Corebridge Financial (NYSE:CRBG) Sets New 1-Year High on Strong Earnings

Key Points

• Corebridge Financial shares hit a new 52-week high, trading at $36.57 after a strong earnings report where the company posted $1.36 EPS, exceeding expectations of $1.15.
• Despite beating EPS estimates, the company's revenue of $4.42 billion fell short of analyst estimates of $4.85 billion.
• Several analysts have upgraded their ratings and price targets for Corebridge Financial, with an average consensus target price of $40.70, reflecting widespread confidence in the stock's performance.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report)'s stock price hit a new 52-week high during trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $36.57 and last traded at $35.63, with a volume of 199869 shares trading hands. The stock had previously closed at $34.79.

The company reported $1.36 EPS for the quarter, beating the consensus estimate of $1.15 by $0.21. The business had revenue of $4.42 billion for the quarter, compared to analysts' expectations of $4.85 billion. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.04%. During the same period in the previous year, the company posted $1.13 EPS.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Tuesday, September 16th. Corebridge Financial's payout ratio is currently 81.36%.

Analyst Ratings Changes

CRBG has been the subject of several research analyst reports. JPMorgan Chase & Co. boosted their price objective on shares of Corebridge Financial from $34.00 to $40.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. UBS Group upgraded Corebridge Financial from a "sell" rating to a "neutral" rating and raised their target price for the stock from $28.00 to $37.00 in a report on Friday, July 11th. Barclays lifted their target price on Corebridge Financial from $38.00 to $45.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. Wall Street Zen raised shares of Corebridge Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Finally, Keefe, Bruyette & Woods boosted their price target on Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $40.70.

Institutional Investors Weigh In On Corebridge Financial

Large investors have recently added to or reduced their stakes in the stock. IFP Advisors Inc increased its holdings in shares of Corebridge Financial by 1,223.6% in the 2nd quarter. IFP Advisors Inc now owns 728 shares of the company's stock worth $26,000 after buying an additional 673 shares during the last quarter. Assetmark Inc. lifted its holdings in Corebridge Financial by 60.9% during the second quarter. Assetmark Inc. now owns 941 shares of the company's stock worth $33,000 after buying an additional 356 shares during the period. Sunbelt Securities Inc. purchased a new position in shares of Corebridge Financial in the 4th quarter valued at approximately $30,000. Nisa Investment Advisors LLC lifted its holdings in shares of Corebridge Financial by 86.1% during the second quarter. Nisa Investment Advisors LLC now owns 1,303 shares of the company's stock worth $46,000 after purchasing an additional 603 shares during the period. Finally, Brooklyn Investment Group boosted its position in Corebridge Financial by 66.7% in the 1st quarter. Brooklyn Investment Group now owns 1,452 shares of the company's stock worth $46,000 after purchasing an additional 581 shares in the last quarter. Institutional investors own 98.25% of the company's stock.

Corebridge Financial Price Performance

The company has a debt-to-equity ratio of 0.96, a current ratio of 0.14 and a quick ratio of 0.14. The stock has a 50 day moving average price of $34.15 and a 200-day moving average price of $32.34. The stock has a market capitalization of $18.82 billion, a price-to-earnings ratio of -56.13, a price-to-earnings-growth ratio of 0.56 and a beta of 1.06.

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.