Corebridge Financial (NYSE:CRBG) Announces Quarterly Earnings Results

Key Points

• Corebridge Financial reported a quarterly earnings per share (EPS) of $1.36, surpassing analysts' expectations of $1.20 by $0.16.
• The company announced a quarterly dividend of $0.24, resulting in an annualized dividend of $0.96 and a yield of 2.8%.
• Several analysts have raised their price targets for Corebridge Financial, with the average target now at $40.70 and a majority rating the stock as a "Moderate Buy".

Corebridge Financial (NYSE:CRBG - Get Free Report) posted its quarterly earnings results on Monday. The company reported $1.36 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.21, Zacks reports. Corebridge Financial had a net margin of 3.73% and a return on equity of 22.19%. The firm had revenue of $4.42 billion during the quarter, compared to the consensus estimate of $4.85 billion. During the same period in the previous year, the firm posted $1.13 earnings per share.

Corebridge Financial Stock Up 0.8%

Corebridge Financial stock opened at $34.77 on Tuesday. Corebridge Financial has a fifty-two week low of $23.69 and a fifty-two week high of $36.41. The stock has a market cap of $19.11 billion, a PE ratio of 29.46, a price-to-earnings-growth ratio of 0.56 and a beta of 1.06. The firm's 50-day simple moving average is $34.07 and its 200 day simple moving average is $32.31. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.14 and a current ratio of 0.14.

Wall Street Analyst Weigh In

Several research firms have recently commented on CRBG. Barclays boosted their target price on shares of Corebridge Financial from $38.00 to $45.00 and gave the stock an "overweight" rating in a research report on Thursday, June 26th. Morgan Stanley boosted their target price on shares of Corebridge Financial from $37.00 to $40.00 and gave the stock an "overweight" rating in a research report on Friday, June 27th. Piper Sandler boosted their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a research report on Thursday, July 3rd. JPMorgan Chase & Co. boosted their target price 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. Finally, UBS Group raised shares of Corebridge Financial from a "sell" rating to a "neutral" rating and boosted their target price for the stock from $28.00 to $37.00 in a research report on Friday, July 11th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $40.70.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Corebridge Financial stock. Focus Partners Wealth purchased a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 12,173 shares of the company's stock, valued at approximately $384,000. Institutional investors and hedge funds own 98.25% of the company's stock.

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.