Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) was the recipient of a large increase in short interest in January. As of January 15th, there was short interest totalling 8,210,000 shares, an increase of 13.6% from the December 31st total of 7,230,000 shares. Based on an average daily volume of 3,520,000 shares, the days-to-cover ratio is presently 2.3 days. Approximately 2.2% of the shares of the stock are sold short.
CRBG has been the topic of several recent analyst reports. Morgan Stanley boosted their price target on Corebridge Financial from $31.00 to $34.00 and gave the company an "equal weight" rating in a research note on Tuesday, November 5th. BMO Capital Markets began 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. DOWLING & PARTN cut shares of Corebridge Financial from a "strong-buy" rating to a "hold" rating in a report on Tuesday, November 26th. TD Cowen upped their price objective on shares of Corebridge Financial from $35.00 to $37.00 and gave the company a "buy" rating in a report on Wednesday, November 27th. Finally, Barclays upgraded Corebridge Financial from an "equal weight" rating to an "overweight" rating and set a $37.00 target price for the company in a research note on Monday, January 6th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $36.43.
View Our Latest Stock Analysis on Corebridge Financial
Corebridge Financial stock traded down $0.94 during mid-day trading on Monday, hitting $32.82. 186,296 shares of the company traded hands, compared to its average volume of 3,092,719. The stock has a fifty day moving average price of $31.27 and a 200-day moving average price of $29.95. The stock has a market cap of $18.67 billion, a price-to-earnings ratio of -15.55, a price-to-earnings-growth ratio of 0.38 and a beta of 0.94. Corebridge Financial has a one year low of $23.01 and a one year high of $34.66. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.14 and a current ratio of 0.14.
Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The company reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.21. Corebridge Financial had a positive return on equity of 22.24% and a negative net margin of 6.10%. The firm had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the previous year, the company posted $1.05 earnings per share. The company's revenue was up 39.5% compared to the same quarter last year. On average, equities analysts predict that Corebridge Financial will post 4.8 earnings per share for the current fiscal year.
In other Corebridge Financial news, major shareholder International Group American sold 30,000,000 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $31.20, for a total value of $936,000,000.00. Following the completion of the transaction, the insider now directly owns 249,238,898 shares in the company, valued at approximately $7,776,253,617.60. This trade represents a 10.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.08% of the company's stock.
Institutional investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company boosted its holdings in Corebridge Financial by 2.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,479 shares of the company's stock valued at $625,000 after acquiring an additional 585 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Corebridge Financial by 718.4% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 37,525 shares of the company's stock valued at $1,093,000 after purchasing an additional 32,940 shares during the period. Handelsbanken Fonder AB grew its holdings in shares of Corebridge Financial by 34.4% in the third quarter. Handelsbanken Fonder AB now owns 57,400 shares of the company's stock worth $1,674,000 after purchasing an additional 14,700 shares during the last quarter. Diversified Trust Co increased its stake in shares of Corebridge Financial by 25.4% in the third quarter. Diversified Trust Co now owns 28,516 shares of the company's stock worth $832,000 after buying an additional 5,767 shares during the period. Finally, Artemis Investment Management LLP increased its stake in shares of Corebridge Financial by 5.2% in the third quarter. Artemis Investment Management LLP now owns 1,563,019 shares of the company's stock worth $45,578,000 after buying an additional 76,654 shares during the period. Hedge funds and other institutional investors own 98.25% of the company's stock.
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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