Corebridge Financial, Inc. (NYSE:CRBG) Short Interest Up 9.7% in October

Corebridge Financial, Inc. (NYSE:CRBG) was the target of a large growth in short interest in the month of October. As of October 15th, there was short interest totalling 9,800,000 shares, a growth of 9.7% from the September 30th total of 8,930,000 shares. Based on an average daily volume of 3,100,000 shares, the days-to-cover ratio is presently 3.2 days. Approximately 3.9% of the shares of the company are short sold.

Insider Activity at Corebridge Financial

In related news, major shareholder International Group American sold 5,000,000 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $28.86, for a total value of $144,300,000.00. Following the completion of the sale, the insider now owns 279,238,898 shares in the company, valued at approximately $8,058,834,596.28. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.08% of the company’s stock.

Hedge Funds Weigh In On Corebridge Financial

Several large investors have recently bought and sold shares of the business. ORG Wealth Partners LLC acquired a new position in shares of Corebridge Financial during the 3rd quarter worth $29,000. HM Payson & Co. acquired a new stake in Corebridge Financial in the third quarter valued at $29,000. LRI Investments LLC acquired a new position in Corebridge Financial in the second quarter worth $30,000. ORG Partners LLC bought a new stake in shares of Corebridge Financial in the 2nd quarter worth approximately $32,000. Finally, Fifth Third Bancorp bought a new position in Corebridge Financial in the 2nd quarter worth about $54,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Performance

Corebridge Financial stock traded down $0.31 during trading hours on Thursday, hitting $31.77. 2,745,195 shares of the stock traded hands, compared to its average volume of 3,871,217. The firm’s 50 day moving average price is $29.25 and its 200-day moving average price is $28.93. The stock has a market capitalization of $18.81 billion, a price-to-earnings ratio of 9.99, a P/E/G ratio of 0.42 and a beta of 0.97. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14. Corebridge Financial has a 1 year low of $18.83 and a 1 year high of $34.66.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. The company had revenue of $4.18 billion for the quarter, compared to analyst estimates of $5.73 billion. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. During the same quarter in the previous year, the company posted $1.04 earnings per share. As a group, equities analysts expect that Corebridge Financial will post 4.66 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CRBG. Bank of America dropped their price objective on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. Piper Sandler dropped their price target on shares of Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. Barclays increased their price target on shares of Corebridge Financial from $33.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 8th. TD Cowen assumed coverage on shares of Corebridge Financial in a report on Wednesday, October 9th. They set a “buy” rating and a $35.00 price target for the company. Finally, UBS Group upped their price target on Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Corebridge Financial currently has an average rating of “Moderate Buy” and an average target price of $34.46.

About Corebridge Financial

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.