Corebridge Financial, Inc. (NYSE:CRBG) Short Interest Up 12.5% in June

Corebridge Financial, Inc. (NYSE:CRBG) was the recipient of a large growth in short interest in the month of June. As of June 15th, there was short interest totalling 11,830,000 shares, a growth of 12.5% from the May 31st total of 10,520,000 shares. Approximately 4.7% of the shares of the company are short sold. Based on an average trading volume of 4,660,000 shares, the short-interest ratio is presently 2.5 days.

Insider Activity

In related news, major shareholder International Group American sold 30,000,000 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $29.20, for a total value of $876,000,000.00. Following the completion of the transaction, the insider now directly owns 294,203,636 shares of the company’s stock, valued at approximately $8,590,746,171.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.09% of the company’s stock.

Hedge Funds Weigh In On Corebridge Financial

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. DekaBank Deutsche Girozentrale boosted its position in shares of Corebridge Financial by 134.3% during the first quarter. DekaBank Deutsche Girozentrale now owns 20,565 shares of the company’s stock worth $578,000 after acquiring an additional 11,786 shares during the last quarter. Algebris UK Ltd purchased a new stake in Corebridge Financial during the first quarter valued at $7,187,000. Plato Investment Management Ltd purchased a new stake in Corebridge Financial during the first quarter valued at $100,000. Tidal Investments LLC raised its stake in Corebridge Financial by 154.6% during the first quarter. Tidal Investments LLC now owns 25,647 shares of the company’s stock valued at $737,000 after purchasing an additional 15,574 shares in the last quarter. Finally, California State Teachers Retirement System raised its stake in Corebridge Financial by 772.7% during the first quarter. California State Teachers Retirement System now owns 331,471 shares of the company’s stock valued at $9,523,000 after purchasing an additional 293,487 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Stock Performance

Shares of CRBG remained flat at $29.12 during mid-day trading on Monday. 3,009,261 shares of the stock traded hands, compared to its average volume of 4,474,437. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.14 and a current ratio of 0.14. The business has a 50-day moving average price of $29.21 and a 200-day moving average price of $26.34. Corebridge Financial has a 1 year low of $17.40 and a 1 year high of $34.66. The company has a market cap of $17.72 billion, a PE ratio of 7.66, a price-to-earnings-growth ratio of 0.32 and a beta of 0.97.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Friday, May 3rd. The company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.05. The business had revenue of $5.85 billion during the quarter, compared to analyst estimates of $5.50 billion. Corebridge Financial had a net margin of 11.25% and a return on equity of 23.64%. During the same period in the prior year, the business posted $0.97 earnings per share. On average, analysts forecast that Corebridge Financial will post 4.95 EPS for the current year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.16%. Corebridge Financial’s dividend payout ratio is 24.21%.

Analyst Ratings Changes

A number of equities analysts recently commented on CRBG shares. Keefe, Bruyette & Woods lifted their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. Piper Sandler lifted their target price on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Monday, May 6th. Royal Bank of Canada reiterated an “outperform” rating and issued a $33.00 target price on shares of Corebridge Financial in a research report on Friday. Wells Fargo & Company lifted their target price on shares of Corebridge Financial from $33.00 to $34.00 and gave the stock an “overweight” rating in a research report on Friday, May 10th. Finally, Evercore ISI lifted their target price on shares of Corebridge Financial from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday, April 11th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $31.18.

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.