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

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

Analysts Set New Price Targets

Several brokerages have recently issued reports on CRBG. UBS Group lifted their price target on Corebridge Financial from $22.00 to $28.00 and gave the company a “buy” rating in a research note on Wednesday, January 10th. Wells Fargo & Company boosted their price objective on Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a research report on Thursday. The Goldman Sachs Group boosted their price objective on Corebridge Financial from $27.00 to $31.00 and gave the stock a “buy” rating in a research report on Tuesday, January 9th. Piper Sandler boosted their price objective on Corebridge Financial from $30.00 to $34.00 and gave the stock an “overweight” rating in a research report on Friday, April 5th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $32.00 price objective on shares of Corebridge Financial in a research report on Friday. 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, Corebridge Financial currently has an average rating of “Moderate Buy” and a consensus target price of $28.83.

Corebridge Financial Stock Down 1.9 %

Shares of CRBG opened at $26.78 on Friday. The company has a market capitalization of $16.67 billion, a PE ratio of 15.85, a PEG ratio of 0.32 and a beta of 0.86. Corebridge Financial has a 12 month low of $14.91 and a 12 month high of $29.40. The stock’s 50-day moving average price is $25.82 and its two-hundred day moving average price is $22.98. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.92.

Corebridge Financial (NYSE:CRBG) last announced 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. The company had revenue of $5.92 billion for the quarter, compared to the consensus estimate of $5.65 billion. Corebridge Financial had a return on equity of 23.11% and a net margin of 5.92%. The firm’s revenue was up 11.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.88 EPS. On average, analysts anticipate that Corebridge Financial will post 4.86 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date was Thursday, March 14th. Corebridge Financial’s dividend payout ratio is 54.44%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CRBG. UBS Group AG acquired a new position in shares of Corebridge Financial in the 3rd quarter valued at about $186,000. Cubist Systematic Strategies LLC acquired a new position in Corebridge Financial during the 3rd quarter worth approximately $85,000. Vanguard Group Inc. acquired a new position in Corebridge Financial during the 3rd quarter worth approximately $95,736,000. Two Sigma Investments LP acquired a new position in Corebridge Financial during the 3rd quarter worth approximately $473,000. Finally, Advisor Group Holdings Inc. acquired a new position in Corebridge Financial during the 4th quarter worth approximately $35,000. 98.25% of the stock is 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.