Short Interest in Corebridge Financial, Inc. (NYSE:CRBG) Rises By 12.5%

Corebridge Financial, Inc. (NYSE:CRBG) was the target 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. Based on an average daily trading volume, of 4,660,000 shares, the days-to-cover ratio is presently 2.5 days. Currently, 4.7% of the shares of the stock are short sold.

Insider Activity

In related news, major shareholder International Group American sold 1,932,609 shares of Corebridge Financial stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $29.20, for a total transaction of $56,432,182.80. Following the completion of the transaction, the insider now directly owns 292,271,027 shares of the company’s stock, valued at $8,534,313,988.40. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.09% of the company’s stock.

Institutional Investors Weigh In On Corebridge Financial

Several institutional investors and hedge funds have recently modified their holdings of CRBG. Rhumbline Advisers lifted its stake in shares of Corebridge Financial by 72.4% in the third quarter. Rhumbline Advisers now owns 152,119 shares of the company’s stock worth $3,004,000 after acquiring an additional 63,903 shares in the last quarter. Invesco Ltd. raised its stake in Corebridge Financial by 128.4% during the third quarter. Invesco Ltd. now owns 333,170 shares of the company’s stock valued at $6,580,000 after buying an additional 187,272 shares in the last quarter. Hsbc Holdings PLC bought a new position in shares of Corebridge Financial during the third quarter valued at approximately $372,000. Mariner LLC grew its holdings in shares of Corebridge Financial by 4.3% during the third quarter. Mariner LLC now owns 33,647 shares of the company’s stock valued at $665,000 after purchasing an additional 1,388 shares during the last quarter. Finally, Seven Eight Capital LP grew its holdings in shares of Corebridge Financial by 50.8% during the third quarter. Seven Eight Capital LP now owns 75,850 shares of the company’s stock valued at $1,498,000 after purchasing an additional 25,566 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Wells Fargo & Company boosted their price target on Corebridge Financial from $33.00 to $34.00 and gave the stock an “overweight” rating in a report on Friday, May 10th. Keefe, Bruyette & Woods boosted their price target on Corebridge Financial from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Wednesday, April 10th. Evercore ISI boosted their price target on Corebridge Financial from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, April 11th. Jefferies Financial Group boosted their price target on Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $33.00 price target on shares of Corebridge Financial in a report on Friday, June 28th. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.42.

Corebridge Financial Trading Down 0.8 %

CRBG stock traded down $0.24 during trading on Wednesday, reaching $29.35. 1,770,941 shares of the stock traded hands, compared to its average volume of 4,435,974. The business’s 50 day moving average price is $29.29 and its 200-day moving average price is $26.45. Corebridge Financial has a 52-week low of $17.40 and a 52-week high of $34.66. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.14 and a quick ratio of 0.14. The firm has a market capitalization of $17.86 billion, a PE ratio of 7.72, a P/E/G 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 (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.05. Corebridge Financial had a return on equity of 23.64% and a net margin of 11.25%. The firm had revenue of $5.85 billion during the quarter, compared to the consensus estimate of $5.50 billion. During the same quarter in the previous year, the business earned $0.97 earnings per share. As a group, sell-side analysts forecast that Corebridge Financial will post 4.9 earnings per share for the current year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 3.13%. The ex-dividend date of this dividend was Friday, June 14th. Corebridge Financial’s payout ratio is 24.21%.

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.