Corebridge Financial (NYSE:CRBG) Issues Quarterly Earnings Results

Corebridge Financial (NYSE:CRBG) issued its quarterly earnings results on Monday. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $1.23 by ($0.27), Zacks reports. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG traded down $1.60 during trading on Monday, hitting $30.97. 10,961,105 shares of the stock were exchanged, compared to its average volume of 3,324,724. Corebridge Financial has a 1-year low of $23.69 and a 1-year high of $36.57. The company has a market capitalization of $16.67 billion, a price-to-earnings ratio of -50.76, a price-to-earnings-growth ratio of 0.51 and a beta of 1.02. The company’s fifty day simple moving average is $32.78 and its 200-day simple 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.

Insider Buying and Selling

In related news, major shareholder International Group American sold 1,184,160 shares of the business’s 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 sale, the insider owned 82,711,853 shares of the company’s stock, valued at $2,783,253,853.45. The trade was a 1.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.29% of the stock is currently owned by corporate insiders.

Institutional Trading of Corebridge Financial

Several institutional investors have recently bought and sold shares of the stock. Bank of Nova Scotia boosted its stake in Corebridge Financial by 3.8% in the 2nd 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 increased its stake in shares of Corebridge Financial by 102.2% in 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 buying an additional 1,169 shares in the last quarter. Advisory Services Network LLC raised its holdings in shares of 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 buying an additional 1,451 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings 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 buying an additional 1,688 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Corebridge Financial in the second quarter valued at about $75,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Analyst Upgrades and Downgrades

CRBG has been the topic of several recent analyst reports. Evercore ISI dropped their price target on Corebridge Financial from $39.00 to $38.00 and set an “outperform” rating on the stock in a research report on Thursday, October 9th. Morgan Stanley dropped their price target on Corebridge Financial from $40.00 to $39.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 7th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Corebridge Financial in a research report on Wednesday, October 8th. Barclays dropped their price target on Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 8th. Finally, UBS Group raised Corebridge Financial from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $28.00 to $37.00 in a report on Friday, July 11th. Nine investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Corebridge Financial has a consensus rating of “Moderate Buy” and a consensus target price of $39.91.

About Corebridge Financial

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.