Corebridge Financial, Inc. (NYSE:CRBG) Short Interest Down 9.6% in October

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

Insider Buying and Selling

In related news, major shareholder International Group American sold 30,000,000 shares of the company’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 approximately $7,776,253,617.60. This represents a 10.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.08% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Capital Research Global Investors raised its holdings in shares of Corebridge Financial by 9.9% during the first 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 last quarter. Vanguard Group Inc. boosted its stake in shares of Corebridge Financial by 6.0% in the 1st quarter. Vanguard Group Inc. now owns 25,128,367 shares of the company’s stock worth $721,938,000 after buying an additional 1,415,265 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Corebridge Financial by 2.8% in the third quarter. Massachusetts Financial Services Co. MA now owns 10,483,856 shares of the company’s stock worth $305,709,000 after acquiring an additional 284,781 shares during the period. State Street Corp increased its position in Corebridge Financial by 11.7% during the third quarter. State Street Corp now owns 8,035,438 shares of the company’s stock valued at $234,313,000 after acquiring an additional 843,559 shares during the last quarter. Finally, TD Asset Management Inc lifted its holdings in Corebridge Financial by 0.5% in the second quarter. TD Asset Management Inc now owns 7,426,483 shares of the company’s stock valued at $216,259,000 after acquiring an additional 37,269 shares during the period. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Trading Down 1.6 %

Shares of CRBG stock traded down $0.48 during mid-day trading on Tuesday, reaching $30.32. The stock had a trading volume of 2,045,820 shares, compared to its average volume of 3,961,926. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.83. The stock’s 50-day moving average price is $29.95 and its two-hundred day moving average price is $29.33. The firm has a market capitalization of $17.25 billion, a PE ratio of -14.34, a price-to-earnings-growth ratio of 0.39 and a beta of 0.90. Corebridge Financial has a 52-week low of $19.26 and a 52-week 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, beating the consensus estimate of $1.17 by $0.21. The company had revenue of $5.53 billion for the quarter, compared to analysts’ expectations of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. Corebridge Financial’s quarterly revenue was up 39.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.05 earnings per share. Equities analysts expect 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. Stockholders of record on Tuesday, December 17th will be issued a dividend of $0.23 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 annualized dividend and a dividend yield of 3.03%. Corebridge Financial’s payout ratio is presently -44.02%.

Analysts Set New Price Targets

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

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.