Corebridge Financial, Inc. (NYSE:CRBG) Short Interest Up 13.6% in January

Corebridge Financial, Inc. (NYSE:CRBG) saw a significant increase in short interest during the month of January. As of January 15th, there was short interest totalling 8,210,000 shares, an increase of 13.6% from the December 31st total of 7,230,000 shares. Based on an average trading volume of 3,520,000 shares, the short-interest ratio is currently 2.3 days. Currently, 2.2% of the shares of the stock are sold short.

Corebridge Financial Stock Down 3.0 %

Shares of CRBG stock traded down $1.02 during trading on Monday, reaching $32.75. The company’s stock had a trading volume of 921,098 shares, compared to its average volume of 3,130,384. The business has a fifty day moving average price of $31.27 and a 200-day moving average price of $29.95. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83. The company has a market cap of $18.63 billion, a price-to-earnings ratio of -15.66, a price-to-earnings-growth ratio of 0.38 and a beta of 0.94. Corebridge Financial has a one year low of $23.01 and a one year high of $34.66.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Monday, November 4th. The company reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.21. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The business had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the previous year, the firm posted $1.05 earnings per share. The firm’s revenue for the quarter was up 39.5% on a year-over-year basis. Analysts anticipate that Corebridge Financial will post 4.8 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $31.20, for a total transaction of $936,000,000.00. Following the completion of the sale, the insider now 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.08% of the company’s stock.

Institutional Trading of Corebridge Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ieq Capital LLC raised its position in Corebridge Financial by 311.2% during the fourth quarter. Ieq Capital LLC now owns 45,541 shares of the company’s stock worth $1,363,000 after acquiring an additional 34,467 shares in the last quarter. New York State Common Retirement Fund boosted its holdings in shares of Corebridge Financial by 9.4% during the 4th quarter. New York State Common Retirement Fund now owns 159,882 shares of the company’s stock worth $4,785,000 after buying an additional 13,700 shares during the period. Kestra Investment Management LLC acquired a new position in Corebridge Financial in the 4th quarter valued at about $316,000. D.A. Davidson & CO. raised its holdings in Corebridge Financial by 166.9% in the 4th quarter. D.A. Davidson & CO. now owns 32,825 shares of the company’s stock valued at $982,000 after acquiring an additional 20,525 shares during the period. Finally, Truist Financial Corp lifted its position in Corebridge Financial by 656.7% during the fourth quarter. Truist Financial Corp now owns 55,831 shares of the company’s stock worth $1,671,000 after acquiring an additional 48,453 shares during the last quarter. 98.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

CRBG has been the subject of several analyst reports. Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price target for the company in a research report on Monday, January 6th. Morgan Stanley boosted their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. TD Cowen boosted their price objective on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Piper Sandler boosted their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Finally, BMO Capital Markets assumed coverage on shares of Corebridge Financial in a report on Thursday, January 23rd. They set an “outperform” rating and a $43.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $36.43.

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.