Corebridge Financial, Inc. (NYSE:CRBG) Sees Large Increase in Short Interest

Corebridge Financial, Inc. (NYSE:CRBG) was the target of a large growth in short interest in 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. Based on an average daily volume of 3,520,000 shares, the days-to-cover ratio is currently 2.3 days. Approximately 2.2% of the company’s stock are short sold.

Corebridge Financial Stock Performance

Shares of CRBG opened at $31.99 on Monday. 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 firm has a market cap of $18.20 billion, a PE ratio of -15.31, a PEG 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 stock’s fifty day moving average price is $30.84 and its two-hundred day moving average price is $29.70.

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

Corebridge Financial Announces Dividend

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

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CRBG. Wells Fargo & Company decreased their price target on Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating for the company in a report on Tuesday, January 14th. TD Cowen upped their target price on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. DOWLING & PARTN lowered shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and increased their price objective for the company from $33.00 to $40.00 in a research note on Friday, January 10th. Finally, Piper Sandler boosted their target price on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Corebridge Financial has an average rating of “Moderate Buy” and an average target price of $35.92.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 121,956,256 shares of Corebridge Financial stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $31.47, for a total transaction of $3,837,963,376.32. Following the completion of the transaction, the insider now owns 127,282,642 shares in the company, valued at approximately $4,005,584,743.74. The trade was a 48.93 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.08% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Corebridge Financial

Several institutional investors have recently made changes to their positions in CRBG. Covestor Ltd lifted its holdings in shares of Corebridge Financial by 118.8% in the third quarter. Covestor Ltd now owns 1,050 shares of the company’s stock worth $31,000 after buying an additional 570 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in Corebridge Financial by 2.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock worth $625,000 after acquiring an additional 585 shares during the period. Commonwealth Equity Services LLC boosted its holdings in Corebridge Financial by 2.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock valued at $650,000 after purchasing an additional 597 shares during the period. Xponance Inc. grew its position in shares of Corebridge Financial by 3.0% during the 2nd quarter. Xponance Inc. now owns 21,037 shares of the company’s stock valued at $613,000 after purchasing an additional 612 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC increased its holdings in shares of Corebridge Financial by 3.1% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 25,403 shares of the company’s stock worth $740,000 after purchasing an additional 770 shares during the period. Hedge funds and other institutional investors own 98.25% of the company’s stock.

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.