Short Interest in Corebridge Financial, Inc. (NYSE:CRBG) Grows By 9.7%

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) was the recipient of a significant growth in short interest during the month of October. As of October 15th, there was short interest totalling 9,800,000 shares, a growth of 9.7% from the September 30th total of 8,930,000 shares. Based on an average daily trading volume, of 3,100,000 shares, the short-interest ratio is currently 3.2 days. Approximately 3.9% of the company's stock are short sold.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. UBS Group boosted their price objective on shares of Corebridge Financial from $29.00 to $35.00 and gave the stock a "buy" rating in a research note on Tuesday, July 9th. Barclays lifted their price target on Corebridge Financial from $33.00 to $34.00 and gave the stock an "equal weight" rating in a research report on Tuesday, October 8th. Piper Sandler lowered their price target on Corebridge Financial from $35.00 to $34.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 2nd. TD Cowen started coverage on Corebridge Financial in a research report on Wednesday, October 9th. They issued a "buy" rating and a $35.00 price objective for the company. Finally, Royal Bank of Canada lowered their price objective 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. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $34.46.

Corebridge Financial Price Performance

Corebridge Financial stock traded up $0.08 during trading hours on Wednesday, hitting $32.08. 1,934,701 shares of the stock were exchanged, compared to its average volume of 3,876,579. The stock has a market capitalization of $18.99 billion, a P/E ratio of 10.10, a P/E/G ratio of 0.42 and a beta of 0.97. The business's 50-day moving average is $29.17 and its two-hundred day moving average is $28.91. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.14 and a current ratio of 0.14. Corebridge Financial has a 12 month low of $18.83 and a 12 month high of $34.66.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The company reported $1.13 EPS for the quarter, topping analysts' consensus estimates of $1.09 by $0.04. Corebridge Financial had a return on equity of 23.57% and a net margin of 10.16%. The business had revenue of $4.18 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same period in the prior year, the company earned $1.04 EPS. Equities research analysts expect that Corebridge Financial will post 4.66 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder International Group American sold 5,000,000 shares of the company's stock in a transaction on Monday, September 16th. The shares were sold at an average price of $28.86, for a total value of $144,300,000.00. Following the completion of the sale, the insider now directly owns 279,238,898 shares in the company, valued at approximately $8,058,834,596.28. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.08% of the stock is currently owned by corporate insiders.

Institutional Trading of Corebridge Financial

Hedge funds and other institutional investors have recently made changes to their positions in the business. ORG Wealth Partners LLC bought a new position in shares of Corebridge Financial in the third quarter worth about $29,000. HM Payson & Co. bought a new position in Corebridge Financial in the third quarter valued at about $29,000. LRI Investments LLC acquired a new stake in Corebridge Financial in the second quarter worth about $30,000. ORG Partners LLC bought a new stake in Corebridge Financial during the 2nd quarter worth about $32,000. Finally, Fifth Third Bancorp bought a new position in shares of Corebridge Financial in the 2nd quarter valued at about $54,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

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.