Corebridge Financial, Inc. (NYSE:CRBG) Short Interest Update

Key Points

• Corebridge Financial reported a 33.6% decline in short interest for September, with a total of 6 million shares short sold as of September 15th.
• Major shareholder International Group American sold over 1.18 million shares at an average price of $33.65, decreasing their ownership by 1.41%.
• The company announced a quarterly dividend of $0.24 per share, yielding 3.0%, despite having a negative payout ratio of -157.38%.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) saw a large decline in short interest in the month of September. As of September 15th, there was short interest totaling 6,000,000 shares, a decline of 33.6% from the August 31st total of 9,040,000 shares. Based on an average daily volume of 3,650,000 shares, the days-to-cover ratio is currently 1.6 days. Currently, 1.5% of the company's stock are short sold. Currently, 1.5% of the company's stock are short sold. Based on an average daily volume of 3,650,000 shares, the days-to-cover ratio is currently 1.6 days.

Insider Activity

In related news, major shareholder International Group American sold 1,184,160 shares of the company's stock in a transaction on Friday, September 5th. The stock was sold at an average price of $33.65, for a total transaction of $39,846,984.00. Following the transaction, the insider directly owned 82,711,853 shares of the company's stock, valued at approximately $2,783,253,853.45. The trade was a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.29% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CRBG. Bank of Nova Scotia lifted its holdings in Corebridge Financial by 3.8% during the 2nd quarter. Bank of Nova Scotia now owns 9,328 shares of the company's stock worth $331,000 after buying an additional 340 shares in the last quarter. Assetmark Inc. boosted its holdings in Corebridge Financial by 60.9% in the second quarter. Assetmark Inc. now owns 941 shares of the company's stock valued at $33,000 after acquiring an additional 356 shares during the last quarter. Brooklyn Investment Group lifted its position in Corebridge Financial by 66.7% during the 1st quarter. Brooklyn Investment Group now owns 1,452 shares of the company's stock valued at $46,000 after purchasing an additional 581 shares during the period. Nisa Investment Advisors LLC raised its stake in shares of Corebridge Financial by 86.1% during the second quarter. Nisa Investment Advisors LLC now owns 1,303 shares of the company's stock worth $46,000 after buying an additional 603 shares during the last quarter. Finally, Forum Financial Management LP grew its holdings in Corebridge Financial by 4.0% during the 2nd quarter. Forum Financial Management LP now owns 16,360 shares of the company's stock worth $581,000 after acquiring an additional 630 shares during the period. 98.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CRBG shares. Wells Fargo & Company increased their price objective on Corebridge Financial from $37.00 to $42.00 and gave the stock an "overweight" rating in a report on Wednesday, July 2nd. Keefe, Bruyette & Woods raised their price target on shares of Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Barclays decreased their price objective on shares of Corebridge Financial from $47.00 to $46.00 and set an "overweight" rating for the company in a report on Friday, September 5th. Morgan Stanley boosted their price target on Corebridge Financial from $37.00 to $40.00 and gave the stock an "overweight" rating in a research report on Friday, June 27th. Finally, JPMorgan Chase & Co. increased their price objective on Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Corebridge Financial currently has an average rating of "Moderate Buy" and an average price target of $40.80.

Corebridge Financial Price Performance

Shares of CRBG stock traded down $0.49 during mid-day trading on Monday, reaching $32.21. The company's stock had a trading volume of 2,799,323 shares, compared to its average volume of 3,306,009. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.12 and a current ratio of 0.12. The firm's 50-day moving average is $33.77 and its two-hundred day moving average is $32.56. Corebridge Financial has a 1-year low of $23.69 and a 1-year high of $36.57. The company has a market cap of $17.34 billion, a P/E ratio of -52.80, a PEG ratio of 0.56 and a beta of 1.02.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The company reported $1.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.21. The firm had revenue of $4.42 billion during the quarter, compared to analyst estimates of $4.85 billion. Corebridge Financial had a negative net margin of 1.80% and a positive return on equity of 22.06%. During the same quarter in the prior year, the business posted $1.13 earnings per share. On average, research analysts predict that Corebridge Financial will post 5.43 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Tuesday, September 16th. Corebridge Financial's dividend payout ratio is currently -157.38%.

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.

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