Corebridge Financial (NYSE:CRBG) Releases Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Key Points

• Corebridge Financial beat quarterly earnings expectations, reporting EPS of $1.12 versus the $1.07 consensus estimate. The company posted an 18.44% return on equity and a 1.20% net margin.
• CRBG shares traded around $31.50, with a $14.04 billion market capitalization and a 52-week range of $22.19 to $36.57. Institutional investors own a substantial 98.25% of outstanding shares.
• Analysts remain generally positive, with a consensus “Moderate Buy” rating and a $36.75 average price target after several firms raised their targets; an insider separately sold $127,500 worth of shares under a pre-arranged trading plan.

Corebridge Financial (NYSE:CRBG - Get Free Report) posted its quarterly earnings results on Tuesday. The company reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $0.05, Zacks reports. Corebridge Financial had a return on equity of 18.44% and a net margin of 1.20%.

Corebridge Financial Stock Performance

CRBG traded up $0.18 during mid-day trading on Tuesday, reaching $31.50. 5,622,583 shares of the company traded hands, compared to its average volume of 5,119,090. The company's fifty day moving average price is $29.41 and its 200-day moving average price is $27.97. The stock has a market capitalization of $14.04 billion, a P/E ratio of 57.26, a P/E/G ratio of 0.39 and a beta of 1.08. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.99. Corebridge Financial has a 52-week low of $22.19 and a 52-week high of $36.57.

Insider Activity

In related news, insider David Ditillo sold 4,250 shares of Corebridge Financial stock in a transaction on Monday, July 6th. The stock was sold at an average price of $30.00, for a total value of $127,500.00. Following the completion of the sale, the insider owned 128,153 shares of the company's stock, valued at $3,844,590. The trade was a 3.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.29% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. State Street Corp raised its holdings in Corebridge Financial by 44.3% in the 4th quarter. State Street Corp now owns 11,295,692 shares of the company's stock worth $340,791,000 after purchasing an additional 3,465,371 shares during the period. AQR Capital Management LLC grew its holdings in Corebridge Financial by 91.5% during the fourth quarter. AQR Capital Management LLC now owns 5,911,164 shares of the company's stock valued at $178,340,000 after purchasing an additional 2,823,801 shares during the period. Amundi increased its position in Corebridge Financial by 227.7% in the fourth quarter. Amundi now owns 3,551,944 shares of the company's stock worth $107,162,000 after buying an additional 2,467,981 shares in the last quarter. Alyeska Investment Group L.P. purchased a new stake in Corebridge Financial in the third quarter worth about $69,738,000. Finally, Bank of Nova Scotia raised its stake in shares of Corebridge Financial by 11,101.8% in the fourth quarter. Bank of Nova Scotia now owns 1,615,969 shares of the company's stock worth $48,754,000 after buying an additional 1,601,543 shares during the period. Institutional investors own 98.25% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Jefferies Financial Group upped their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the stock a "buy" rating in a research note on Friday, July 10th. Piper Sandler boosted their price objective on shares of Corebridge Financial from $31.00 to $36.00 and gave the stock an "overweight" rating in a report on Wednesday, July 15th. TD Cowen upped their price objective on Corebridge Financial from $35.00 to $38.00 and gave the company a "buy" rating in a research report on Wednesday, July 22nd. Zacks Research raised Corebridge Financial from a "strong sell" rating to a "hold" rating in a research report on Monday, June 22nd. Finally, Weiss Ratings downgraded Corebridge Financial from a "hold (c)" rating to a "hold (c-)" rating in a research note on Tuesday, May 26th. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, Corebridge Financial presently has a consensus rating of "Moderate Buy" and a consensus price target of $36.75.

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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