Corebridge Financial, Inc. (NYSE:CRBG) Short Interest Up 49.0% in October

Corebridge Financial, Inc. (NYSE:CRBG) saw a large increase in short interest in October. As of October 15th, there was short interest totaling 8,790,000 shares, an increase of 49.0% from the September 30th total of 5,900,000 shares. Based on an average daily trading volume, of 3,740,000 shares, the short-interest ratio is currently 2.4 days. Approximately 2.2% of the company’s stock are sold short. Approximately 2.2% of the company’s stock are sold short. Based on an average daily trading volume, of 3,740,000 shares, the short-interest ratio is currently 2.4 days.

Insiders Place Their Bets

In related news, major shareholder International Group American sold 30,000,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the completion of the transaction, the insider owned 83,896,013 shares of the company’s stock, valued at $2,823,100,837.45. This trade represents a 26.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.29% of the stock is currently owned by company insiders.

Institutional Trading of Corebridge Financial

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Corebridge Financial by 1.4% in the first quarter. Vanguard Group Inc. now owns 24,249,948 shares of the company’s stock worth $765,571,000 after buying an additional 324,692 shares in the last quarter. Pzena Investment Management LLC raised its stake in Corebridge Financial by 132.6% in the second quarter. Pzena Investment Management LLC now owns 18,723,701 shares of the company’s stock worth $664,691,000 after buying an additional 10,673,099 shares in the last quarter. AQR Capital Management LLC raised its stake in Corebridge Financial by 50.0% in the first quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company’s stock worth $258,880,000 after buying an additional 2,780,764 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Corebridge Financial by 6.8% in the first quarter. Dimensional Fund Advisors LP now owns 5,829,711 shares of the company’s stock worth $184,034,000 after buying an additional 372,270 shares in the last quarter. Finally, LSV Asset Management raised its stake in Corebridge Financial by 5.8% in the second quarter. LSV Asset Management now owns 4,587,100 shares of the company’s stock worth $162,842,000 after buying an additional 250,066 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Wall Street Zen upgraded Corebridge Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. Wells Fargo & Company lifted their target price on Corebridge Financial from $42.00 to $44.00 and gave the company an “overweight” rating in a research report on Wednesday, October 8th. UBS Group upgraded Corebridge Financial from a “sell” rating to a “neutral” rating and lifted their target price for the company from $28.00 to $37.00 in a research report on Friday, July 11th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Corebridge Financial in a research report on Wednesday, October 8th. Finally, Barclays decreased their price target on Corebridge Financial from $46.00 to $39.00 and set an “overweight” rating on the stock in a report on Wednesday, October 8th. Nine analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $39.91.

Corebridge Financial Trading Up 1.7%

Shares of NYSE:CRBG traded up $0.54 during trading hours on Tuesday, hitting $31.49. 4,069,870 shares of the company’s stock traded hands, compared to its average volume of 3,327,664. Corebridge Financial has a 1 year low of $23.69 and a 1 year high of $36.57. The business has a fifty day moving average price of $32.71 and a 200-day moving average price of $32.98. The firm has a market capitalization of $16.95 billion, a P/E ratio of -51.42, a price-to-earnings-growth ratio of 0.51 and a beta of 1.02. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.12 and a quick ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Monday, November 3rd. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.12). The business had revenue of $5.63 billion for the quarter, compared to analysts’ expectations of $4.85 billion. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. The firm’s quarterly revenue was up 34.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.23 EPS. Equities analysts expect that Corebridge Financial will post 5.43 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th will be issued a $0.24 dividend. The ex-dividend date is Wednesday, December 17th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.0%. Corebridge Financial’s payout ratio is presently -157.38%.

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.