Corebridge Financial, Inc. (NYSE:CRBG) Sees Significant Decline in Short Interest

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) was the recipient of a large decline in short interest in 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. Currently, 3.6% of the company's stock are short sold. Based on an average daily volume of 3,330,000 shares, the days-to-cover ratio is presently 2.7 days.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CRBG. TD Cowen initiated coverage on shares of Corebridge Financial in a research note on Wednesday, October 9th. They issued a "buy" rating and a $35.00 price target for the company. Piper Sandler lowered their target price on Corebridge Financial from $35.00 to $34.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 2nd. Morgan Stanley lifted their price target on shares of Corebridge Financial from $31.00 to $34.00 and gave the company an "equal weight" rating in a report on Tuesday, November 5th. Royal Bank of Canada dropped their price objective on Corebridge Financial from $33.00 to $32.00 and set an "outperform" rating for the company in a research note on Friday, August 2nd. Finally, Barclays increased their price objective on shares of Corebridge Financial from $34.00 to $36.00 and gave the company an "equal weight" rating in a report on Tuesday, November 5th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, Corebridge Financial currently has an average rating of "Moderate Buy" and an average price target of $34.85.

Corebridge Financial Trading Down 1.2 %

Corebridge Financial stock traded down $0.37 during mid-day trading on Tuesday, hitting $30.43. The company's stock had a trading volume of 3,677,055 shares, compared to its average volume of 3,969,678. The company has a 50 day moving average of $29.95 and a 200-day moving average of $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. The stock has a market cap of $17.31 billion, a PE ratio of -14.56, a P/E/G ratio of 0.39 and a beta of 0.90. Corebridge Financial has a one year low of $19.26 and a one year high of $34.66.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings data on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.21. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The company had revenue of $5.53 billion during the quarter, compared to analysts' expectations of $5.66 billion. During the same period in the previous year, the company earned $1.05 EPS. The firm's quarterly revenue was up 39.5% on a year-over-year basis. On average, research analysts anticipate that Corebridge Financial will post 4.78 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be paid a dividend of $0.23 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.02%. Corebridge Financial's dividend payout ratio is presently -44.02%.

Insider Transactions at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, the insider now directly owns 249,238,898 shares in the company, valued at $7,776,253,617.60. The trade was a 10.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.08% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in CRBG. Point72 Asia Singapore Pte. Ltd. purchased a new position in Corebridge Financial in the third quarter worth $27,000. Capital Performance Advisors LLP acquired a new position in Corebridge Financial during the 3rd quarter valued at about $28,000. ORG Wealth Partners LLC purchased a new stake in Corebridge Financial in the third quarter valued at about $29,000. HM Payson & Co. acquired a new stake in Corebridge Financial in the third quarter worth about $29,000. Finally, LRI Investments LLC purchased a new stake in shares of Corebridge Financial during the second quarter worth about $30,000. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

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.