Corebridge Financial (NYSE:CRBG) Shares Gap Down After Earnings Miss

Corebridge Financial, Inc. (NYSE:CRBG)’s stock price gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $32.76, but opened at $31.10. Corebridge Financial shares last traded at $31.46, with a volume of 562,919 shares traded.

The company reported $1.23 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%.

Corebridge Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.99%. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.23. The ex-dividend date is Monday, March 17th. Corebridge Financial’s dividend payout ratio (DPR) is -44.02%.

Analysts Set New Price Targets

A number of research firms have commented on CRBG. DOWLING & PARTN downgraded shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a “hold” rating to a “buy” rating and upped their target price for the company from $33.00 to $40.00 in a report on Friday, January 10th. Piper Sandler raised their price target on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Barclays raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price on the stock in a research report on Monday, January 6th. Finally, BMO Capital Markets began coverage on Corebridge Financial in a research note on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.43.

Insider Activity

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the completion of the transaction, the insider now directly owns 127,282,642 shares in the company, valued at $4,005,584,743.74. This trade represents a 48.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.08% of the company’s stock.

Institutional Investors Weigh In On Corebridge Financial

Several hedge funds have recently bought and sold shares of the business. Public Employees Retirement System of Ohio boosted its position in Corebridge Financial by 11.3% during the third quarter. Public Employees Retirement System of Ohio now owns 167,038 shares of the company’s stock valued at $4,871,000 after purchasing an additional 16,970 shares during the last quarter. Virtu Financial LLC acquired a new position in Corebridge Financial in the third quarter worth approximately $581,000. State Street Corp raised its position in Corebridge Financial by 11.7% during the third quarter. State Street Corp now owns 8,035,438 shares of the company’s stock valued at $234,313,000 after acquiring an additional 843,559 shares in the last quarter. First Hawaiian Bank acquired a new stake in Corebridge Financial in the fourth quarter valued at approximately $1,168,000. Finally, Qsemble Capital Management LP acquired a new position in shares of Corebridge Financial during the 3rd quarter worth $2,370,000. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Stock Down 2.1 %

The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. The business’s fifty day moving average price is $31.41 and its two-hundred day moving average price is $30.15. The firm has a market cap of $18.24 billion, a P/E ratio of -15.34, a P/E/G ratio of 0.37 and a beta of 0.94.

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.