Corebridge Financial Inc. (CRBG) Posts Strong Q3; Evercore Maintains Outperform Rating with Slight Price Target Trim

Corebridge Financial Inc. (NYSE:CRBG) is one of the top undervalued asset management stocks to buy. On November 5, Evercore ISI reduced its price target for Corebridge Financial Inc. (NYSE:CRBG) from $38 to $37. The firm maintained its Outperform rating. The quarter was solid, but EPS estimates for Q4 and 2026 were lowered. The revision reflects expected Fed rate cuts, macroeconomic pressures, and share repurchases at current valuations.

Corebridge Financial Inc. (CRBG) Posts Strong Q3; Evercore Maintains Outperform Rating with Slight Price Target Trim

Corebridge Financial Inc. reported its third-quarter results on November 4, showing a mixed performance. While earnings per share came in at $0.96, below the $1.10 estimate, revenue reached $5.63 billion, beating forecasts by a wide margin of 15.61%. The shortfall in earnings, despite strong top-line growth, pointed to possible cost pressures or operational inefficiencies.

The company’s revenue strength was largely driven by demand for annuity products and pension risk transfer deals. Looking ahead, Corebridge expects steady growth in spread income and aims for annual EPS growth between 10% and 15%. With plans for increased share buybacks and strategic moves like its Bermuda initiative, the firm is positioning itself for long-term financial flexibility and expansion.

CEO Kevin Hogan emphasized the company’s streamlined structure and improved earnings quality following the transaction. He noted Corebridge’s broad product offerings and consistent cash flow across market cycles. With strong capital ratios, minimal legacy liabilities, and $1.4 billion returned to shareholders this year, the firm continues to execute on its post-IPO strategy, including its Bermuda expansion and international divestitures.

Corebridge Financial Inc. (NYSE:CRBG) is an asset management company that offers retirement solutions and insurance products, enabling individuals to plan and save for financial security through a range of services and products. The company partners with financial professionals and institutions to offer retirement plans, life insurance, and various products, including annuities, stable value wraps, and pension risk transfers.

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Disclosure: None. This article is originally published at Insider Monkey.