Corebridge Financial, Inc. (NYSE:CRBG) Sees Large Growth in Short Interest

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. American International Group Inc. boosted its holdings in 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 worth $7,022,291,000 after buying an additional 324,204,270 shares during the period. Capital Research Global Investors boosted its holdings in Corebridge Financial by 6.5% in the 4th quarter. Capital Research Global Investors now owns 30,781,806 shares of the company’s stock worth $666,734,000 after buying an additional 1,865,841 shares during the period. Vanguard Group Inc. boosted its holdings in Corebridge Financial by 39.0% in the 4th quarter. Vanguard Group Inc. now owns 23,713,102 shares of the company’s stock worth $513,626,000 after buying an additional 6,648,673 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Corebridge Financial by 16.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 18,725,378 shares of the company’s stock worth $299,982,000 after purchasing an additional 2,677,024 shares in the last quarter. Finally, Norges Bank purchased a new stake in Corebridge Financial in the 4th quarter worth $225,561,000. Institutional investors own 98.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Evercore ISI lifted their target price on shares of Corebridge Financial from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday. UBS Group boosted their price objective on shares of Corebridge Financial from $22.00 to $28.00 and gave the stock a “buy” rating in a report on Wednesday, January 10th. Royal Bank of Canada restated an “outperform” rating and issued a $32.00 price objective on shares of Corebridge Financial in a report on Friday. Piper Sandler boosted their price objective on shares of Corebridge Financial from $30.00 to $34.00 and gave the stock an “overweight” rating in a report on Friday, April 5th. Finally, Wells Fargo & Company boosted their price objective on shares of Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $28.83.

Corebridge Financial Trading Down 1.9 %

Shares of CRBG stock opened at $26.78 on Friday. Corebridge Financial has a 1 year low of $14.91 and a 1 year high of $29.40. The firm has a fifty day moving average price of $25.82 and a 200-day moving average price of $22.98. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.14 and a quick ratio of 0.14. The company has a market cap of $16.67 billion, a price-to-earnings ratio of 15.85, a PEG ratio of 0.32 and a beta of 0.86.

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

Corebridge Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 3.44%. The ex-dividend date of this dividend was Thursday, March 14th. Corebridge Financial’s dividend payout ratio is currently 54.44%.

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.