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

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

Analyst Ratings Changes

CRBG has been the topic of a number of recent research reports. Wells Fargo & Company cut their target price on Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating on the stock in a research note on Tuesday. Barclays raised shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 price objective on the stock in a research report on Monday, January 6th. DOWLING & PARTN cut shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft upgraded shares of Corebridge Financial from a “hold” rating to a “buy” rating and increased their price target for the company from $33.00 to $40.00 in a report on Friday, January 10th. Finally, Piper Sandler boosted their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $35.92.

Insider Buying and Selling

In related news, major shareholder International Group American sold 121,956,256 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the sale, the insider now owns 127,282,642 shares in the company, valued at $4,005,584,743.74. This represents a 48.93 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.08% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CRBG. Point72 Asia Singapore Pte. Ltd. purchased a new position in Corebridge Financial during the third quarter valued at $27,000. Fortitude Family Office LLC bought a new position in shares of Corebridge Financial in the fourth quarter worth about $27,000. FNY Investment Advisers LLC purchased a new position in shares of Corebridge Financial during the 4th quarter valued at about $27,000. Capital Performance Advisors LLP bought a new position in shares of Corebridge Financial during the 3rd quarter valued at approximately $28,000. Finally, ORG Wealth Partners LLC purchased a new stake in Corebridge Financial in the 3rd quarter worth approximately $29,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Corebridge Financial Price Performance

NYSE CRBG opened at $31.99 on Friday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14. Corebridge Financial has a 1-year low of $23.01 and a 1-year high of $34.66. The stock has a market capitalization of $18.20 billion, a price-to-earnings ratio of -15.31, a PEG ratio of 0.33 and a beta of 0.92. The business’s fifty day moving average price is $30.82 and its 200-day moving average price is $29.68.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The business had revenue of $5.53 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same period last year, the firm posted $1.05 earnings per share. The business’s revenue for the quarter was up 39.5% on a year-over-year basis. On average, equities analysts predict that Corebridge Financial will post 4.83 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th were given a $0.23 dividend. The ex-dividend date was Tuesday, December 17th. This represents a $0.92 annualized dividend and a yield of 2.88%. Corebridge Financial’s payout ratio is presently -44.02%.

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.