Corebridge Financial (NYSE:CRBG) Announces Quarterly Earnings Results, Beats Expectations By $0.21 EPS

07 Nov 2024, 02:14 by Danessa Lincoln · The Markets Daily

Corebridge Financial (NYSE:CRBG – Get Free Report) posted its earnings results on Monday. The company reported $1.38 EPS for the quarter, topping the consensus estimate of $1.17 by $0.21, Briefing.com reports. The firm had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. Corebridge Financial’s revenue for the quarter was up 39.5% compared to the same quarter last year. During the same period last year, the company earned $1.05 earnings per share.

Corebridge Financial Trading Up 11.2 %

Corebridge Financial stock traded up $3.35 during trading on Wednesday, reaching $33.35. 6,722,338 shares of the company were exchanged, compared to its average volume of 3,880,367. Corebridge Financial has a 52-week low of $18.83 and a 52-week high of $34.66. The company has a market capitalization of $19.74 billion, a P/E ratio of 10.39, a PEG ratio of 0.43 and a beta of 0.90. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14. The stock’s 50 day simple moving average is $29.55 and its two-hundred day simple moving average is $29.10.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be given a dividend of $0.23 per share. The ex-dividend date is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a yield of 2.76%. Corebridge Financial’s payout ratio is 28.66%.

Analyst Ratings Changes

CRBG has been the topic of several analyst reports. TD Cowen initiated coverage on Corebridge Financial in a report on Wednesday, October 9th. They set a “buy” rating and a $35.00 target price on the stock. Piper Sandler dropped their target price on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. Barclays raised their target price on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Tuesday. Bank of America dropped their price objective on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Thursday, July 11th. Finally, Royal Bank of Canada dropped their price objective on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Corebridge Financial has an average rating of “Moderate Buy” and an average price target of $34.85.

Read Our Latest Stock Report on CRBG

Insider Buying and Selling

In related news, major shareholder International Group American sold 5,000,000 shares of Corebridge Financial stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the transaction, the insider now owns 279,238,898 shares in the company, valued at approximately $8,058,834,596.28. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.08% of the stock is currently owned by company insiders.

About Corebridge Financial

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