Corebridge Financial, Inc. (NYSE:CRBG) Short Interest Up 12.5% in June

Corebridge Financial, Inc. (NYSE:CRBG) was the recipient of a large increase in short interest in June. As of June 15th, there was short interest totalling 11,830,000 shares, an increase of 12.5% from the May 31st total of 10,520,000 shares. Based on an average trading volume of 4,660,000 shares, the short-interest ratio is currently 2.5 days. Approximately 4.7% of the company’s stock are sold short.

Insider Buying and Selling

In related news, major shareholder International Group American sold 1,932,609 shares of the business’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $29.20, for a total transaction of $56,432,182.80. Following the transaction, the insider now directly owns 292,271,027 shares of the company’s stock, valued at $8,534,313,988.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.09% of the company’s stock.

Institutional Trading of Corebridge Financial

Hedge funds have recently modified their holdings of the company. Riverview Trust Co bought a new position in Corebridge Financial during the first quarter worth about $25,000. Vestor Capital LLC bought a new position in shares of Corebridge Financial during the 4th quarter worth approximately $43,000. Headlands Technologies LLC acquired a new stake in Corebridge Financial in the 4th quarter valued at $65,000. Plato Investment Management Ltd bought a new stake in Corebridge Financial in the first quarter valued at $100,000. Finally, UniSuper Management Pty Ltd acquired a new position in Corebridge Financial during the first quarter worth $103,000. Institutional investors own 98.25% of the company’s stock.

Analyst Ratings Changes

CRBG has been the topic of several research reports. Keefe, Bruyette & Woods upped their target price on Corebridge Financial from $35.00 to $38.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. Morgan Stanley raised their price objective on shares of Corebridge Financial from $26.00 to $28.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. Evercore ISI boosted their target price on shares of Corebridge Financial from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday, April 11th. Royal Bank of Canada restated an “outperform” rating and set a $33.00 price target on shares of Corebridge Financial in a report on Friday, June 28th. Finally, Wells Fargo & Company upped their price objective on shares of Corebridge Financial from $33.00 to $34.00 and gave the stock an “overweight” rating in a report on Friday, May 10th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.42.

Corebridge Financial Stock Performance

Corebridge Financial stock traded down $0.24 on Wednesday, reaching $29.35. 1,770,939 shares of the stock were exchanged, compared to its average volume of 4,435,974. The stock has a market cap of $17.86 billion, a PE ratio of 7.79, a PEG ratio of 0.32 and a beta of 0.97. The firm has a fifty day moving average price of $29.29 and a two-hundred day moving average price of $26.45. Corebridge Financial has a twelve month low of $17.40 and a twelve 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.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Friday, May 3rd. The company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.05. The firm had revenue of $5.85 billion during the quarter, compared to the consensus estimate of $5.50 billion. Corebridge Financial had a return on equity of 23.64% and a net margin of 11.25%. During the same quarter in the prior year, the company earned $0.97 EPS. Sell-side analysts anticipate that Corebridge Financial will post 4.9 EPS for the current year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were paid a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 3.13%. The ex-dividend date of this dividend was Friday, June 14th. Corebridge Financial’s payout ratio is presently 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.