Corebridge Financial, Inc. (NYSE:CRBG) Short Interest Update

Corebridge Financial, Inc. (NYSE:CRBG) was the recipient of a large growth in short interest in the month of October. As of October 15th, there was short interest totalling 9,800,000 shares, a growth of 9.7% from the September 30th total of 8,930,000 shares. Currently, 3.9% of the company’s stock are sold short. Based on an average trading volume of 3,100,000 shares, the days-to-cover ratio is presently 3.2 days.

Corebridge Financial Trading Down 1.0 %

Shares of CRBG stock traded down $0.31 on Thursday, hitting $31.77. 2,745,195 shares of the company’s stock traded hands, compared to its average volume of 3,871,217. The stock has a market capitalization of $18.81 billion, a price-to-earnings ratio of 9.99, a P/E/G ratio of 0.42 and a beta of 0.97. Corebridge Financial has a one year low of $18.83 and a one year high of $34.66. The company’s fifty day simple moving average is $29.25 and its 200 day simple moving average is $28.93. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.14 and a current ratio of 0.14.

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

Wall Street Analyst Weigh In

Several brokerages recently commented on CRBG. Piper Sandler dropped their price objective on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 2nd. TD Cowen started coverage on shares of Corebridge Financial in a research report on Wednesday, October 9th. They set a “buy” rating and a $35.00 price objective for the company. UBS Group upped their price target on shares of Corebridge Financial from $29.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Bank of America cut their price objective on shares of Corebridge Financial from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. Finally, Morgan Stanley reduced their price objective on Corebridge Financial from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Monday, August 19th. Three investment 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, Corebridge Financial has a consensus rating of “Moderate Buy” and an average target price of $34.46.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 5,000,000 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $28.86, for a total value of $144,300,000.00. Following the sale, the insider now owns 279,238,898 shares of the company’s stock, valued at approximately $8,058,834,596.28. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.08% of the company’s stock.

Institutional Investors Weigh In On Corebridge Financial

A number of institutional investors have recently modified their holdings of the stock. Deseret Mutual Benefit Administrators increased its position in shares of Corebridge Financial by 43.1% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 2,969 shares of the company’s stock valued at $87,000 after purchasing an additional 894 shares during the last quarter. Catalyst Capital Advisors LLC lifted its position in shares of Corebridge Financial by 30.7% in the third quarter. Catalyst Capital Advisors LLC now owns 92,790 shares of the company’s stock valued at $2,706,000 after acquiring an additional 21,790 shares in the last quarter. Asset Management One Co. Ltd. grew its stake in Corebridge Financial by 2.5% during the third quarter. Asset Management One Co. Ltd. now owns 128,349 shares of the company’s stock valued at $3,743,000 after acquiring an additional 3,150 shares in the last quarter. QRG Capital Management Inc. boosted its holdings in shares of Corebridge Financial by 25.8% during the 3rd quarter. QRG Capital Management Inc. now owns 260,426 shares of the company’s stock valued at $7,594,000 after purchasing an additional 53,329 shares during the last quarter. Finally, Forum Financial Management LP purchased a new stake in shares of Corebridge Financial during the 3rd quarter worth approximately $286,000. 98.25% of the stock is owned by hedge funds and other institutional investors.

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.