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

Key Points

• Corebridge Financial, Inc. saw a **dramatic increase** in short interest, expanding by **88.6%** to a total of **9,620,000 shares** as of August 15th.
• The company is set to pay a **quarterly dividend** of **$0.24 per share** on September 30th, reflecting a yield of **2.9%**.
• Corebridge's stock price reached **$33.66**, and analysts have a **consensus target price** of **$40.80**, indicating a **"Moderate Buy"** rating for the stock.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) was the target of a significant increase in short interest in the month of August. As of August 15th, there was short interest totaling 9,620,000 shares, an increase of 88.6% from the July 31st total of 5,100,000 shares. Currently, 2.4% of the shares of the company are sold short. Based on an average trading volume of 3,500,000 shares, the short-interest ratio is currently 2.7 days. Based on an average trading volume of 3,500,000 shares, the short-interest ratio is currently 2.7 days. Currently, 2.4% of the shares of the company are sold short.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on CRBG shares. Piper Sandler increased their price objective on Corebridge Financial from $38.00 to $40.00 and gave the company an "overweight" rating in a report on Thursday, July 3rd. Keefe, Bruyette & Woods upped their price target on Corebridge Financial from $39.00 to $42.00 and gave the company an "outperform" rating in a research report on Wednesday, July 9th. Wall Street Zen upgraded Corebridge Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Barclays decreased their price objective on Corebridge Financial from $47.00 to $46.00 and set an "overweight" rating for the company in a report on Friday, September 5th. Finally, BMO Capital Markets boosted their price objective on Corebridge Financial from $43.00 to $44.00 and gave the company an "outperform" rating in a research note on Friday, June 27th. Eight analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $40.80.

Corebridge Financial Price Performance

NYSE:CRBG traded up $0.64 during trading hours on Thursday, hitting $33.83. 1,968,121 shares of the company's stock traded hands, compared to its average volume of 2,774,855. The firm has a market cap of $18.22 billion, a P/E ratio of 6.47, a P/E/G ratio of 0.56 and a beta of 1.06. Corebridge Financial has a 52 week low of $23.69 and a 52 week high of $36.57. The business's fifty day simple moving average is $34.57 and its two-hundred day simple moving average is $32.52. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.86.

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

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.8%. Corebridge Financial's dividend payout ratio is presently -157.38%.

Insiders Place Their Bets

In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the business's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total value of $1,009,500,000.00. Following the transaction, the insider directly owned 83,896,013 shares in the company, valued at $2,823,100,837.45. The trade was a 26.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.29% of the stock is currently owned by insiders.

Institutional Trading of Corebridge Financial

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Corebridge Financial by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 24,249,948 shares of the company's stock worth $765,571,000 after acquiring an additional 324,692 shares during the last quarter. Pzena Investment Management LLC increased its stake in Corebridge Financial by 132.6% in the second quarter. Pzena Investment Management LLC now owns 18,723,701 shares of the company's stock valued at $664,691,000 after acquiring an additional 10,673,099 shares during the last quarter. AQR Capital Management LLC raised its position in Corebridge Financial by 50.0% during the first quarter. AQR Capital Management LLC now owns 8,337,525 shares of the company's stock valued at $258,880,000 after purchasing an additional 2,780,764 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Corebridge Financial by 6.8% during the first quarter. Dimensional Fund Advisors LP now owns 5,829,711 shares of the company's stock worth $184,034,000 after purchasing an additional 372,270 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its stake in Corebridge Financial by 34.6% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 4,803,433 shares of the company's stock worth $143,767,000 after purchasing an additional 1,235,796 shares during the last quarter. Hedge funds and other institutional investors own 98.25% of the company's stock.

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.