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Corebridge (CRBG) Soars 5.3%: Is Further Upside Left in the Stock?
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Corebridge Financial (CRBG - Free Report) shares rallied 5.3% in the last trading session to close at $27.23. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 2.1% gain over the past four weeks.
Corebridge is poised to grow given its operations in four market-leading businesses that provide a broad set of protection and retirement solutions to individuals and institutions. The insurer’s profitability is driven by strong top line growth, margin expansion and expense efficiency.
Corebridge continues to invest in platforms that in turn improve efficiency, scalability and productivity. It is also on track to streamline portfolio with an intensified focus on life and retirement solutions in the United States.
CRBG rewards shareholders through special dividend and aims 60% to 65% payout ratio in 2024.
This financial services company is expected to post quarterly earnings of $1.11 per share in its upcoming report, which represents a year-over-year change of +14.4%. Revenues are expected to be $5.6 billion, up 4.4% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Corebridge, the consensus EPS estimate for the quarter has been revised 1.1% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on CRBG going forward to see if this recent jump can turn into more strength down the road.
Corebridge is part of the Zacks Insurance - Multi line industry. Assurant (AIZ - Free Report) , another stock in the same industry, closed the last trading session 0.8% higher at $180.61. AIZ has returned 2.7% in the past month.
Assurant's consensus EPS estimate for the upcoming report has changed +1.3% over the past month to $3.93. Compared to the company's year-ago EPS, this represents a change of +42.9%. Assurant currently boasts a Zacks Rank of #2 (Buy).
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Corebridge (CRBG) Soars 5.3%: Is Further Upside Left in the Stock?
Corebridge Financial (CRBG - Free Report) shares rallied 5.3% in the last trading session to close at $27.23. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 2.1% gain over the past four weeks.
Corebridge is poised to grow given its operations in four market-leading businesses that provide a broad set of protection and retirement solutions to individuals and institutions. The insurer’s profitability is driven by strong top line growth, margin expansion and expense efficiency.
Corebridge continues to invest in platforms that in turn improve efficiency, scalability and productivity. It is also on track to streamline portfolio with an intensified focus on life and retirement solutions in the United States.
CRBG rewards shareholders through special dividend and aims 60% to 65% payout ratio in 2024.
This financial services company is expected to post quarterly earnings of $1.11 per share in its upcoming report, which represents a year-over-year change of +14.4%. Revenues are expected to be $5.6 billion, up 4.4% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Corebridge, the consensus EPS estimate for the quarter has been revised 1.1% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on CRBG going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Corebridge is part of the Zacks Insurance - Multi line industry. Assurant (AIZ - Free Report) , another stock in the same industry, closed the last trading session 0.8% higher at $180.61. AIZ has returned 2.7% in the past month.
Assurant's consensus EPS estimate for the upcoming report has changed +1.3% over the past month to $3.93. Compared to the company's year-ago EPS, this represents a change of +42.9%. Assurant currently boasts a Zacks Rank of #2 (Buy).