Short Interest in Corebridge Financial, Inc. (NYSE:CRBG) Expands By 88.6%

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 recipient of a significant increase in short interest during the month of August. As of August 15th, there was short interest totaling 9,620,000 shares, anincreaseof88.6% from the July 31st total of 5,100,000 shares. Based on an average trading volume of 3,500,000 shares, the days-to-cover ratio is presently 2.7 days. Currently,2.4% of the company's shares are sold short. Currently,2.4% of the company's shares are sold short. Based on an average trading volume of 3,500,000 shares, the days-to-cover ratio is presently 2.7 days.

Corebridge Financial Stock Up 0.1%

Shares of CRBG traded up $0.04 during midday trading on Friday, reaching $33.66. 6,886,965 shares of the company were exchanged, compared to its average volume of 3,582,802. The stock has a 50-day moving average price of $34.68 and a 200-day moving average price of $32.52. The company has a market cap of $18.12 billion, a price-to-earnings ratio of -55.17, a P/E/G ratio of 0.57 and a beta of 1.06. Corebridge Financial has a 1-year low of $23.69 and a 1-year high of $36.57. The company has a current ratio of 0.12, a quick 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 data on Monday, August 4th. The company reported $1.36 EPS for the quarter, topping analysts' consensus estimates of $1.15 by $0.21. The company had revenue of $4.42 billion for the quarter, compared to analysts' expectations of $4.85 billion. Corebridge Financial had a positive return on equity of 22.06% and a negative net margin of 1.80%.During the same quarter in the previous year, the firm posted $1.13 earnings per share. Research analysts expect that Corebridge Financial will post 5.43 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.96 annualized dividend and a yield of 2.9%. Corebridge Financial's payout ratio is -157.38%.

Insider Transactions at Corebridge Financial

In related news, major shareholder International Group American sold 30,000,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $33.65, for a total transaction of $1,009,500,000.00. Following the sale, the insider owned 83,896,013 shares in the company, valued at approximately $2,823,100,837.45. This trade represents a 26.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.29% of the company's stock.

Institutional Investors Weigh In On Corebridge Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its holdings in Corebridge Financial by 14.7% in the first quarter. Bank of New York Mellon Corp now owns 1,343,025 shares of the company's stock valued at $42,399,000 after buying an additional 172,475 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in Corebridge Financial by 227.6% in the first quarter. Envestnet Asset Management Inc. now owns 1,458,517 shares of the company's stock valued at $46,045,000 after buying an additional 1,013,259 shares during the last quarter. Atlas Capital Advisors Inc. increased its holdings in Corebridge Financial by 1,178.9% in the first quarter. Atlas Capital Advisors Inc. now owns 25,386 shares of the company's stock valued at $801,000 after buying an additional 23,401 shares during the last quarter. Truist Financial Corp increased its holdings in Corebridge Financial by 2,686.2% in the first quarter. Truist Financial Corp now owns 1,555,564 shares of the company's stock valued at $49,109,000 after buying an additional 1,499,733 shares during the last quarter. Finally, Merit Financial Group LLC bought a new stake in Corebridge Financial in the first quarter valued at about $832,000. Hedge funds and other institutional investors own 98.25% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Barclays decreased their price target on shares of Corebridge Financial from $47.00 to $46.00 and set an "overweight" rating on the stock in a report on Friday. JPMorgan Chase & Co. lifted their price target on shares of Corebridge Financial from $34.00 to $40.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Wells Fargo & Company lifted their price target on shares of Corebridge Financial from $37.00 to $42.00 and gave the company an "overweight" rating in a report on Wednesday, July 2nd. Morgan Stanley lifted their price target on shares of Corebridge Financial from $37.00 to $40.00 and gave the company an "overweight" rating in a report on Friday, June 27th. Finally, UBS Group upgraded shares of Corebridge Financial from a "sell" rating to a "neutral" rating and lifted their price target for the company from $28.00 to $37.00 in a report on Friday, July 11th. Eight investment 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 presently has a consensus rating of "Moderate Buy" and a consensus target price of $40.80.

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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