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

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

Corebridge Financial Price Performance

Shares of NYSE:CRBG traded up $0.56 on Friday, reaching $28.68. 6,093,955 shares of the company traded hands, compared to its average volume of 3,879,546. Corebridge Financial has a fifty-two week low of $14.91 and a fifty-two week high of $29.53. The company’s 50 day moving average is $26.61 and its 200-day moving average is $23.68. The stock has a market capitalization of $17.85 billion, a PE ratio of 16.96, a P/E/G ratio of 0.33 and a beta of 0.96. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.14 and a quick ratio of 0.14.

Corebridge Financial Dividend Announcement

The business 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 dividend on an annualized basis and a dividend yield of 3.21%. Corebridge Financial’s dividend payout ratio (DPR) is presently 54.44%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CRBG. Keefe, Bruyette & Woods increased their price objective on Corebridge Financial from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Wednesday, April 10th. Wells Fargo & Company increased their price objective on Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. The Goldman Sachs Group increased their price objective on Corebridge Financial from $27.00 to $31.00 and gave the stock a “buy” rating in a report on Tuesday, January 9th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $32.00 price target on shares of Corebridge Financial in a research note on Friday, April 12th. Finally, Evercore ISI increased their price target on Corebridge Financial from $30.00 to $32.00 and gave the company an “outperform” 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. Based on data from MarketBeat, Corebridge Financial currently has an average rating of “Moderate Buy” and an average 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.