Short Interest in Corebridge Financial, Inc. (NYSE:CRBG) Increases By 21.7%

Corebridge Financial, Inc. (NYSE:CRBG) saw a large growth in short interest in the month of September. As of September 30th, there was short interest totalling 8,930,000 shares, a growth of 21.7% from the September 15th total of 7,340,000 shares. Based on an average daily volume of 3,160,000 shares, the short-interest ratio is currently 2.8 days. Approximately 3.6% of the company’s stock are short sold.

Corebridge Financial Trading Up 0.6 %

Shares of Corebridge Financial stock traded up $0.18 on Monday, hitting $30.51. 88,718 shares of the company’s stock traded hands, compared to its average volume of 3,956,688. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.14 and a quick ratio of 0.14. Corebridge Financial has a one year low of $18.83 and a one year high of $34.66. The firm’s 50-day moving average price is $28.02 and its two-hundred day moving average price is $28.62. The stock has a market capitalization of $18.06 billion, a PE ratio of 9.45, a price-to-earnings-growth ratio of 0.42 and a beta of 0.97.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Thursday, August 1st. The company reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.04. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.57%. The business had revenue of $4.18 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same quarter last year, the firm earned $1.04 EPS. On average, research analysts expect that Corebridge Financial will post 4.66 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 3.02%. The ex-dividend date of this dividend was Monday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is presently 28.66%.

Analyst Upgrades and Downgrades

CRBG has been the subject of several analyst reports. Bank of America reduced their target price on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a report on Thursday, July 11th. Morgan Stanley reduced their price objective on Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating for the company in a research report on Monday, August 19th. JPMorgan Chase & Co. increased their price objective on shares of Corebridge Financial from $26.00 to $34.00 and gave the company a “neutral” rating in a research note on Tuesday, July 2nd. UBS Group raised their price target on shares of Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. Finally, TD Cowen began coverage on Corebridge Financial in a research note on Wednesday, October 9th. They issued a “buy” rating and a $35.00 price objective on the stock. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $34.46.

Insider Activity

In other Corebridge Financial news, major shareholder International Group American sold 8,032,129 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $24.90, for a total value of $200,000,012.10. Following the completion of the sale, the insider now owns 284,238,898 shares in the company, valued at $7,077,548,560.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.08% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Capital Research Global Investors raised its stake in shares of Corebridge Financial by 9.9% in the 1st quarter. Capital Research Global Investors now owns 33,841,160 shares of the company’s stock valued at $972,257,000 after purchasing an additional 3,059,354 shares during the period. Vanguard Group Inc. raised its position in Corebridge Financial by 6.0% in the 1st quarter. Vanguard Group Inc. now owns 25,128,367 shares of the company’s stock valued at $721,938,000 after buying an additional 1,415,265 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Corebridge Financial by 2.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 10,199,075 shares of the company’s stock valued at $296,997,000 after acquiring an additional 227,973 shares in the last quarter. TD Asset Management Inc boosted its position in Corebridge Financial by 0.5% during the 2nd quarter. TD Asset Management Inc now owns 7,426,483 shares of the company’s stock worth $216,259,000 after acquiring an additional 37,269 shares during the last quarter. Finally, Canada Pension Plan Investment Board grew its stake in shares of Corebridge Financial by 249.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock worth $183,894,000 after acquiring an additional 4,507,322 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

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.