Short Interest in Corebridge Financial, Inc. (NYSE:CRBG) Drops By 63.4%

Corebridge Financial, Inc. (NYSE:CRBGGet Free Report) was the recipient of a large drop in short interest during the month of May. As of May 31st, there was short interest totalling 10,520,000 shares, a drop of 63.4% from the May 15th total of 28,720,000 shares. Approximately 4.1% of the company’s shares are sold short. Based on an average daily volume of 4,940,000 shares, the days-to-cover ratio is presently 2.1 days.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $29.20, for a total value of $876,000,000.00. Following the completion of the sale, the insider now owns 294,203,636 shares in the company, valued at approximately $8,590,746,171.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.09% of the company’s stock.

Institutional Investors Weigh In On Corebridge Financial

A number of hedge funds have recently made changes to their positions in CRBG. Riverview Trust Co bought a new stake in shares of Corebridge Financial during the 1st quarter worth $25,000. Vestor Capital LLC bought a new stake in shares of Corebridge Financial during the 4th quarter worth $43,000. Headlands Technologies LLC bought a new stake in shares of Corebridge Financial during the 4th quarter worth $65,000. Plato Investment Management Ltd bought a new stake in shares of Corebridge Financial during the 1st quarter worth $100,000. Finally, UniSuper Management Pty Ltd bought a new stake in shares of Corebridge Financial during the 1st quarter worth $103,000. 98.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CRBG. Piper Sandler lifted their price objective on shares of Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research note on Monday, May 6th. Morgan Stanley lifted their price target 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 lifted their price target on shares of Corebridge Financial from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, April 11th. Royal Bank of Canada reissued an “outperform” rating and issued a $32.00 price target on shares of Corebridge Financial in a research report on Friday, April 12th. Finally, Wells Fargo & Company lifted their price target on shares of Corebridge Financial from $33.00 to $34.00 and gave the company an “overweight” rating in a research report on Friday, May 10th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.55.

Check Out Our Latest Stock Analysis on Corebridge Financial

Corebridge Financial Stock Up 0.5 %

CRBG traded up $0.14 during mid-day trading on Wednesday, reaching $29.05. 3,241,027 shares of the stock were exchanged, compared to its average volume of 4,549,644. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.14 and a current ratio of 0.14. The stock has a market capitalization of $17.67 billion, a PE ratio of 7.64, a price-to-earnings-growth ratio of 0.32 and a beta of 0.99. The company has a 50 day moving average price of $28.75 and a two-hundred day moving average price of $25.58. Corebridge Financial has a 1 year low of $16.13 and a 1 year high of $34.66.

Corebridge Financial (NYSE:CRBGGet Free Report) last posted its quarterly earnings data on Friday, May 3rd. The company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.05. The firm had revenue of $5.85 billion for the quarter, compared to the consensus estimate of $5.50 billion. Corebridge Financial had a net margin of 11.25% and a return on equity of 23.64%. During the same period in the previous year, the firm earned $0.97 EPS. As a group, research analysts anticipate that Corebridge Financial will post 4.95 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date is Friday, June 14th. Corebridge Financial’s payout ratio is 24.21%.

About Corebridge Financial

(Get Free Report)

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.

Further Reading

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