Corebridge Financial (NYSE:CRBG) Releases Quarterly Earnings Results, Misses Expectations By $0.02 EPS

Corebridge Financial (NYSE:CRBG) issued its quarterly earnings data on Monday. The company reported $1.05 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.02), Zacks reports. Corebridge Financial had a positive return on equity of 18.92% and a negative net margin of 1.73%.

Corebridge Financial Trading Down 1.9%

Shares of NYSE:CRBG traded down $0.52 during trading on Monday, reaching $27.01. 10,700,611 shares of the company traded hands, compared to its average volume of 4,808,119. The firm has a market capitalization of $13.01 billion, a price-to-earnings ratio of -50.95, a P/E/G ratio of 0.39 and a beta of 1.18. Corebridge Financial has a 52-week low of $22.19 and a 52-week high of $36.57. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.11. The business’s fifty day moving average is $25.28 and its 200-day moving average is $28.68.

Corebridge Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.7%. This is a boost from Corebridge Financial’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Tuesday, March 17th. Corebridge Financial’s payout ratio is currently -188.68%.

Institutional Trading of Corebridge Financial

A number of institutional investors have recently made changes to their positions in CRBG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Corebridge Financial during the second quarter valued at approximately $75,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in shares of Corebridge Financial by 102.2% during the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,313 shares of the company’s stock valued at $82,000 after purchasing an additional 1,169 shares during the period. UMB Bank n.a. raised its holdings in shares of Corebridge Financial by 21.8% during the fourth quarter. UMB Bank n.a. now owns 4,342 shares of the company’s stock valued at $131,000 after acquiring an additional 778 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Corebridge Financial by 10.2% during the fourth quarter. Van ECK Associates Corp now owns 4,684 shares of the company’s stock valued at $141,000 after acquiring an additional 435 shares in the last quarter. Finally, Focus Partners Wealth bought a new position in shares of Corebridge Financial during the third quarter valued at approximately $151,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. UBS Group cut their price objective on Corebridge Financial from $33.00 to $29.00 and set a “neutral” rating for the company in a report on Tuesday, April 28th. JPMorgan Chase & Co. cut their target price on Corebridge Financial from $40.00 to $39.00 and set a “neutral” rating for the company in a research note on Monday, January 5th. TD Cowen cut their target price on Corebridge Financial from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Tuesday, March 10th. Mizuho cut their target price on Corebridge Financial from $39.00 to $31.00 and set an “outperform” rating for the company in a research note on Monday, April 13th. Finally, Bank of America cut their target price on Corebridge Financial from $42.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, April 14th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.00.

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.