Corebridge Financial (NYSE:CRBG) Reaches New 1-Year High on Strong Earnings

Shares of Corebridge Financial, Inc. (NYSE:CRBG) hit a new 52-week high on Friday following a stronger than expected earnings report. The stock traded as high as $29.53 and last traded at $28.94, with a volume of 980418 shares trading hands. The stock had previously closed at $28.12.

The company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.05. Corebridge Financial had a net margin of 5.92% and a return on equity of 23.11%. The business had revenue of $5.85 billion during the quarter, compared to analysts’ expectations of $5.50 billion. During the same period last year, the company posted $0.97 earnings per share.

Corebridge Financial Dividend Announcement

The company also recently declared 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 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date of this dividend was Thursday, March 14th. Corebridge Financial’s dividend payout ratio (DPR) is currently 54.44%.

Analyst Upgrades and Downgrades

CRBG has been the subject of several recent research reports. The Goldman Sachs Group boosted their price objective on Corebridge Financial from $27.00 to $31.00 and gave the company a “buy” rating in a report on Tuesday, January 9th. Morgan Stanley boosted their price target on shares of Corebridge Financial from $26.00 to $28.00 and gave the company an “equal weight” rating in a research note on Monday, April 15th. Wells Fargo & Company upped their price objective on shares of Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. UBS Group lifted their price objective on shares of Corebridge Financial from $22.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday, January 10th. Finally, Piper Sandler upped their target price on shares of Corebridge Financial from $30.00 to $34.00 and gave the stock 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 company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $29.08.

Hedge Funds Weigh In On Corebridge Financial

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Riverview Trust Co bought a new stake in shares of Corebridge Financial during the 1st quarter worth $25,000. EverSource Wealth Advisors LLC purchased a new stake in Corebridge Financial during the third quarter worth about $28,000. Vestor Capital LLC bought a new stake in Corebridge Financial in the fourth quarter worth about $43,000. Cullen Frost Bankers Inc. purchased a new position in Corebridge Financial in the third quarter valued at about $55,000. Finally, Headlands Technologies LLC bought a new position in shares of Corebridge Financial during the 4th quarter valued at approximately $65,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Performance

The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.14 and a current ratio of 0.14. The company has a market cap of $17.85 billion, a PE ratio of 16.97, a price-to-earnings-growth ratio of 0.33 and a beta of 0.96. The company’s 50 day moving average price is $26.61 and its 200-day moving average price is $23.68.

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.