Corebridge Financial (NYSE:CRBG) Shares Gap Down - Here's Why

Key Points

• Corebridge Financial shares opened sharply lower, falling from a $34.49 close to $33.05 before trading near $33.18.
• Analysts remain broadly positive, with nine Buy and six Hold ratings; the consensus rating is “Moderate Buy” with a $37 average price target, while several firms recently raised their targets.
• The company beat quarterly EPS estimates, reporting $1.12 versus $1.08 expected, but revenue of $4.30 billion missed forecasts. Corebridge also declared a quarterly dividend of $0.25, implying a 3.0% annual yield.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report)'s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $34.49, but opened at $33.05. Corebridge Financial shares last traded at $33.1820, with a volume of 3,340,180 shares traded.

Analyst Upgrades and Downgrades

CRBG has been the topic of a number of recent research reports. Jefferies Financial Group raised their target price on Corebridge Financial from $43.00 to $45.00 and gave the stock a "buy" rating in a report on Friday, July 10th. Weiss Ratings upgraded Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a research note on Thursday. Mizuho raised their price target on shares of Corebridge Financial from $35.00 to $36.00 and gave the stock an "outperform" rating in a research report on Thursday, July 9th. UBS Group raised their price target on shares of Corebridge Financial from $29.00 to $32.00 and gave the company a "neutral" rating in a research note on Wednesday, July 8th. Finally, Wells Fargo & Company lifted their price target on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an "overweight" rating in a research report on Thursday, July 9th. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, Corebridge Financial currently has an average rating of "Moderate Buy" and a consensus target price of $37.00.

Corebridge Financial Price Performance

The firm has a market capitalization of $14.85 billion, a P/E ratio of 19.44, a PEG ratio of 0.44 and a beta of 1.08. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. The company's 50 day moving average price is $30.07 and its 200 day moving average price is $28.08.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.04. The business had revenue of $4.30 billion for the quarter, compared to analysts' expectations of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.During the same quarter in the previous year, the business posted $1.36 EPS. As a group, sell-side analysts anticipate that Corebridge Financial, Inc. will post 4.55 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be issued a $0.25 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.0%. Corebridge Financial's payout ratio is 58.48%.

Insider Activity at Corebridge Financial

In other Corebridge Financial news, insider David Ditillo sold 12,414 shares of the stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $34.00, for a total transaction of $422,076.00. Following the transaction, the insider directly owned 111,153 shares in the company, valued at $3,779,202. This represents a 10.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.32% of the company's stock.

Institutional Trading of Corebridge Financial

A number of hedge funds have recently made changes to their positions in the stock. Vise Technologies Inc. acquired a new stake in Corebridge Financial in the second quarter valued at approximately $293,000. Edmond DE Rothschild Holding S.A. bought a new stake in Corebridge Financial during the 2nd quarter worth about $144,000. Bruni J V & Co. Co. acquired a new position in Corebridge Financial during the 2nd quarter valued at about $28,926,177,000. Danske Bank A S acquired a new position in shares of Corebridge Financial in the 2nd quarter valued at $2,485,000. Finally, Wealthfront Advisers LLC bought a new stake in shares of Corebridge Financial in the 2nd quarter valued at about $679,000. Institutional investors and hedge funds own 98.25% of the company's stock.

About Corebridge Financial

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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