Corebridge Financial, Inc. (NYSE:CRBG) Short Interest Update

Corebridge Financial, Inc. (NYSE:CRBG) was the target of a large increase in short interest during the month of March. As of March 31st, there was short interest totalling 17,330,000 shares, an increase of 18.6% from the March 15th total of 14,610,000 shares. Based on an average trading volume of 4,430,000 shares, the days-to-cover ratio is currently 3.9 days. Approximately 7.4% of the company’s stock are sold short.

Corebridge Financial Stock Down 0.4 %

Corebridge Financial stock opened at $26.66 on Tuesday. Corebridge Financial has a twelve month low of $14.91 and a twelve month high of $29.40. The stock has a 50 day moving average of $25.88 and a two-hundred day moving average of $23.06. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.92. The stock has a market capitalization of $16.60 billion, a price-to-earnings ratio of 15.78, a PEG ratio of 0.31 and a beta of 0.86.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Thursday, February 15th. The company reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.05. Corebridge Financial had a return on equity of 23.11% and a net margin of 5.92%. The company had revenue of $5.92 billion during the quarter, compared to analysts’ expectations of $5.65 billion. During the same period last year, the firm earned $0.88 EPS. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. As a group, research analysts expect that Corebridge Financial will post 4.86 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a dividend of $0.23 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.92 dividend on an annualized basis and a yield of 3.45%. Corebridge Financial’s payout ratio is 54.44%.

Institutional Trading of Corebridge Financial

Several hedge funds have recently modified their holdings of CRBG. American International Group Inc. lifted its holdings in shares of Corebridge Financial by 25,998,738.6% in the 4th quarter. American International Group Inc. now owns 324,205,517 shares of the company’s stock valued at $7,022,291,000 after buying an additional 324,204,270 shares during the period. Norges Bank acquired a new stake in shares of Corebridge Financial in the 4th quarter valued at approximately $225,561,000. Vanguard Group Inc. lifted its holdings in shares of Corebridge Financial by 39.0% in the 4th quarter. Vanguard Group Inc. now owns 23,713,102 shares of the company’s stock valued at $513,626,000 after buying an additional 6,648,673 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Corebridge Financial by 63.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 16,048,354 shares of the company’s stock valued at $321,930,000 after buying an additional 6,216,666 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC lifted its holdings in shares of Corebridge Financial by 106.3% in the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 10,010,679 shares of the company’s stock valued at $216,831,000 after buying an additional 5,157,570 shares during the period. 98.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CRBG. Wells Fargo & Company increased their price objective on Corebridge Financial from $30.00 to $33.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Piper Sandler increased their price objective on Corebridge Financial from $30.00 to $34.00 and gave the company an “overweight” rating in a report on Friday, April 5th. The Goldman Sachs Group increased their price objective on Corebridge Financial from $27.00 to $31.00 and gave the company a “buy” rating in a report on Tuesday, January 9th. UBS Group increased their price objective on Corebridge Financial from $22.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday, January 10th. Finally, Morgan Stanley upped their target price on Corebridge Financial from $26.00 to $28.00 and gave the company an “equal weight” rating in a research report on Monday. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.08.

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.