Corebridge Financial (NYSE:CRBG) Releases Earnings Results, Misses Estimates By $0.04 EPS

Corebridge Financial (NYSE:CRBG - Get Free Report) issued its earnings results on Wednesday. The company reported $1.23 EPS for the quarter, missing analysts' consensus estimates of $1.27 by ($0.04), Zacks reports. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%.

Corebridge Financial Trading Up 3.3 %

CRBG traded up $1.07 during midday trading on Friday, reaching $33.09. The company's stock had a trading volume of 4,354,899 shares, compared to its average volume of 3,110,450. Corebridge Financial has a twelve month low of $23.77 and a twelve month high of $34.66. The company has a fifty day simple moving average of $31.42 and a 200 day simple moving average of $30.19. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14.

Corebridge Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be paid a dividend of $0.24 per share. This is an increase from Corebridge Financial's previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.96 annualized dividend and a yield of 2.90%. Corebridge Financial's dividend payout ratio is presently -44.02%.

Analyst Ratings Changes

CRBG has been the subject of several recent research reports. TD Cowen boosted their price target on Corebridge Financial from $35.00 to $37.00 and gave the company a "buy" rating in a research note on Wednesday, November 27th. Deutsche Bank Aktiengesellschaft raised shares of Corebridge Financial from a "hold" rating to a "buy" rating and boosted their target price for the stock from $33.00 to $40.00 in a research report on Friday, January 10th. Piper Sandler raised their price target on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an "overweight" rating in a report on Wednesday, December 18th. DOWLING & PARTN lowered shares of Corebridge Financial from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, November 26th. Finally, Barclays raised shares of Corebridge Financial from an "equal weight" rating to an "overweight" rating and set a $37.00 target price on the stock in a research report on Monday, January 6th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $36.43.

Insider Transactions at Corebridge Financial

In related news, major shareholder International Group American sold 121,956,256 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the completion of the sale, the insider now owns 127,282,642 shares in the company, valued at approximately $4,005,584,743.74. This trade represents a 48.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.08% of the company's stock.

About Corebridge Financial

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.