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

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

Corebridge Financial Price Performance

Shares of Corebridge Financial stock remained flat at $29.12 during trading on Monday. The stock had a trading volume of 3,009,261 shares, compared to its average volume of 4,474,437. 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 $17.72 billion, a price-to-earnings ratio of 7.66, a P/E/G ratio of 0.32 and a beta of 0.97. The firm’s fifty day simple moving average is $29.21 and its two-hundred day simple moving average is $26.34. Corebridge Financial has a twelve month low of $17.40 and a twelve month high of $34.66.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data 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 business had revenue of $5.85 billion during the quarter, compared to analyst estimates 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 firm posted $0.97 earnings per share. As a group, research analysts forecast that Corebridge Financial will post 4.95 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm also recently disclosed 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 yield of 3.16%. The ex-dividend date of this dividend was Friday, June 14th. Corebridge Financial’s dividend payout ratio is currently 24.21%.

Insider Buying and Selling

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $29.20, for a total value of $876,000,000.00. Following the transaction, the insider now directly owns 294,203,636 shares of the company’s stock, valued at approximately $8,590,746,171.20. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.09% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Corebridge Financial

Several hedge funds have recently bought and sold shares of CRBG. American International Group Inc. increased its position 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 purchasing an additional 324,204,270 shares during the last quarter. Capital Research Global Investors increased its position in Corebridge Financial by 9.9% in the 1st quarter. Capital Research Global Investors now owns 33,841,160 shares of the company’s stock worth $972,257,000 after purchasing an additional 3,059,354 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Corebridge Financial by 6.0% during the 1st quarter. Vanguard Group Inc. now owns 25,128,367 shares of the company’s stock valued at $721,938,000 after acquiring an additional 1,415,265 shares during the last quarter. Norges Bank acquired a new position in shares of Corebridge Financial during the 4th quarter valued at about $225,561,000. Finally, Hotchkis & Wiley Capital Management LLC increased its holdings in shares of Corebridge Financial by 106.3% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 10,010,679 shares of the company’s stock valued at $216,831,000 after acquiring an additional 5,157,570 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CRBG has been the topic of several research reports. Piper Sandler upped their price target on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research report on Monday, May 6th. Evercore ISI upped their price target on Corebridge Financial from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, April 11th. Keefe, Bruyette & Woods upped their price target on Corebridge Financial from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Wednesday, April 10th. Wells Fargo & Company upped their price target on Corebridge Financial from $33.00 to $34.00 and gave the company an “overweight” rating in a research report on Friday, May 10th. Finally, Morgan Stanley upped their price target on Corebridge Financial from $26.00 to $28.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $31.18.

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.