Corebridge Financial (NYSE:CRBG) Posts Earnings Results, Beats Expectations By $0.05 EPS

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

Corebridge Financial Stock Performance

NYSE:CRBG traded up $0.18 during trading hours on Tuesday, hitting $31.50. 5,622,585 shares of the company were exchanged, compared to its average volume of 5,119,109. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.12 and a quick ratio of 0.12. Corebridge Financial has a 52-week low of $22.19 and a 52-week high of $36.57. The stock has a market capitalization of $14.04 billion, a price-to-earnings ratio of 57.26, a PEG ratio of 0.39 and a beta of 1.08. The company’s 50 day moving average price is $29.41 and its 200-day moving average price is $27.97.

Insider Activity

In other news, insider David Ditillo sold 4,250 shares of Corebridge Financial stock in a transaction on 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 sale, the insider directly owned 128,153 shares in the company, valued at approximately $3,844,590. The trade was a 3.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On Corebridge Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Corebridge Financial during the second quarter worth about $75,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings 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 buying an additional 1,169 shares during the period. UMB Bank n.a. increased its holdings in Corebridge Financial by 21.8% in the 4th quarter. UMB Bank n.a. now owns 4,342 shares of the company’s stock worth $131,000 after buying an additional 778 shares during the period. Van ECK Associates Corp raised its position in 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 buying an additional 435 shares during the last quarter. Finally, Focus Partners Wealth purchased a new position in Corebridge Financial during the 3rd quarter worth approximately $151,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on CRBG. Weiss Ratings lowered shares of Corebridge Financial from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, May 26th. Piper Sandler lifted their price objective on shares of Corebridge Financial from $31.00 to $36.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Bank of America reduced their price objective on shares of Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, April 14th. TD Cowen increased their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Finally, Barclays raised their target price on shares of Corebridge Financial from $30.00 to $33.00 and gave the company an “overweight” rating in a research note on Tuesday, July 7th. Nine equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $36.75.

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.