Corebridge Financial (NYSE:CRBG) Issues Earnings Results

Corebridge Financial (NYSE:CRBG) issued its quarterly earnings results on Tuesday. The company reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.07 by $0.05, Zacks reports. Corebridge Financial had a net margin of 1.20% and a return on equity of 18.44%.

Corebridge Financial Price Performance

CRBG traded up $0.18 during trading on Tuesday, hitting $31.50. 5,622,583 shares of the company traded hands, compared to its average volume of 5,119,090. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.99. The company has a market cap of $14.04 billion, a PE ratio of 57.26, a P/E/G ratio of 0.39 and a beta of 1.08. The stock’s 50-day simple moving average is $29.41 and its two-hundred day simple moving average is $27.97. Corebridge Financial has a 1 year low of $22.19 and a 1 year high of $36.57.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Bank of America decreased their price objective on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, April 14th. Barclays increased their price target on Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. Zacks Research raised Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. Weiss Ratings downgraded Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, May 26th. Finally, UBS Group upped their price objective on Corebridge Financial from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 8th. Nine investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $36.75.

Insider Buying and Selling

In other Corebridge Financial news, insider David Ditillo sold 4,250 shares of the stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $30.00, for a total transaction of $127,500.00. Following the completion of the transaction, the insider owned 128,153 shares of the company’s stock, valued at $3,844,590. This represents a 3.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.29% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Corebridge Financial

Several large investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Corebridge Financial during the second quarter valued at approximately $75,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in Corebridge Financial by 102.2% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,313 shares of the company’s stock worth $82,000 after acquiring an additional 1,169 shares during the last quarter. UMB Bank n.a. raised its holdings in shares of Corebridge Financial by 21.8% during the 4th quarter. UMB Bank n.a. now owns 4,342 shares of the company’s stock worth $131,000 after acquiring an additional 778 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Corebridge Financial by 10.2% during the 4th quarter. Van ECK Associates Corp now owns 4,684 shares of the company’s stock worth $141,000 after acquiring an additional 435 shares in the last quarter. Finally, Focus Partners Wealth bought a new position in shares of Corebridge Financial during the 3rd quarter valued at approximately $151,000. 98.25% of the stock is owned by institutional investors.

About Corebridge Financial

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.