Corebridge Financial, Inc. (NYSE:CRBG – Get Free Report) saw a large decrease in short interest in December. As of December 15th, there was short interest totalling 6,190,000 shares, a decrease of 9.2% from the November 30th total of 6,820,000 shares. Approximately 2.5% of the company’s shares are sold short. Based on an average daily volume of 3,790,000 shares, the short-interest ratio is presently 1.6 days.
Insider Activity at Corebridge Financial
In other Corebridge Financial news, major shareholder International Group American sold 50,000,000 shares of Corebridge Financial stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $20.50, for a total value of $1,025,000,000.00. Following the completion of the sale, the insider now directly owns 365,413,892 shares in the company, valued at $7,490,984,786. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.09% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Corebridge Financial
A number of hedge funds and other institutional investors have recently modified their holdings of CRBG. EverSource Wealth Advisors LLC bought a new stake in Corebridge Financial during the third quarter worth $28,000. MetLife Investment Management LLC bought a new stake in shares of Corebridge Financial during the 4th quarter worth $33,000. Advisor Group Holdings Inc. purchased a new position in shares of Corebridge Financial in the 4th quarter worth about $35,000. Gradient Investments LLC bought a new position in Corebridge Financial during the second quarter valued at about $34,000. Finally, Nomura Asset Management Co. Ltd. purchased a new stake in Corebridge Financial during the first quarter worth about $30,000. Hedge funds and other institutional investors own 34.15% of the company’s stock.
Corebridge Financial Stock Up 1.2 %
Corebridge Financial stock traded up $0.25 during trading on Tuesday, hitting $21.91. 547,900 shares of the company were exchanged, compared to its average volume of 4,068,470. The company has a market capitalization of $13.83 billion, a P/E ratio of 7.49, a PEG ratio of 0.32 and a beta of 0.87. The business’s 50 day moving average is $20.71 and its 200 day moving average is $19.42. Corebridge Financial has a 52 week low of $14.01 and a 52 week high of $22.26. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 1.18.
Corebridge Financial (NYSE:CRBG – Get Free Report) last posted its earnings results on Friday, November 3rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.02. The firm had revenue of $4.08 billion during the quarter, compared to analyst estimates of $5.34 billion. Corebridge Financial had a net margin of 8.95% and a return on equity of 24.19%. During the same quarter in the prior year, the business posted $0.57 EPS. Analysts predict that Corebridge Financial will post 4.1 earnings per share for the current year.
Corebridge Financial Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 15th were paid a $0.23 dividend. The ex-dividend date of this dividend was Thursday, December 14th. This represents a $0.92 annualized dividend and a yield of 4.20%. Corebridge Financial’s dividend payout ratio (DPR) is 31.83%.
Analysts Set New Price Targets
Several equities research analysts have weighed in on CRBG shares. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Corebridge Financial in a research note on Wednesday, October 4th. They issued a “hold” rating and a $24.00 price target for the company. Jefferies Financial Group boosted their target price on Corebridge Financial from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Thursday, September 14th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $23.00 price target on shares of Corebridge Financial in a report on Tuesday, October 3rd. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $23.50.
About Corebridge Financial
Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. It 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.