Corebridge Financial, Inc. (NYSE:CRBG) Short Interest Up 13.6% in January

Corebridge Financial, Inc. (NYSE:CRBG) saw a significant growth in short interest in January. As of January 15th, there was short interest totalling 8,210,000 shares, a growth of 13.6% from the December 31st total of 7,230,000 shares. Based on an average trading volume of 3,520,000 shares, the short-interest ratio is presently 2.3 days. Approximately 2.2% of the company’s shares are short sold.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CRBG. Morgan Stanley upped their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. DOWLING & PARTN lowered shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Barclays raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target for the company in a research note on Monday, January 6th. Wells Fargo & Company reduced their price target on shares of Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating for the company in a research note on Tuesday, January 14th. Finally, BMO Capital Markets started coverage on shares of Corebridge Financial in a research note on Thursday, January 23rd. They issued an “outperform” rating and a $43.00 price target for the company. Three analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Corebridge Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.43.

Insider Transactions at Corebridge Financial

In related news, major shareholder International Group American sold 121,956,256 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the completion of the sale, the insider now directly owns 127,282,642 shares of the company’s stock, valued at approximately $4,005,584,743.74. This trade represents a 48.93 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.08% of the company’s stock.

Institutional Trading of Corebridge Financial

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Corebridge Financial during the 3rd quarter worth about $27,000. Fortitude Family Office LLC bought a new position in shares of Corebridge Financial during the 4th quarter worth about $27,000. FNY Investment Advisers LLC bought a new position in Corebridge Financial during the 4th quarter valued at about $27,000. Capital Performance Advisors LLP bought a new position in Corebridge Financial during the 3rd quarter valued at about $28,000. Finally, ORG Wealth Partners LLC bought a new position in Corebridge Financial during the 3rd quarter valued at about $29,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Corebridge Financial Stock Performance

NYSE:CRBG traded down $1.02 during midday trading on Monday, reaching $32.75. The stock had a trading volume of 921,098 shares, compared to its average volume of 3,130,384. Corebridge Financial has a 1-year low of $23.01 and a 1-year high of $34.66. The firm’s fifty day simple moving average is $31.27 and its 200-day simple moving average is $29.95. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14. The stock has a market capitalization of $18.63 billion, a P/E ratio of -15.66, a PEG ratio of 0.38 and a beta of 0.94.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.21. The company had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The business’s quarterly revenue was up 39.5% on a year-over-year basis. During the same period last year, the business posted $1.05 EPS. On average, equities research analysts forecast that Corebridge Financial will post 4.8 EPS for the current fiscal year.

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.