Corebridge Financial, Inc. (NYSE:CRBG – Get Free Report) saw a large drop in short interest in the month of November. As of November 30th, there was short interest totalling 6,820,000 shares, a drop of 8.8% from the November 15th total of 7,480,000 shares. Based on an average daily volume of 3,370,000 shares, the days-to-cover ratio is currently 2.0 days. Currently, 2.8% of the shares of the stock are short sold.

Corebridge Financial Trading Up 1.5 %

CRBG opened at $22.08 on Friday. The firm has a market cap of $13.93 billion, a price-to-earnings ratio of 7.64, a PEG ratio of 0.31 and a beta of 0.87. 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 has a 12 month low of $14.01 and a 12 month high of $22.21. The stock has a fifty day moving average price of $20.52 and a 200-day moving average price of $19.04.

Corebridge Financial (NYSE:CRBG – Get Free Report) last released its quarterly earnings results on Friday, November 3rd. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $1.03 by $0.02. Corebridge Financial had a return on equity of 24.19% and a net margin of 8.95%. The firm had revenue of $4.08 billion during the quarter, compared to analyst estimates of $5.34 billion. During the same period in the previous year, the company posted $0.57 EPS. As a group, equities research analysts anticipate that Corebridge Financial will post 4.11 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 4.17%. The ex-dividend date is Thursday, December 14th. Corebridge Financial’s dividend payout ratio is currently 31.83%.

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 sale, the insider now owns 365,413,892 shares of the company’s stock, valued at approximately $7,490,984,786. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.09% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Toscafund Asset Management LLP acquired a new position in Corebridge Financial during the 2nd quarter valued at about $1,060,000. Putnam Investments LLC acquired a new position in Corebridge Financial during the 1st quarter valued at about $3,444,000. First Horizon Advisors Inc. increased its position in Corebridge Financial by 97.2% during the 2nd quarter. First Horizon Advisors Inc. now owns 16,884 shares of the company’s stock valued at $298,000 after buying an additional 8,324 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Corebridge Financial by 107.5% in the second quarter. Charles Schwab Investment Management Inc. now owns 726,134 shares of the company’s stock valued at $12,824,000 after purchasing an additional 376,207 shares during the period. Finally, Renaissance Technologies LLC increased its holdings in shares of Corebridge Financial by 52.0% in the second quarter. Renaissance Technologies LLC now owns 1,007,600 shares of the company’s stock valued at $17,794,000 after purchasing an additional 344,900 shares during the period. 34.15% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CRBG shares. Jefferies Financial Group lifted their target price on Corebridge Financial from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, September 14th. Deutsche Bank Aktiengesellschaft started coverage on Corebridge Financial in a report on Wednesday, October 4th. They issued a “hold” rating and a $24.00 target price for the company. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $23.00 target price 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 given a buy rating to the company’s stock. According to data from MarketBeat.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and an average target price of $23.50.

Get Our Latest Analysis on CRBG

About Corebridge Financial (Get Free Report)

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.

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Original: MarketBeat News Feed: Short Interest in Corebridge Financial, Inc. (NYSE:CRBG) Decreases By 8.8%