSE:CRBG) announced its earnings results on Monday. The company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.11, Zacks reports. Corebridge Financial had a return on equity of 19.90% and a net margin of 5.01%.The firm had revenue of $6.34 billion during the quarter, compared to analysts’ expectations of $5.02 billion. During the same quarter in the prior year, the business earned $1.06 earnings per share.

Corebridge Financial Price Performance

Shares of CRBG stock opened at $31.27 on Tuesday. The firm has a market cap of $16.27 billion, a price-to-earnings ratio of 18.61, a P/E/G ratio of 0.44 and a beta of 1.04. The stock’s fifty day simple moving average is $30.58 and its 200 day simple moving average is $31.76. Corebridge Financial has a one year low of $23.69 and a one 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.

Corebridge Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be given a dividend of $0.25 per share. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, March 17th. This represents a $1.00 annualized dividend and a dividend yield of 3.2%. Corebridge Financial’s dividend payout ratio is 57.14%.

Analyst Upgrades and Downgrades

CRBG has been the subject of several recent analyst reports. Mizuho began coverage on shares of Corebridge Financial in a report on Tuesday, December 16th. They set an “outperform” rating and a $38.00 price objective for the company. UBS Group decreased their price target on shares of Corebridge Financial from $35.00 to $33.00 and set a “neutral” rating for the company in a report on Thursday, January 8th. Weiss Ratings lowered Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, January 15th. Evercore decreased their target price on Corebridge Financial from $38.00 to $37.00 and set an “outperform” rating for the company in a research note on Wednesday, November 5th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $33.00 price target (down from $39.00) on shares of Corebridge Financial in a research report on Monday, November 17th. Seven investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Corebridge Financial presently has an average rating of “Hold” and an average price target of $37.70.

Hedge Funds Weigh In On Corebridge Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRBG. Alyeska Investment Group L.P. acquired a new stake in shares of Corebridge Financial during the third quarter worth approximately $69,738,000. Marshall Wace LLP grew its position in Corebridge Financial by 16,388.6% during 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. Goldman Sachs Group Inc. increased its holdings in Corebridge Financial by 229.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,300,030 shares of the company’s stock valued at $41,042,000 after purchasing an additional 905,918 shares in the last quarter. Bank of America Corp DE raised its position in Corebridge Financial by 42.8% in 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 purchasing an additional 864,946 shares during the last quarter. Finally, Amundi raised its position in Corebridge Financial by 199.0% in the 3rd quarter. Amundi now owns 1,083,963 shares of the company’s stock valued at $34,904,000 after purchasing an additional 721,494 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

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.