Corebridge Financial (NYSE:CRBG) Posts Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Corebridge Financial (NYSE:CRBG) issued its earnings results on Friday. The company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.05, Briefing.com reports. The company had revenue of $5.85 billion during the quarter, compared to analysts’ expectations of $5.50 billion. Corebridge Financial had a return on equity of 23.11% and a net margin of 5.92%. During the same period in the prior year, the business earned $0.97 EPS.

Corebridge Financial Stock Up 2.0 %

Corebridge Financial stock traded up $0.56 during midday trading on Friday, reaching $28.68. The company’s stock had a trading volume of 6,093,955 shares, compared to its average volume of 3,879,546. The business has a 50-day simple moving average of $26.61 and a 200-day simple moving average of $23.68. The company has a market cap of $17.85 billion, a P/E ratio of 16.97, a P/E/G ratio of 0.33 and a beta of 0.96. Corebridge Financial has a fifty-two week low of $14.91 and a fifty-two week high of $29.53. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.92.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a dividend of $0.23 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.92 annualized dividend and a dividend yield of 3.21%. Corebridge Financial’s dividend payout ratio (DPR) is currently 54.44%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Morgan Stanley lifted their price target on shares of Corebridge Financial from $26.00 to $28.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $32.00 price target on shares of Corebridge Financial in a research note on Friday, April 12th. UBS Group increased their price target on Corebridge Financial from $22.00 to $28.00 and gave the stock a “buy” rating in a report on Wednesday, January 10th. Keefe, Bruyette & Woods boosted their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Wednesday, April 10th. Finally, Wells Fargo & Company increased their target price on shares of Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Corebridge Financial presently has an average rating of “Moderate Buy” and a consensus target price of $29.08.

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.