Corebridge Financial (NYSE:CRBG) Issues Earnings Results, Misses Estimates By $0.12 EPS

Corebridge Financial (NYSE:CRBG) announced its quarterly earnings results on Monday. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.12), Zacks reports. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. The business’s revenue was up 34.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.23 EPS.

Corebridge Financial Trading Down 4.9%

Corebridge Financial stock traded down $1.60 during trading on Monday, hitting $30.97. The company’s stock had a trading volume of 10,961,105 shares, compared to its average volume of 3,324,724. The stock’s fifty day moving average is $32.78 and its 200 day moving average is $32.95. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12. Corebridge Financial has a 1-year low of $23.69 and a 1-year high of $36.57. The stock has a market capitalization of $16.67 billion, a price-to-earnings ratio of -50.76, a P/E/G ratio of 0.51 and a beta of 1.02.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Weiss Ratings reiterated a “hold (c-)” rating on shares of Corebridge Financial in a report on Wednesday, October 8th. Wall Street Zen raised Corebridge Financial from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. JPMorgan Chase & Co. increased their target price on shares of Corebridge Financial from $34.00 to $40.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 8th. Barclays reduced their price target on shares of Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 8th. Finally, Wells Fargo & Company increased their price objective on shares of Corebridge Financial from $42.00 to $44.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 8th. Nine analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $39.91.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 1,184,160 shares of the stock in a transaction on Friday, September 5th. The stock was sold at an average price of $33.65, for a total value of $39,846,984.00. Following the transaction, the insider directly owned 82,711,853 shares of the company’s stock, valued at approximately $2,783,253,853.45. This trade represents a 1.41% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.29% of the stock is currently owned by insiders.

Institutional Trading of Corebridge Financial

A number of institutional investors and hedge funds have recently bought and sold shares of CRBG. Bank of Nova Scotia lifted its position in Corebridge Financial by 3.8% during the second quarter. Bank of Nova Scotia now owns 9,328 shares of the company’s stock valued at $331,000 after buying an additional 340 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in shares of Corebridge Financial by 102.2% during the 2nd 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 acquiring an additional 1,169 shares in the last quarter. Advisory Services Network LLC grew its position in Corebridge Financial by 2.9% in the second quarter. Advisory Services Network LLC now owns 50,997 shares of the company’s stock valued at $1,813,000 after acquiring an additional 1,451 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Corebridge Financial by 58.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,558 shares of the company’s stock valued at $162,000 after purchasing an additional 1,688 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Corebridge Financial in the second quarter valued at $75,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Company Profile

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.