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

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

Corebridge Financial Price Performance

Corebridge Financial stock traded up $0.56 during midday trading on Friday, hitting $28.68. 6,093,955 shares of the company’s stock were exchanged, compared to its average volume of 3,879,546. The stock has a 50-day moving average price of $26.61 and a two-hundred day moving average price of $23.68. Corebridge Financial has a 52-week low of $14.91 and a 52-week high of $29.53. The company has a market cap of $17.85 billion, a P/E ratio of 16.97, a PEG ratio of 0.33 and a beta of 0.96. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.14 and a current ratio of 0.14.

Corebridge Financial Announces Dividend

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

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on CRBG shares. Wells Fargo & Company upped their target price on Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Royal Bank of Canada restated an “outperform” rating and set a $32.00 price target on shares of Corebridge Financial in a research note on Friday, April 12th. Evercore ISI boosted their target price on Corebridge Financial from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Thursday, April 11th. UBS Group lifted their price objective on Corebridge Financial from $22.00 to $28.00 and gave the stock a “buy” rating in a report on Wednesday, January 10th. Finally, Piper Sandler upped their price objective on shares of Corebridge Financial from $30.00 to $34.00 and gave the company an “overweight” rating in a report on Friday, April 5th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus 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.