Corebridge Financial (NYSE:CRBG) Releases Earnings Results, Beats Estimates By $0.21 EPS

Corebridge Financial (NYSE:CRBG - Get Free Report) issued its quarterly earnings data on Monday. The company reported $1.38 EPS for the quarter, topping analysts' consensus estimates of $1.17 by $0.21, Briefing.com reports. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. The company had revenue of $5.53 billion for the quarter, compared to analysts' expectations of $5.66 billion. During the same quarter in the previous year, the firm posted $1.05 earnings per share. The firm's quarterly revenue was up 39.5% on a year-over-year basis.

Corebridge Financial Price Performance

CRBG traded down $1.57 during trading on Tuesday, reaching $29.99. The stock had a trading volume of 6,011,918 shares, compared to its average volume of 3,867,086. Corebridge Financial has a 1-year low of $18.83 and a 1-year high of $34.66. The firm has a market capitalization of $17.75 billion, a price-to-earnings ratio of 9.34, a price-to-earnings-growth ratio of 0.43 and a beta of 0.90. The stock has a 50 day moving average of $29.46 and a two-hundred day moving average of $29.07. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.97.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 8,032,129 shares of the firm's stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $24.90, for a total transaction of $200,000,012.10. Following the completion of the transaction, the insider now owns 284,238,898 shares in the company, valued at approximately $7,077,548,560.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.08% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Bank of America cut their price objective on shares of Corebridge Financial from $40.00 to $38.00 and set a "buy" rating on the stock in a report on Thursday, July 11th. Piper Sandler cut their target price on Corebridge Financial from $35.00 to $34.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 2nd. Royal Bank of Canada dropped their price target on shares of Corebridge Financial from $33.00 to $32.00 and set an "outperform" rating for the company in a research note on Friday, August 2nd. TD Cowen assumed coverage on shares of Corebridge Financial in a research note on Wednesday, October 9th. They set a "buy" rating and a $35.00 price objective on the stock. Finally, Barclays boosted their target price on shares of Corebridge Financial from $34.00 to $36.00 and gave the stock an "equal weight" rating in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Corebridge Financial presently has an average rating of "Moderate Buy" and an average target price of $34.85.

Corebridge Financial Company Profile

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.