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

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

Corebridge Financial Price Performance

Shares of NYSE CRBG traded up $0.56 during midday trading on Friday, hitting $28.68. The company had a trading volume of 6,093,955 shares, compared to its average volume of 3,879,546. The firm has a market capitalization of $17.85 billion, a price-to-earnings ratio of 16.97, a price-to-earnings-growth ratio of 0.33 and a beta of 0.96. Corebridge Financial has a twelve month low of $14.91 and a twelve month high of $29.53. The business has a 50-day simple moving average of $26.61 and a two-hundred day simple moving average of $23.68. 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 business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.92 annualized dividend and a dividend yield of 3.21%. Corebridge Financial’s payout ratio is currently 54.44%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on CRBG shares. Evercore ISI upped their target price on Corebridge Financial from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, April 11th. Wells Fargo & Company upped their price target on shares of Corebridge Financial from $30.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Royal Bank of Canada restated an “outperform” rating and issued a $32.00 price objective on shares of Corebridge Financial in a research note on Friday, April 12th. Keefe, Bruyette & Woods increased their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 10th. Finally, Morgan Stanley boosted their price target on Corebridge Financial from $26.00 to $28.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Corebridge Financial currently has an average rating of “Moderate Buy” and an average price target of $29.08.

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.