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

Key Points

• Quarterly miss: Corebridge reported EPS of $1.05, missing the consensus by $0.02, and showed a positive ROE (18.92%) but a negative net margin (-1.73%) and a negative P/E (-50.95).
• Share reaction and analyst outlook: Shares fell about 1.9% to $27.01 on heavy volume, while several brokers trimmed price targets though the consensus rating remains a "Moderate Buy" with a $35.00 target.
• Dividend increase: The company raised its quarterly dividend to $0.25 ($1.00 annualized) for a 3.7% yield, despite a reported dividend payout ratio of -188.68%.

Corebridge Financial (NYSE:CRBG - Get Free Report) posted its quarterly earnings data on Monday. The company reported $1.05 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.02), Zacks reports. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.

Corebridge Financial Stock Down 1.9%

Shares of CRBG traded down $0.52 during trading hours on Monday, reaching $27.01. The stock had a trading volume of 10,700,611 shares, compared to its average volume of 4,808,119. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.11. The firm has a 50-day simple moving average of $25.28 and a 200 day simple moving average of $28.68. Corebridge Financial has a 12 month low of $22.19 and a 12 month high of $36.57. The company has a market capitalization of $13.01 billion, a price-to-earnings ratio of -50.95, a P/E/G ratio of 0.39 and a beta of 1.18.

Corebridge Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th were issued a $0.25 dividend. The ex-dividend date was Tuesday, March 17th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.7%. This is an increase from Corebridge Financial's previous quarterly dividend of $0.24. Corebridge Financial's dividend payout ratio (DPR) is -188.68%.

Analyst Ratings Changes

A number of research analysts have recently commented on CRBG shares. TD Cowen dropped their target price on shares of Corebridge Financial from $38.00 to $35.00 and set a "buy" rating for the company in a report on Tuesday, March 10th. Bank of America dropped their price objective on shares of Corebridge Financial from $42.00 to $40.00 and set a "buy" rating for the company in a report on Tuesday, April 14th. Wells Fargo & Company dropped their price objective on shares of Corebridge Financial from $36.00 to $32.00 and set an "overweight" rating for the company in a report on Friday, April 10th. JPMorgan Chase & Co. decreased their target price on shares of Corebridge Financial from $40.00 to $39.00 and set a "neutral" rating for the company in a research report on Monday, January 5th. Finally, UBS Group decreased their target price on shares of Corebridge Financial from $33.00 to $29.00 and set a "neutral" rating for the company in a research report on Tuesday, April 28th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $35.00.

Hedge Funds Weigh In On Corebridge Financial

A number of hedge funds have recently bought and sold shares of the company. Pacer Advisors Inc. boosted its holdings in Corebridge Financial by 448,585.7% during the 4th quarter. Pacer Advisors Inc. now owns 31,408 shares of the company's stock worth $948,000 after acquiring an additional 31,401 shares during the last quarter. T. Rowe Price Investment Management Inc. purchased a new position in shares of Corebridge Financial in the 4th quarter worth about $3,672,000. Invesco Ltd. raised its stake in Corebridge Financial by 80.8% in the 4th quarter. Invesco Ltd. now owns 1,213,379 shares of the company's stock valued at $36,608,000 after acquiring an additional 542,199 shares during the period. Mercer Global Advisors Inc. ADV raised its stake in Corebridge Financial by 21.8% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 71,827 shares of the company's stock valued at $2,167,000 after acquiring an additional 12,838 shares during the period. Finally, State of Tennessee Department of Treasury bought a new stake in Corebridge Financial in the 4th quarter valued at about $3,237,000. 98.25% of the stock is owned by hedge funds and other institutional investors.

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.

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