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

Corebridge Financial, Inc. (NYSE:CRBG) shares 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 changing hands.

The company reported $1.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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%.

Analysts Set New Price Targets

CRBG has been the subject of a number of recent analyst reports. Wells Fargo & Company cut their target price on Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating for the company in a research report on Tuesday, January 14th. Barclays upgraded 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 report on Monday, January 6th. Deutsche Bank Aktiengesellschaft upgraded Corebridge Financial from a “hold” rating to a “buy” rating and lifted their price target for the company from $33.00 to $40.00 in a research note on Friday, January 10th. DOWLING & PARTN downgraded Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Finally, BMO Capital Markets assumed coverage on Corebridge Financial in a research report on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average 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 business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $31.47, for a total transaction 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. The trade was a 48.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.08% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Fortitude Family Office LLC purchased a new stake in shares of Corebridge Financial in the fourth quarter valued at about $27,000. Smartleaf Asset Management LLC increased its position in shares of Corebridge Financial by 112.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 907 shares of the company’s stock valued at $27,000 after acquiring an additional 480 shares during the last quarter. FNY Investment Advisers LLC bought a new stake in Corebridge Financial during the fourth quarter worth $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Corebridge Financial in the third quarter worth $27,000. Finally, Capital Performance Advisors LLP bought a new position in Corebridge Financial in the 3rd quarter valued at $28,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Down 4.7 %

The stock has a 50 day moving average price of $31.41 and a 200 day moving average price of $30.15. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14. The company has a market capitalization of $17.77 billion, a P/E ratio of -15.08, a PEG 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.