Short Interest in Corebridge Financial, Inc. (NYSE:CRBG) Increases By 18.6%

Corebridge Financial, Inc. (NYSE:CRBG) was the target of a significant growth in short interest in the month of March. As of March 31st, there was short interest totalling 17,330,000 shares, a growth of 18.6% from the March 15th total of 14,610,000 shares. Based on an average daily volume of 4,430,000 shares, the days-to-cover ratio is presently 3.9 days. Currently, 7.4% of the company’s stock are sold short.

Institutional Trading of Corebridge Financial

Large investors have recently modified their holdings of the company. Riverview Trust Co acquired a new stake in shares of Corebridge Financial in the 1st quarter worth about $25,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Corebridge Financial in the 3rd quarter worth about $28,000. MetLife Investment Management LLC acquired a new stake in shares of Corebridge Financial in the 4th quarter worth about $33,000. Advisor Group Holdings Inc. acquired a new stake in shares of Corebridge Financial in the 4th quarter worth about $35,000. Finally, American International Group Inc. increased its holdings in shares of Corebridge Financial by 50.8% in the 4th quarter. American International Group Inc. now owns 1,881 shares of the company’s stock worth $41,000 after acquiring an additional 634 shares during the period. Institutional investors and hedge funds own 98.25% of the company’s stock.

Corebridge Financial Stock Down 0.4 %

Shares of NYSE:CRBG opened at $26.66 on Tuesday. The stock has a market capitalization of $16.60 billion, a price-to-earnings ratio of 15.78, a price-to-earnings-growth ratio of 0.31 and a beta of 0.86. Corebridge Financial has a 1-year low of $14.91 and a 1-year high of $29.40. The company’s fifty day moving average is $25.88 and its two-hundred day moving average is $23.06. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.14 and a current ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Thursday, February 15th. The company reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.05. Corebridge Financial had a net margin of 5.92% and a return on equity of 23.11%. The company had revenue of $5.92 billion for the quarter, compared to analysts’ expectations of $5.65 billion. During the same period in the prior year, the company earned $0.88 earnings per share. The firm’s revenue was up 11.3% compared to the same quarter last year. Equities analysts anticipate that Corebridge Financial will post 4.86 EPS for the current year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a $0.23 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.45%. Corebridge Financial’s dividend payout ratio (DPR) is presently 54.44%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Piper Sandler upped their target price on shares of Corebridge Financial from $30.00 to $34.00 and gave the company an “overweight” rating in a research note on Friday, April 5th. Wells Fargo & Company increased their price objective on shares of Corebridge Financial from $30.00 to $33.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Royal Bank of Canada reiterated an “outperform” rating and set a $32.00 price objective on shares of Corebridge Financial in a research note on Friday. The Goldman Sachs Group increased their price objective on shares of Corebridge Financial from $27.00 to $31.00 and gave the company a “buy” rating in a research note on Tuesday, January 9th. Finally, UBS Group increased their price objective on shares of Corebridge Financial from $22.00 to $28.00 and gave the company a “buy” rating in a research note on Wednesday, January 10th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $29.08.

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.