Short Interest in Corebridge Financial, Inc. (NYSE:CRBG) Decreases By 9.6%

Corebridge Financial, Inc. (NYSE:CRBG) was the target of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 8,860,000 shares, a drop of 9.6% from the October 15th total of 9,800,000 shares. Currently, 3.6% of the company’s stock are sold short. Based on an average daily trading volume, of 3,330,000 shares, the days-to-cover ratio is currently 2.7 days.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. TD Cowen assumed coverage on Corebridge Financial in a research report on Wednesday, October 9th. They issued a “buy” rating and a $35.00 target price for the company. Barclays boosted their target price on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Piper Sandler cut their price target on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. Royal Bank of Canada cut their price target on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Finally, Morgan Stanley boosted their price target on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Corebridge Financial presently has a consensus rating of “Moderate Buy” and an average target price of $34.85.

Insider Buying and Selling at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $31.20, for a total value of $936,000,000.00. Following the completion of the transaction, the insider now owns 249,238,898 shares of the company’s stock, valued at approximately $7,776,253,617.60. The trade was a 10.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.08% of the company’s stock.

Institutional Investors Weigh In On Corebridge Financial

Institutional investors have recently added to or reduced their stakes in the stock. Covestor Ltd raised its stake in Corebridge Financial by 118.8% in the third quarter. Covestor Ltd now owns 1,050 shares of the company’s stock valued at $31,000 after buying an additional 570 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Corebridge Financial by 2.8% in the second quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock worth $625,000 after purchasing an additional 585 shares during the last quarter. Commonwealth Equity Services LLC raised its stake in shares of Corebridge Financial by 2.7% in the second quarter. Commonwealth Equity Services LLC now owns 22,322 shares of the company’s stock worth $650,000 after purchasing an additional 597 shares during the last quarter. Xponance Inc. raised its stake in shares of Corebridge Financial by 3.0% in the second quarter. Xponance Inc. now owns 21,037 shares of the company’s stock worth $613,000 after purchasing an additional 612 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Corebridge Financial by 3.4% in the third quarter. The Manufacturers Life Insurance Company now owns 22,211 shares of the company’s stock worth $648,000 after purchasing an additional 732 shares during the last quarter. Institutional investors own 98.25% of the company’s stock.

Corebridge Financial Price Performance

Shares of CRBG traded down $0.55 during mid-day trading on Tuesday, hitting $30.25. 1,298,189 shares of the stock were exchanged, compared to its average volume of 3,958,146. The company has a market cap of $17.21 billion, a PE ratio of -14.34, a price-to-earnings-growth ratio of 0.39 and a beta of 0.90. Corebridge Financial has a 52-week low of $19.26 and a 52-week high of $34.66. The firm has a 50-day moving average of $29.95 and a two-hundred day moving average of $29.33. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last announced 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 company had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. Corebridge Financial’s quarterly revenue was up 39.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.05 EPS. On average, equities analysts predict that Corebridge Financial will post 4.78 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 3.04%. The ex-dividend date is Tuesday, December 17th. Corebridge Financial’s payout ratio is currently -44.02%.

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.