DOWLING & PARTN Has Negative Outlook of CRBG FY2028 Earnings

Key Points

• DOWLING & PARTN cut its FY2028 EPS forecast for Corebridge Financial to $6.55 from $6.65, though this remains above the current full-year consensus estimate of $4.58.
• Analyst sentiment remains favorable, with nine Buy ratings and six Holds, producing a “Moderate Buy” consensus and an average price target of $37.17.
• Corebridge reported quarterly EPS of $1.12, exceeding estimates by $0.04, and declared a $0.25 quarterly dividend, equivalent to a 3.0% annualized yield.

Corebridge Financial, Inc. (NYSE:CRBG - Free Report) - Investment analysts at DOWLING & PARTN decreased their FY2028 earnings per share (EPS) estimates for Corebridge Financial in a research report issued on Friday, August 14th. DOWLING & PARTN analyst J. Hurwitz now anticipates that the company will post earnings per share of $6.55 for the year, down from their prior forecast of $6.65. The consensus estimate for Corebridge Financial's current full-year earnings is $4.58 per share.

A number of other equities research analysts also recently commented on CRBG. Wells Fargo & Company lifted their price target on shares of Corebridge Financial from $35.00 to $36.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. Barclays upped their price objective on shares of Corebridge Financial from $30.00 to $33.00 and gave the company an "overweight" rating in a research note on Tuesday, July 7th. Weiss Ratings upgraded shares of Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a research report on Thursday, August 6th. UBS Group lifted their target price on shares of Corebridge Financial from $29.00 to $32.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 8th. Finally, TD Cowen boosted their price target on Corebridge Financial from $35.00 to $38.00 and gave the company a "buy" rating in a report on Wednesday, July 22nd. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $37.17.

Corebridge Financial Price Performance

NYSE:CRBG opened at $33.13 on Tuesday. Corebridge Financial has a 12-month low of $22.19 and a 12-month high of $35.22. The firm has a market cap of $14.77 billion, a price-to-earnings ratio of 19.37, a price-to-earnings-growth ratio of 0.44 and a beta of 1.08. The company's 50-day moving average is $30.78 and its two-hundred day moving average is $28.20. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, topping analysts' consensus estimates of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.The firm had revenue of $4.30 billion during the quarter, compared to analysts' expectations of $4.66 billion. During the same quarter last year, the business posted $1.36 EPS.

Corebridge Financial Dividend Announcement

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

Insider Activity at Corebridge Financial

In other 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 SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.32% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors and hedge funds have recently bought and sold shares of CRBG. Empowered Funds LLC purchased a new position in Corebridge Financial during the second quarter worth approximately $347,000. United Capital Financial Advisors LLC purchased a new stake in shares of Corebridge Financial during the 2nd quarter valued at $282,000. Jefferies Financial Group Inc. purchased a new stake in shares of Corebridge Financial during the 2nd quarter valued at $6,744,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Corebridge Financial during the 2nd quarter worth $2,744,000. Finally, Redwood Investment Management LLC purchased a new position in shares of Corebridge Financial in the 2nd quarter worth $1,178,000. 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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