Corebridge Financial, Inc. (NYSE:CRBG) Short Interest Update

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

Corebridge Financial Stock Performance

Shares of CRBG stock opened at $31.99 on Monday. The company has a market capitalization of $18.20 billion, a price-to-earnings ratio of -15.31, a P/E/G ratio of 0.33 and a beta of 0.92. Corebridge Financial has a 1-year low of $23.01 and a 1-year high of $34.66. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. The stock’s fifty day simple moving average is $30.84 and its 200-day simple moving average is $29.70.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The company had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the prior year, the firm earned $1.05 EPS. The company’s revenue was up 39.5% compared to the same quarter last year. On average, sell-side analysts predict that Corebridge Financial will post 4.83 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.88%. The ex-dividend date of this dividend was Tuesday, December 17th. Corebridge Financial’s payout ratio is -44.02%.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the transaction, the insider now owns 249,238,898 shares of the company’s stock, valued at $7,776,253,617.60. This trade represents a 10.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.08% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CRBG. Public Employees Retirement System of Ohio increased its position in Corebridge Financial by 11.3% during the third quarter. Public Employees Retirement System of Ohio now owns 167,038 shares of the company’s stock worth $4,871,000 after acquiring an additional 16,970 shares during the period. Virtu Financial LLC bought a new position in shares of Corebridge Financial during the 3rd quarter worth about $581,000. State Street Corp raised its position in shares of Corebridge Financial by 11.7% during the third quarter. State Street Corp now owns 8,035,438 shares of the company’s stock valued at $234,313,000 after buying an additional 843,559 shares during the last quarter. First Hawaiian Bank bought a new stake in shares of Corebridge Financial in the fourth quarter valued at about $1,168,000. Finally, Qsemble Capital Management LP acquired a new stake in Corebridge Financial during the third quarter worth about $2,370,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on CRBG. Wells Fargo & Company dropped their price objective on shares of Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 14th. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $33.00 to $40.00 in a report on Friday, January 10th. Piper Sandler raised their target price on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Barclays raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price on the stock in a research report on Monday, January 6th. Finally, TD Cowen raised their price objective on Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $35.92.

Corebridge Financial Company Profile

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.