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Corebridge Financial (CRBG) Laps the Stock Market: Here's Why
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In the latest market close, Corebridge Financial (CRBG - Free Report) reached $24.56, with a +0.37% movement compared to the previous day. The stock outperformed the S&P 500, which registered a daily gain of 0.08%. Meanwhile, the Dow experienced a drop of 0.26%, and the technology-dominated Nasdaq saw an increase of 0.36%.
Coming into today, shares of the financial services company had gained 12.66% in the past month. In that same time, the Finance sector lost 2.71%, while the S&P 500 gained 2.4%.
Market participants will be closely following the financial results of Corebridge Financial in its upcoming release. The company plans to announce its earnings on February 15, 2024. The company is forecasted to report an EPS of $0.99, showcasing a 12.5% upward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.42 billion, up 1.42% from the year-ago period.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Corebridge Financial. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research demonstrates that these adjustments in estimates directly associate with imminent 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, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.37% higher. Corebridge Financial currently has a Zacks Rank of #3 (Hold).
Digging into valuation, Corebridge Financial currently has a Forward P/E ratio of 4.96. This valuation marks a discount compared to its industry's average Forward P/E of 8.75.
One should further note that CRBG currently holds a PEG ratio of 0.29. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. By the end of yesterday's trading, the Insurance - Multi line industry had an average PEG ratio of 1.18.
The Insurance - Multi line industry is part of the Finance sector. With its current Zacks Industry Rank of 119, this industry ranks in the top 48% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Corebridge Financial (CRBG) Laps the Stock Market: Here's Why
In the latest market close, Corebridge Financial (CRBG - Free Report) reached $24.56, with a +0.37% movement compared to the previous day. The stock outperformed the S&P 500, which registered a daily gain of 0.08%. Meanwhile, the Dow experienced a drop of 0.26%, and the technology-dominated Nasdaq saw an increase of 0.36%.
Coming into today, shares of the financial services company had gained 12.66% in the past month. In that same time, the Finance sector lost 2.71%, while the S&P 500 gained 2.4%.
Market participants will be closely following the financial results of Corebridge Financial in its upcoming release. The company plans to announce its earnings on February 15, 2024. The company is forecasted to report an EPS of $0.99, showcasing a 12.5% upward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.42 billion, up 1.42% from the year-ago period.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Corebridge Financial. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research demonstrates that these adjustments in estimates directly associate with imminent 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, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.37% higher. Corebridge Financial currently has a Zacks Rank of #3 (Hold).
Digging into valuation, Corebridge Financial currently has a Forward P/E ratio of 4.96. This valuation marks a discount compared to its industry's average Forward P/E of 8.75.
One should further note that CRBG currently holds a PEG ratio of 0.29. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. By the end of yesterday's trading, the Insurance - Multi line industry had an average PEG ratio of 1.18.
The Insurance - Multi line industry is part of the Finance sector. With its current Zacks Industry Rank of 119, this industry ranks in the top 48% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.