Corebridge Financial (NYSE:CRBG) Shares Gap Down Following Weak Earnings

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report)'s stock price gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $32.76, but opened at $31.10. Corebridge Financial shares last traded at $31.46, with a volume of 562,919 shares.

The company reported $1.23 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%.

Corebridge Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.90%. 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. Corebridge Financial's dividend payout ratio is presently 25.40%.

Analyst Ratings Changes

CRBG has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft upgraded Corebridge Financial from a "hold" rating to a "buy" rating and boosted their price target for the company from $33.00 to $40.00 in a research note on Friday, January 10th. BMO Capital Markets initiated coverage on Corebridge Financial in a research report on Thursday, January 23rd. They issued an "outperform" rating and a $43.00 target price on the stock. Morgan Stanley upped their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an "equal weight" rating in a report on Tuesday, November 5th. TD Cowen boosted their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a "buy" rating in a research report on Wednesday, November 27th. Finally, DOWLING & PARTN downgraded Corebridge Financial from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, November 26th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $36.43.

Insider Buying and Selling at Corebridge Financial

In other news, major shareholder International Group American sold 121,956,256 shares of the firm's stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the transaction, the insider now owns 127,282,642 shares in the company, valued at $4,005,584,743.74. This trade represents a 48.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.08% of the company's stock.

Hedge Funds Weigh In On Corebridge Financial

Hedge funds and other institutional investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio lifted its holdings in Corebridge Financial by 11.3% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 167,038 shares of the company's stock valued at $4,871,000 after purchasing an additional 16,970 shares in the last quarter. Virtu Financial LLC purchased a new position in shares of Corebridge Financial in the third quarter worth about $581,000. State Street Corp lifted its stake in shares of Corebridge Financial by 11.7% in the third quarter. State Street Corp now owns 8,035,438 shares of the company's stock worth $234,313,000 after buying an additional 843,559 shares in the last quarter. Qsemble Capital Management LP purchased a new position in shares of Corebridge Financial in the third quarter worth about $2,370,000. Finally, First Hawaiian Bank purchased a new position in Corebridge Financial in the 4th quarter worth approximately $1,168,000. Hedge funds and other institutional investors own 98.25% of the company's stock.

Corebridge Financial Price Performance

The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14. The stock's 50 day simple moving average is $31.42 and its two-hundred day simple moving average is $30.19. The firm has a market capitalization of $18.82 billion, a PE ratio of -15.83, a price-to-earnings-growth ratio of 0.37 and a beta of 0.94.

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.