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

Corebridge Financial, Inc. (NYSE:CRBG) saw a large decline in short interest during the month of October. As of October 31st, there was short interest totalling 8,860,000 shares, a decline of 9.6% from the October 15th total of 9,800,000 shares. Based on an average trading volume of 3,330,000 shares, the short-interest ratio is presently 2.7 days. Approximately 3.6% of the shares of the stock are sold short.

Insider Buying and Selling at Corebridge Financial

In other 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 document filed with the SEC, which is accessible through the SEC website. 0.08% of the stock is currently owned by insiders.

Institutional Trading of Corebridge Financial

Several institutional investors have recently added to or reduced their stakes in the stock. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Corebridge Financial in the 3rd quarter valued at $27,000. Capital Performance Advisors LLP acquired a new position in Corebridge Financial in the third quarter valued at $28,000. ORG Wealth Partners LLC purchased a new position in shares of Corebridge Financial during the third quarter worth about $29,000. HM Payson & Co. acquired a new position in Corebridge Financial during the third quarter worth approximately $29,000. Finally, LRI Investments LLC acquired a new position in shares of Corebridge Financial in the 2nd quarter valued at $30,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Price Performance

Shares of NYSE:CRBG traded down $0.48 during midday trading on Tuesday, hitting $30.32. The company’s stock had a trading volume of 2,045,820 shares, compared to its average volume of 3,961,926. The company has a market cap of $17.25 billion, a P/E ratio of -14.34, a price-to-earnings-growth ratio of 0.39 and a beta of 0.90. Corebridge Financial has a 12-month low of $19.26 and a 12-month high of $34.66. The business’s 50 day simple moving average is $29.95 and its 200 day simple moving average is $29.33. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Monday, November 4th. The company reported $1.38 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 analyst estimates of $5.66 billion. During the same quarter in the previous year, the firm earned $1.05 EPS. The company’s quarterly revenue was up 39.5% compared to the same quarter last year. On average, analysts forecast that Corebridge Financial will post 4.78 EPS for the current year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be given a $0.23 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a yield of 3.03%. Corebridge Financial’s payout ratio is currently -44.02%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CRBG. Royal Bank of Canada reduced their target price on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Piper Sandler cut their price objective on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. TD Cowen initiated coverage on Corebridge Financial in a report on Wednesday, October 9th. They set a “buy” rating and a $35.00 target price for the company. Morgan Stanley upped their target price on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Finally, Barclays upped their target price on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $34.85.

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.