Short Interest in Corebridge Financial, Inc. (NYSE:CRBG) Expands By 13.6%

Corebridge Financial, Inc. (NYSE:CRBG) saw a significant growth in short interest in January. As of January 15th, there was short interest totalling 8,210,000 shares, a growth of 13.6% from the December 31st total of 7,230,000 shares. Approximately 2.2% of the shares of the stock are short sold. Based on an average daily volume of 3,520,000 shares, the days-to-cover ratio is currently 2.3 days.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 30,000,000 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $31.20, for a total value of $936,000,000.00. Following the completion of the sale, the insider now directly owns 249,238,898 shares in the company, valued at $7,776,253,617.60. This represents a 10.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.08% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. The Manufacturers Life Insurance Company increased its stake in Corebridge Financial by 2.8% in the second quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company’s stock valued at $625,000 after purchasing an additional 585 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Corebridge Financial by 718.4% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 37,525 shares of the company’s stock valued at $1,093,000 after buying an additional 32,940 shares during the period. Handelsbanken Fonder AB raised its position in Corebridge Financial by 34.4% during the 3rd quarter. Handelsbanken Fonder AB now owns 57,400 shares of the company’s stock worth $1,674,000 after buying an additional 14,700 shares during the last quarter. Diversified Trust Co lifted its stake in shares of Corebridge Financial by 25.4% in the 3rd quarter. Diversified Trust Co now owns 28,516 shares of the company’s stock worth $832,000 after acquiring an additional 5,767 shares during the period. Finally, Artemis Investment Management LLP increased its stake in shares of Corebridge Financial by 5.2% during the third quarter. Artemis Investment Management LLP now owns 1,563,019 shares of the company’s stock worth $45,578,000 after acquiring an additional 76,654 shares during the period. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on CRBG shares. Morgan Stanley upped their target price on Corebridge Financial from $31.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Barclays upgraded shares of Corebridge Financial from an “equal weight” rating to an “overweight” rating and set a $37.00 target price on the stock in a report on Monday, January 6th. TD Cowen raised their price target on shares of Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Deutsche Bank Aktiengesellschaft upgraded Corebridge Financial from a “hold” rating to a “buy” rating and upped their price objective for the company from $33.00 to $40.00 in a report on Friday, January 10th. Finally, Wells Fargo & Company decreased their target price on shares of Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 14th. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.43.

Corebridge Financial Stock Down 2.9 %

Shares of Corebridge Financial stock traded down $0.98 on Monday, reaching $32.79. 1,634,588 shares of the company were exchanged, compared to its average volume of 3,152,755. The stock’s 50 day moving average price is $31.27 and its 200-day moving average price is $29.95. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.14 and a quick ratio of 0.14. Corebridge Financial has a 1-year low of $23.01 and a 1-year high of $34.66. The company has a market cap of $18.65 billion, a P/E ratio of -15.69, a price-to-earnings-growth ratio of 0.38 and a beta of 0.94.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Monday, November 4th. The company reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.21. The company had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The company’s quarterly revenue was up 39.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.05 EPS. As a group, equities analysts forecast that Corebridge Financial will post 4.8 EPS for the current year.

About Corebridge Financial

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.