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Corebridge Financial (CRBG) Rises As Market Takes a Dip: Key Facts
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The latest trading session saw Corebridge Financial (CRBG - Free Report) ending at $20.62, denoting a +0.29% adjustment from its last day's close. The stock's performance was ahead of the S&P 500's daily loss of 0.5%. Elsewhere, the Dow gained 0.12%, while the tech-heavy Nasdaq lost 1.23%.
The financial services company's shares have seen an increase of 10.54% over the last month, surpassing the Finance sector's loss of 3.92% and the S&P 500's loss of 2.4%.
Investors will be eagerly watching for the performance of Corebridge Financial in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on November 3, 2023. The company's earnings per share (EPS) are projected to be $1.05, reflecting an 84.21% increase from the same quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $5.12 billion, reflecting a 18.74% rise from the equivalent quarter last year.
CRBG's full-year Zacks Consensus Estimates are calling for earnings of $4.16 per share and revenue of $22.33 billion. These results would represent year-over-year changes of +44.95% and +23.97%, respectively.
Any recent changes to analyst estimates for Corebridge Financial should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.57% downward. Corebridge Financial presently features a Zacks Rank of #3 (Hold).
In terms of valuation, Corebridge Financial is presently being traded at a Forward P/E ratio of 4.94. This valuation marks a discount compared to its industry's average Forward P/E of 8.99.
We can also see that CRBG currently has a PEG ratio of 0.25. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. As of the close of trade yesterday, the Insurance - Multi line industry held an average PEG ratio of 1.28.
The Insurance - Multi line industry is part of the Finance sector. At present, this industry carries a Zacks Industry Rank of 92, placing it within the top 37% of over 250 industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow CRBG in the coming trading sessions, be sure to utilize Zacks.com.
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Corebridge Financial (CRBG) Rises As Market Takes a Dip: Key Facts
The latest trading session saw Corebridge Financial (CRBG - Free Report) ending at $20.62, denoting a +0.29% adjustment from its last day's close. The stock's performance was ahead of the S&P 500's daily loss of 0.5%. Elsewhere, the Dow gained 0.12%, while the tech-heavy Nasdaq lost 1.23%.
The financial services company's shares have seen an increase of 10.54% over the last month, surpassing the Finance sector's loss of 3.92% and the S&P 500's loss of 2.4%.
Investors will be eagerly watching for the performance of Corebridge Financial in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on November 3, 2023. The company's earnings per share (EPS) are projected to be $1.05, reflecting an 84.21% increase from the same quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $5.12 billion, reflecting a 18.74% rise from the equivalent quarter last year.
CRBG's full-year Zacks Consensus Estimates are calling for earnings of $4.16 per share and revenue of $22.33 billion. These results would represent year-over-year changes of +44.95% and +23.97%, respectively.
Any recent changes to analyst estimates for Corebridge Financial should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.57% downward. Corebridge Financial presently features a Zacks Rank of #3 (Hold).
In terms of valuation, Corebridge Financial is presently being traded at a Forward P/E ratio of 4.94. This valuation marks a discount compared to its industry's average Forward P/E of 8.99.
We can also see that CRBG currently has a PEG ratio of 0.25. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. As of the close of trade yesterday, the Insurance - Multi line industry held an average PEG ratio of 1.28.
The Insurance - Multi line industry is part of the Finance sector. At present, this industry carries a Zacks Industry Rank of 92, placing it within the top 37% of over 250 industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow CRBG in the coming trading sessions, be sure to utilize Zacks.com.