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

Corebridge Financial, Inc. (NYSE:CRBG) was the target of a large growth in short interest in the month of 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. Based on an average trading volume of 3,520,000 shares, the short-interest ratio is presently 2.3 days. Approximately 2.2% of the shares of the company are sold short.

Wall Street Analyst Weigh In

CRBG has been the topic of a number of research reports. Morgan Stanley raised their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Piper Sandler boosted their price objective on Corebridge Financial from $34.00 to $35.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. BMO Capital Markets started coverage on shares of Corebridge Financial in a research note on Thursday, January 23rd. They set an “outperform” rating and a $43.00 target price on the stock. Wells Fargo & Company lowered their price objective on Corebridge Financial from $37.00 to $35.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 14th. Finally, DOWLING & PARTN cut shares of Corebridge Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Three equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Corebridge Financial presently has an average rating of “Moderate Buy” and a consensus target price of $36.43.

Corebridge Financial Trading Down 2.9 %

CRBG traded down $0.98 on Monday, reaching $32.79. 1,634,588 shares of the company traded hands, compared to its average volume of 3,152,755. The firm has a fifty day simple moving average of $31.27 and a two-hundred day simple moving average of $29.95. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83. Corebridge Financial has a one year low of $23.01 and a one 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 posted its earnings results on Monday, November 4th. The company reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.21. The business 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 revenue for the quarter was up 39.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.05 EPS. As a group, equities research analysts expect that Corebridge Financial will post 4.8 earnings per share for the current year.

Insider Buying and Selling at Corebridge Financial

In related news, major shareholder International Group American sold 121,956,256 shares of Corebridge Financial stock in a transaction on Monday, December 9th. The stock was sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the completion of the sale, the insider now owns 127,282,642 shares of the company’s stock, valued at $4,005,584,743.74. The trade was a 48.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.08% of the company’s stock.

Institutional Trading of Corebridge Financial

Several hedge funds have recently modified their holdings of CRBG. Nippon Life Insurance Co. acquired a new position in shares of Corebridge Financial during the fourth quarter valued at about $3,650,151,000. Massachusetts Financial Services Co. MA raised its holdings in shares of Corebridge Financial by 2.8% in the third quarter. Massachusetts Financial Services Co. MA now owns 10,483,856 shares of the company’s stock worth $305,709,000 after buying an additional 284,781 shares during the last quarter. State Street Corp lifted its stake in shares of Corebridge Financial by 11.7% during the third quarter. State Street Corp now owns 8,035,438 shares of the company’s stock worth $234,313,000 after buying an additional 843,559 shares during the period. FMR LLC grew its holdings in shares of Corebridge Financial by 13.5% during the third quarter. FMR LLC now owns 5,030,104 shares of the company’s stock valued at $146,678,000 after buying an additional 598,373 shares during the last quarter. Finally, Donald Smith & CO. Inc. increased its position in shares of Corebridge Financial by 12.7% in the 3rd quarter. Donald Smith & CO. Inc. now owns 4,335,096 shares of the company’s stock valued at $126,411,000 after acquiring an additional 489,545 shares during the period. 98.25% of the stock is owned by hedge funds and other institutional investors.

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.