Short Interest in Corebridge Financial, Inc. (NYSE:CRBG) Drops By 8.2%

Corebridge Financial, Inc. (NYSE:CRBG) saw a large decline in short interest in July. As of July 31st, there was short interest totalling 6,740,000 shares, a decline of 8.2% from the July 15th total of 7,340,000 shares. Currently, 2.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 4,160,000 shares, the short-interest ratio is currently 1.6 days.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 30,000,000 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $29.20, for a total value of $876,000,000.00. Following the transaction, the insider now owns 294,203,636 shares in the company, valued at $8,590,746,171.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last three months, insiders sold 39,964,738 shares of company stock worth $1,132,432,195. Corporate insiders own 0.09% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank acquired a new position in Corebridge Financial during the 4th quarter worth about $225,561,000. Vanguard Group Inc. lifted its position in shares of Corebridge Financial by 39.0% during the fourth quarter. Vanguard Group Inc. now owns 23,713,102 shares of the company’s stock worth $513,626,000 after purchasing an additional 6,648,673 shares in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its stake in shares of Corebridge Financial by 106.3% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 10,010,679 shares of the company’s stock valued at $216,831,000 after purchasing an additional 5,157,570 shares during the period. Balyasny Asset Management L.P. acquired a new position in shares of Corebridge Financial in the fourth quarter valued at approximately $105,728,000. Finally, Canada Pension Plan Investment Board increased its stake in Corebridge Financial by 249.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 6,315,045 shares of the company’s stock worth $183,894,000 after buying an additional 4,507,322 shares during the period. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on CRBG shares. Royal Bank of Canada lowered their price target on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. UBS Group boosted their target price on Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Piper Sandler upped their price target on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research report on Monday, May 6th. Bank of America reduced their price objective on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Thursday, July 11th. Finally, Jefferies Financial Group upped their target price on Corebridge Financial from $35.00 to $40.00 and gave the company a “buy” rating in a report on Friday, June 28th. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $33.67.

Corebridge Financial Stock Up 0.2 %

Shares of CRBG opened at $28.37 on Tuesday. The company’s 50-day moving average price is $28.66 and its 200 day moving average price is $27.70. Corebridge Financial has a 12-month low of $17.40 and a 12-month high of $34.66. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.94. The firm has a market cap of $17.26 billion, a P/E ratio of 7.47, a price-to-earnings-growth ratio of 0.37 and a beta of 0.97.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings results on Thursday, August 1st. The company reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.77%. The business had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $5.73 billion. During the same period in the previous year, the firm earned $1.04 EPS. On average, sell-side analysts forecast that Corebridge Financial will post 4.73 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 3.24%. The ex-dividend date is Monday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is 24.21%.

Corebridge Financial Company Profile

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.