Corebridge Financial (NYSE:CRBG) Releases Quarterly Earnings Results, Misses Expectations By $0.02 EPS

Corebridge Financial (NYSE:CRBG) released its earnings results on Monday. The company reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.02), Zacks reports. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.

Corebridge Financial Stock Down 1.9%

NYSE:CRBG traded down $0.52 during mid-day trading on Monday, hitting $27.01. The company had a trading volume of 10,709,370 shares, compared to its average volume of 4,808,639. The business has a fifty day simple moving average of $25.28 and a 200-day simple moving average of $28.68. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.11. Corebridge Financial has a 1 year low of $22.19 and a 1 year high of $36.57. The firm has a market capitalization of $13.01 billion, a price-to-earnings ratio of -50.95, a PEG ratio of 0.39 and a beta of 1.18.

Corebridge Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.7%. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Tuesday, March 17th. Corebridge Financial’s dividend payout ratio is -188.68%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Bank of America reduced their target price on Corebridge Financial from $42.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, April 14th. JPMorgan Chase & Co. reduced their target price on Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating on the stock in a report on Monday, January 5th. Weiss Ratings cut Corebridge Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, January 15th. Barclays reduced their target price on Corebridge Financial from $33.00 to $30.00 and set an “overweight” rating on the stock in a report on Wednesday, April 8th. Finally, Mizuho cut their price target on shares of Corebridge Financial from $39.00 to $31.00 and set an “outperform” rating on the stock in a report on Monday, April 13th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have assigned a Hold 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 $35.00.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Armistice Capital LLC raised its stake in shares of Corebridge Financial by 20.8% during the fourth quarter. Armistice Capital LLC now owns 10,853 shares of the company’s stock valued at $327,000 after purchasing an additional 1,868 shares during the period. CIBC Bancorp USA Inc. purchased a new stake in shares of Corebridge Financial during the third quarter valued at approximately $309,000. Cibc World Markets Corp purchased a new stake in shares of Corebridge Financial during the fourth quarter valued at approximately $300,000. Counterpoint Mutual Funds LLC purchased a new stake in shares of Corebridge Financial during the fourth quarter valued at approximately $283,000. Finally, Creative Planning raised its stake in shares of Corebridge Financial by 17.9% during the third quarter. Creative Planning now owns 8,065 shares of the company’s stock valued at $258,000 after purchasing an additional 1,227 shares during the period. 98.25% of the stock is owned by hedge funds and other institutional investors.

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.