Corebridge Financial (NYSE:CRBG) Announces Quarterly Earnings Results

Key Points

• Corebridge Financial reported quarterly EPS of $1.22, narrowly missing the $1.23 consensus estimate. The company posted a 4.37% net margin and a 17.37% return on equity.
• Shares rose 0.6% to $35.03, near the company’s 12-month high of $36.00. Analysts maintain a “Moderate Buy” consensus, with an average price target of $39.00.
• Corebridge paid a quarterly dividend of $0.25 per share, equivalent to a $1.00 annualized payout and a 2.9% yield; major shareholder Nippon Life also increased its position by purchasing 246,521 shares.

Corebridge Financial (NYSE:CRBG - Get Free Report) released its earnings results on Monday. The company reported $1.22 earnings per share for the quarter, missing the consensus estimate of $1.23 by ($0.01), Zacks reports. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%.

Corebridge Financial Stock Up 0.6%

Shares of CRBG traded up $0.22 during midday trading on Monday, reaching $35.03. 4,274,928 shares of the stock were exchanged, compared to its average volume of 4,980,543. Corebridge Financial has a 12-month low of $22.19 and a 12-month high of $36.00. The firm has a 50 day simple moving average of $34.12 and a 200-day simple moving average of $29.84. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14. The company has a market cap of $15.62 billion, a price-to-earnings ratio of 20.49, a P/E/G ratio of 0.50 and a beta of 1.05.

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Wednesday, September 16th. Corebridge Financial's dividend payout ratio is presently 58.48%.

Insider Activity

In other news, major shareholder Life Insurance Co Nippon purchased 246,521 shares of the stock in a transaction that occurred on Thursday, October 29th. The stock was acquired at an average price of $35.50 per share, with a total value of $8,751,495.50. Following the purchase, the insider owned 132,116,089 shares in the company, valued at $4,690,121,159.50. This represents a 0.19% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders bought 9,955,418 shares of company stock worth $342,360,191 and sold 28,895 shares worth $983,886. 0.32% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CRBG. Keefe, Bruyette & Woods increased their price target on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 11th. Weiss Ratings raised shares of Corebridge Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday. Mizuho upped their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an "outperform" rating in a research note on Wednesday, October 7th. Jefferies Financial Group upped their price objective on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a "buy" rating in a research note on Friday, July 10th. Finally, Barclays increased their target price on shares of Corebridge Financial from $33.00 to $39.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 7th. Ten analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $39.00.

About Corebridge Financial

Corebridge Financial, Inc NYSE: CRBG is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers and institutions through offerings designed to support retirement savings, income planning and financial protection.

Its products and services include individual and group retirement plans, annuities, life insurance and institutional retirement solutions. Corebridge also provides investment and administrative services associated with retirement plans, helping employers and employees manage long-term savings and retirement income needs.

Corebridge was established through the separation of American International Group's (AIG) Life and Retirement business and began operating as an independent publicly traded company in 2022.

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