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Here's Why Corebridge Financial (CRBG) Gained But Lagged the Market Today
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Corebridge Financial (CRBG - Free Report) closed the most recent trading day at $20.13, moving +1% from the previous trading session. The stock's change was less than the S&P 500's daily gain of 1.2%. Elsewhere, the Dow saw an upswing of 1.58%, while the tech-heavy Nasdaq appreciated by 1.16%.
Coming into today, shares of the financial services company had gained 0.91% in the past month. In that same time, the Finance sector lost 5.07%, while the S&P 500 lost 3.58%.
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. On that day, Corebridge Financial is projected to report earnings of $1.06 per share, which would represent year-over-year growth of 85.96%. Meanwhile, our latest consensus estimate is calling for revenue of $5.34 billion, up 23.95% from the prior-year quarter.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $4.17 per share and revenue of $22.37 billion, indicating changes of +45.3% and +24.18%, respectively, compared to the previous year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections 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.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.33% downward. Corebridge Financial is currently a Zacks Rank #3 (Hold).
In the context of valuation, Corebridge Financial is at present trading with a Forward P/E ratio of 4.78. This valuation marks a discount compared to its industry's average Forward P/E of 8.71.
We can also see that CRBG currently has a PEG ratio of 0.24. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Insurance - Multi line industry had an average PEG ratio of 1.28 as trading concluded yesterday.
The Insurance - Multi line industry is part of the Finance sector. This group has a Zacks Industry Rank of 85, putting it in the top 34% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Here's Why Corebridge Financial (CRBG) Gained But Lagged the Market Today
Corebridge Financial (CRBG - Free Report) closed the most recent trading day at $20.13, moving +1% from the previous trading session. The stock's change was less than the S&P 500's daily gain of 1.2%. Elsewhere, the Dow saw an upswing of 1.58%, while the tech-heavy Nasdaq appreciated by 1.16%.
Coming into today, shares of the financial services company had gained 0.91% in the past month. In that same time, the Finance sector lost 5.07%, while the S&P 500 lost 3.58%.
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. On that day, Corebridge Financial is projected to report earnings of $1.06 per share, which would represent year-over-year growth of 85.96%. Meanwhile, our latest consensus estimate is calling for revenue of $5.34 billion, up 23.95% from the prior-year quarter.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $4.17 per share and revenue of $22.37 billion, indicating changes of +45.3% and +24.18%, respectively, compared to the previous year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections 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.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.33% downward. Corebridge Financial is currently a Zacks Rank #3 (Hold).
In the context of valuation, Corebridge Financial is at present trading with a Forward P/E ratio of 4.78. This valuation marks a discount compared to its industry's average Forward P/E of 8.71.
We can also see that CRBG currently has a PEG ratio of 0.24. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Insurance - Multi line industry had an average PEG ratio of 1.28 as trading concluded yesterday.
The Insurance - Multi line industry is part of the Finance sector. This group has a Zacks Industry Rank of 85, putting it in the top 34% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.