Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) was the target of a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 8,860,000 shares, a decline of 9.6% from the October 15th total of 9,800,000 shares. Based on an average daily trading volume, of 3,330,000 shares, the days-to-cover ratio is currently 2.7 days. Approximately 3.6% of the shares of the company are short sold.
NYSE CRBG traded down $0.83 during trading hours on Tuesday, reaching $29.97. The company's stock had a trading volume of 441,439 shares, compared to its average volume of 3,954,103. 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 52 week low of $19.26 and a 52 week high of $34.66. The firm has a fifty day simple moving average of $29.95 and a 200-day simple moving average of $29.33.
Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly 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 during the quarter, compared to analyst estimates of $5.66 billion. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. Corebridge Financial's quarterly revenue was up 39.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.05 EPS. On average, equities analysts anticipate that Corebridge Financial will post 4.78 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be paid a $0.23 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a yield of 3.07%. Corebridge Financial's dividend payout ratio is presently -44.02%.
In related news, major shareholder International Group American sold 30,000,000 shares of Corebridge Financial 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 sale, the insider now directly owns 249,238,898 shares in the company, valued at approximately $7,776,253,617.60. The trade was a 10.74 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.08% of the company's stock.
Several institutional investors have recently bought and sold shares of CRBG. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Corebridge Financial in the third quarter worth approximately $27,000. Capital Performance Advisors LLP purchased a new position in Corebridge Financial in the third quarter worth about $28,000. ORG Wealth Partners LLC purchased a new stake in shares of Corebridge Financial in the third quarter valued at $29,000. HM Payson & Co. purchased a new position in Corebridge Financial during the 3rd quarter valued at $29,000. Finally, LRI Investments LLC bought a new position in Corebridge Financial in the 2nd quarter worth about $30,000. 98.25% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts recently commented on the company. Piper Sandler lowered their target price on Corebridge Financial from $35.00 to $34.00 and set an "overweight" rating for the company in a report on Wednesday, October 2nd. Morgan Stanley upped their price objective on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an "equal weight" rating in a research report on Tuesday, November 5th. TD Cowen initiated coverage on shares of Corebridge Financial in a research report on Wednesday, October 9th. They issued a "buy" rating and a $35.00 price target on the stock. Barclays increased their price target on Corebridge Financial from $34.00 to $36.00 and gave the stock an "equal weight" rating in a research note on Tuesday, November 5th. Finally, Royal Bank of Canada dropped their price target on Corebridge Financial from $33.00 to $32.00 and set an "outperform" rating for the company in a research note on Friday, August 2nd. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $34.85.
Get Our Latest Analysis on 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.
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