DOWLING & PARTN Has Pessimistic View of CRBG FY2028 Earnings

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

Several other equities research analysts have also issued reports on CRBG. JPMorgan Chase & Co. dropped their price objective on shares of Corebridge Financial from $37.00 to $36.00 and set a “neutral” rating for the company in a research report on Tuesday, May 12th. Keefe, Bruyette & Woods lifted their target price on shares of Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a report on Tuesday, August 11th. Wells Fargo & Company upped their price target on shares of Corebridge Financial from $35.00 to $36.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Jefferies Financial Group increased their price target on Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a report on Friday, July 10th. Finally, TD Cowen raised their price objective on Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $37.17.

Corebridge Financial Trading Down 3.9%

Shares of CRBG stock opened at $33.13 on Tuesday. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14. Corebridge Financial has a fifty-two week low of $22.19 and a fifty-two week high of $35.22. The firm’s 50 day moving average price is $30.78 and its two-hundred day moving average price is $28.20. The stock 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.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, beating the consensus estimate of $1.08 by $0.04. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The firm had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same quarter last year, the firm posted $1.36 earnings per share.

Corebridge Financial Dividend Announcement

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

Insider Buying and Selling at Corebridge Financial

In other news, insider David Ditillo sold 12,414 shares of the company’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $34.00, for a total value of $422,076.00. Following the completion of the transaction, the insider directly owned 111,153 shares in the company, valued at approximately $3,779,202. This represents a 10.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.32% of the company’s stock.

Institutional Investors Weigh In On Corebridge Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRBG. Empowered Funds LLC acquired a new position in Corebridge Financial in the 2nd quarter worth $347,000. United Capital Financial Advisors LLC purchased a new position in Corebridge Financial in the 2nd quarter valued at about $282,000. Jefferies Financial Group Inc. acquired a new stake in shares of Corebridge Financial during the second quarter valued at about $6,744,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Corebridge Financial during the second quarter valued at about $2,744,000. Finally, Redwood Investment Management LLC purchased a new stake in shares of Corebridge Financial during the second quarter worth about $1,178,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

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.