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

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

Corebridge Financial Trading Down 2.7 %

CRBG stock traded down $0.83 during midday trading on Tuesday, reaching $29.97. The stock had a trading volume of 441,439 shares, compared to its average volume of 3,954,103. 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 business has a fifty day simple moving average of $29.95 and a two-hundred day simple moving average of $29.33. Corebridge Financial has a twelve month low of $19.26 and a twelve month high of $34.66.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The company had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the prior year, the company earned $1.05 earnings per share. The company’s revenue for the quarter was up 39.5% compared to the same quarter last year. As a group, sell-side analysts predict that Corebridge Financial will post 4.78 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently declared 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. The ex-dividend date is Tuesday, December 17th. This represents a $0.92 annualized dividend and a yield of 3.07%. Corebridge Financial’s dividend payout ratio (DPR) is presently -44.02%.

Wall Street Analyst Weigh In

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

Insider Activity

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 shares were sold at an average price of $31.20, for a total value of $936,000,000.00. Following the transaction, the insider now directly owns 249,238,898 shares in the company, valued at $7,776,253,617.60. The trade was a 10.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.08% of the company’s stock.

Institutional Investors Weigh In On Corebridge Financial

A number of institutional investors and hedge funds have recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Corebridge Financial during the 3rd quarter worth about $27,000. Capital Performance Advisors LLP acquired a new position in Corebridge Financial in the 3rd quarter valued at $28,000. ORG Wealth Partners LLC bought a new stake in Corebridge Financial during the third quarter worth about $29,000. HM Payson & Co. acquired a new stake in Corebridge Financial during the third quarter worth about $29,000. Finally, LRI Investments LLC acquired a new position in Corebridge Financial during the second quarter valued at approximately $30,000. 98.25% of the stock is owned by institutional investors.

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.