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Why Corebridge Financial (CRBG) Outpaced the Stock Market Today
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The latest trading session saw Corebridge Financial (CRBG - Free Report) ending at $20.73, denoting a +1.17% adjustment from its last day's close. The stock outpaced the S&P 500's daily gain of 0.73%. At the same time, the Dow added 0.62%, and the tech-heavy Nasdaq gained 0.93%.
The the stock of financial services company has risen by 1.59% in the past month, leading the Finance sector's loss of 5.07% and the S&P 500's loss of 2.29%.
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 is predicted to post an EPS of $1.06, indicating an 85.96% growth compared to the equivalent quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.3 billion, up 23.08% from the year-ago period.
For the full year, the Zacks Consensus Estimates project earnings of $4.17 per share and a revenue of $22.33 billion, demonstrating changes of +45.3% and +23.97%, respectively, from the preceding year.
Investors should also take note of any recent adjustments to analyst estimates for Corebridge Financial. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.33% decrease. Right now, Corebridge Financial possesses a Zacks Rank of #3 (Hold).
Investors should also note Corebridge Financial's current valuation metrics, including its Forward P/E ratio of 4.92. This indicates a discount in contrast to its industry's Forward P/E of 8.65.
One should further note that CRBG currently holds 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. Insurance - Multi line stocks are, on average, holding a PEG ratio of 1.27 based on yesterday's closing prices.
The Insurance - Multi line industry is part of the Finance sector. Currently, this industry holds a Zacks Industry Rank of 71, positioning it in the top 29% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Why Corebridge Financial (CRBG) Outpaced the Stock Market Today
The latest trading session saw Corebridge Financial (CRBG - Free Report) ending at $20.73, denoting a +1.17% adjustment from its last day's close. The stock outpaced the S&P 500's daily gain of 0.73%. At the same time, the Dow added 0.62%, and the tech-heavy Nasdaq gained 0.93%.
The the stock of financial services company has risen by 1.59% in the past month, leading the Finance sector's loss of 5.07% and the S&P 500's loss of 2.29%.
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 is predicted to post an EPS of $1.06, indicating an 85.96% growth compared to the equivalent quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.3 billion, up 23.08% from the year-ago period.
For the full year, the Zacks Consensus Estimates project earnings of $4.17 per share and a revenue of $22.33 billion, demonstrating changes of +45.3% and +23.97%, respectively, from the preceding year.
Investors should also take note of any recent adjustments to analyst estimates for Corebridge Financial. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.33% decrease. Right now, Corebridge Financial possesses a Zacks Rank of #3 (Hold).
Investors should also note Corebridge Financial's current valuation metrics, including its Forward P/E ratio of 4.92. This indicates a discount in contrast to its industry's Forward P/E of 8.65.
One should further note that CRBG currently holds 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. Insurance - Multi line stocks are, on average, holding a PEG ratio of 1.27 based on yesterday's closing prices.
The Insurance - Multi line industry is part of the Finance sector. Currently, this industry holds a Zacks Industry Rank of 71, positioning it in the top 29% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.