Corebridge Financial (NYSE:CRBG) Shares Gap Down on Disappointing Earnings

Corebridge Financial, Inc. (NYSE:CRBG) gapped down before the market opened 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 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on CRBG shares. Morgan Stanley lifted their price target on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Piper Sandler increased their price target on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Barclays raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price objective for the company in a research note on Monday, January 6th. TD Cowen increased their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Finally, Wells Fargo & Company reduced their price target on shares of Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating for the company in a research report on Tuesday, January 14th. Three analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, Corebridge Financial has a consensus rating of “Moderate Buy” and an average target price of $36.43.

Insider Buying and Selling

In related news, major shareholder International Group American sold 121,956,256 shares of the stock in a transaction that occurred on 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 sale, the insider now directly owns 127,282,642 shares of the company’s stock, valued at approximately $4,005,584,743.74. This represents a 48.93 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Corebridge Financial

A number of hedge funds have recently made changes to their positions in the business. Nippon Life Insurance Co. purchased a new stake in Corebridge Financial during the 4th quarter valued at approximately $3,650,151,000. Norges Bank bought a new stake in Corebridge Financial in the 4th quarter valued at $283,212,000. Wellington Management Group LLP lifted its stake in Corebridge Financial by 4,624.2% in the 4th quarter. Wellington Management Group LLP now owns 3,707,960 shares of the company’s stock worth $110,979,000 after purchasing an additional 3,629,472 shares in the last quarter. Pzena Investment Management LLC boosted its holdings in shares of Corebridge Financial by 222.9% during the 4th quarter. Pzena Investment Management LLC now owns 4,638,455 shares of the company’s stock valued at $138,829,000 after purchasing an additional 3,202,145 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Corebridge Financial during the 4th quarter valued at about $31,844,000. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Trading Down 4.7 %

The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14. The stock has a 50-day moving average price of $31.41 and a two-hundred day moving average price of $30.15. The stock has a market cap of $17.77 billion, a PE ratio of -15.08, a price-to-earnings-growth 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.