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

Corebridge Financial (NYSE:CRBG) issued its quarterly earnings results on Monday. The company reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.02), Zacks reports. The company had revenue of $4.09 billion during the quarter, compared to analyst estimates of $5.06 billion. Corebridge Financial had a return on equity of 17.56% and a net margin of 1.20%.During the same period in the prior year, the company posted $1.16 earnings per share.

Corebridge Financial Trading Down 1.0%

CRBG traded down $0.28 during trading on Wednesday, reaching $28.18. The company had a trading volume of 9,937,605 shares, compared to its average volume of 4,928,028. The firm’s 50-day simple moving average is $25.25 and its 200 day simple moving average is $28.65. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.12 and a current ratio of 0.12. The company has a market cap of $13.58 billion, a price-to-earnings ratio of 51.10, a PEG ratio of 0.38 and a beta of 1.18. Corebridge Financial has a 12-month low of $22.19 and a 12-month high of $36.57.

Corebridge Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $1.00 dividend on an annualized basis and a yield of 3.5%. Corebridge Financial’s dividend payout ratio (DPR) is currently 181.82%.

Wall Street Analyst Weigh In

CRBG has been the topic of several recent analyst reports. TD Cowen dropped their target price on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Tuesday, March 10th. Morgan Stanley decreased their price target on Corebridge Financial from $35.00 to $32.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 3rd. Barclays dropped their price objective on Corebridge Financial from $33.00 to $30.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 8th. Zacks Research lowered Corebridge Financial from a “hold” rating to a “strong sell” rating in a report on Monday. Finally, Piper Sandler raised Corebridge Financial to a “strong-buy” rating in a research note on Thursday, April 2nd. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.00.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CRBG. Atlas Capital Advisors Inc. acquired a new stake in shares of Corebridge Financial in the fourth quarter worth $217,000. Bayesian Capital Management LP acquired a new position in Corebridge Financial during the second quarter valued at $213,000. Empowered Funds LLC lifted its stake in Corebridge Financial by 7.1% in the 4th quarter. Empowered Funds LLC now owns 7,042 shares of the company’s stock worth $212,000 after acquiring an additional 465 shares in the last quarter. nVerses Capital LLC purchased a new stake in Corebridge Financial in the 4th quarter worth about $209,000. Finally, Brooklyn Investment Group boosted its position in Corebridge Financial by 346.6% during the 3rd quarter. Brooklyn Investment Group now owns 6,494 shares of the company’s stock worth $208,000 after acquiring an additional 5,040 shares during the period. 98.25% of the stock is owned by hedge funds and other 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.