Short Interest in Corebridge Financial, Inc. (NYSE:CRBG) Decreases By 8.2%

Corebridge Financial, Inc. (NYSE:CRBG) was the recipient of a significant decline in short interest in July. As of July 31st, there was short interest totalling 6,740,000 shares, a decline of 8.2% from the July 15th total of 7,340,000 shares. Approximately 2.7% of the company’s stock are short sold. Based on an average daily volume of 4,160,000 shares, the short-interest ratio is presently 1.6 days.

Analysts Set New Price Targets

A number of research firms have issued reports on CRBG. Bank of America reduced their price target on Corebridge Financial from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Thursday, July 11th. Jefferies Financial Group lifted their price target on shares of Corebridge Financial from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. UBS Group boosted their price target on shares of Corebridge Financial from $29.00 to $35.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Royal Bank of Canada reduced their price objective on shares of Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Finally, JPMorgan Chase & Co. boosted their target price on shares of Corebridge Financial from $26.00 to $34.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 2nd. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $33.42.

Insider Activity at Corebridge Financial

In other Corebridge Financial news, major shareholder International Group American sold 1,932,609 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $29.20, for a total transaction of $56,432,182.80. Following the sale, the insider now directly owns 292,271,027 shares in the company, valued at approximately $8,534,313,988.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. Over the last quarter, insiders sold 39,964,738 shares of company stock worth $1,132,432,195. Corporate insiders own 0.09% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Raymond James & Associates grew its position in shares of Corebridge Financial by 19.6% during the fourth quarter. Raymond James & Associates now owns 44,270 shares of the company’s stock worth $959,000 after acquiring an additional 7,267 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Corebridge Financial by 196.9% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 44,207 shares of the company’s stock worth $958,000 after purchasing an additional 29,315 shares during the last quarter. Strs Ohio acquired a new position in Corebridge Financial in the fourth quarter valued at $1,912,000. Handelsbanken Fonder AB purchased a new stake in shares of Corebridge Financial in the fourth quarter valued at about $357,000. Finally, New York State Common Retirement Fund raised its holdings in shares of Corebridge Financial by 25.8% in the fourth quarter. New York State Common Retirement Fund now owns 180,853 shares of the company’s stock valued at $3,917,000 after buying an additional 37,040 shares during the last quarter. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Trading Up 1.4 %

NYSE CRBG opened at $28.30 on Monday. The firm’s fifty day moving average price is $28.67 and its 200 day moving average price is $27.66. Corebridge Financial has a 12 month low of $17.40 and a 12 month high of $34.66. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.14 and a quick ratio of 0.14. The company has a market capitalization of $17.22 billion, a price-to-earnings ratio of 7.45, a price-to-earnings-growth ratio of 0.37 and a beta of 0.97.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Thursday, August 1st. The company reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.04. Corebridge Financial had a net margin of 10.16% and a return on equity of 23.77%. The company had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $5.73 billion. During the same quarter in the prior year, the firm posted $1.04 earnings per share. On average, sell-side analysts expect that Corebridge Financial will post 4.73 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be paid a dividend of $0.23 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.92 dividend on an annualized basis and a yield of 3.25%. Corebridge Financial’s dividend payout ratio is presently 24.21%.

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.