Corebridge Financial (NYSE:CRBG) Stock: Insider Life Insurance Co Nippon Purchases 217,182 Shares

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon acquired 217,182 shares of the company’s stock in a transaction that occurred on Wednesday, October 21st. The stock was purchased at an average cost of $35.38 per share, for a total transaction of $7,683,899.16. Following the acquisition, the insider owned 130,420,666 shares in the company, valued at approximately $4,614,283,163.08. This trade represents a 0.17% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Life Insurance Co Nippon also recently made the following trade(s):

• On Tuesday, October 20th, Life Insurance Co Nippon bought 193,357 shares of Corebridge Financial stock. The shares were purchased at an average cost of $35.01 per share, with a total value of $6,769,428.57.
• On Monday, October 19th, Life Insurance Co Nippon bought 162,024 shares of Corebridge Financial stock. The stock was purchased at an average price of $34.51 per share, with a total value of $5,591,448.24.
• On Friday, October 16th, Life Insurance Co Nippon bought 347,195 shares of Corebridge Financial stock. The stock was purchased at an average price of $34.71 per share, with a total value of $12,051,138.45.
• On Thursday, October 15th, Life Insurance Co Nippon purchased 510,873 shares of Corebridge Financial stock. The stock was purchased at an average price of $33.43 per share, for a total transaction of $17,078,484.39.
• On Wednesday, October 14th, Life Insurance Co Nippon bought 602,103 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.03 per share, for a total transaction of $20,489,565.09.
• On Tuesday, October 13th, Life Insurance Co Nippon purchased 253,776 shares of Corebridge Financial stock. The stock was acquired at an average cost of $34.68 per share, with a total value of $8,800,951.68.
• On Monday, October 12th, Life Insurance Co Nippon purchased 143,190 shares of Corebridge Financial stock. The shares were acquired at an average cost of $34.49 per share, for a total transaction of $4,938,623.10.
• On Friday, October 9th, Life Insurance Co Nippon purchased 336,750 shares of Corebridge Financial stock. The shares were acquired at an average cost of $34.07 per share, for a total transaction of $11,473,072.50.
• On Thursday, October 8th, Life Insurance Co Nippon acquired 261,198 shares of Corebridge Financial stock. The shares were bought at an average price of $34.30 per share, for a total transaction of $8,959,091.40.
• On Wednesday, October 7th, Life Insurance Co Nippon acquired 606,912 shares of Corebridge Financial stock. The stock was bought at an average cost of $34.40 per share, with a total value of $20,877,772.80.

Corebridge Financial Price Performance

CRBG stock traded down $1.44 during trading on Friday, hitting $34.15. The company had a trading volume of 8,530,180 shares, compared to its average volume of 4,997,778. The business has a 50 day moving average of $33.92 and a 200 day moving average of $30.56. The firm has a market capitalization of $15.22 billion, a price-to-earnings ratio of 19.97, a P/E/G ratio of 0.50 and a beta of 1.07. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14. Corebridge Financial, Inc. has a fifty-two week low of $22.19 and a fifty-two week high of $35.64.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, beating the consensus estimate of $1.08 by $0.04. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The firm had revenue of $4.30 billion for the quarter, compared to analysts’ expectations of $4.66 billion. During the same quarter last year, the company earned $1.36 EPS. As a group, research analysts predict that Corebridge Financial, Inc. will post 4.59 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were issued a $0.25 dividend. The ex-dividend date was Wednesday, September 16th. This represents a $1.00 annualized dividend and a dividend yield of 2.9%. Corebridge Financial’s dividend payout ratio (DPR) is 58.48%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Yousif Capital Management LLC increased its stake in Corebridge Financial by 3.9% in the 3rd quarter. Yousif Capital Management LLC now owns 75,290 shares of the company’s stock valued at $2,494,000 after buying an additional 2,849 shares during the period. Root Financial Partners LLC purchased a new stake in Corebridge Financial in the 3rd quarter worth approximately $91,000. Net Worth Advisory Group boosted its stake in shares of Corebridge Financial by 16.0% during the 3rd quarter. Net Worth Advisory Group now owns 8,323 shares of the company’s stock valued at $280,000 after buying an additional 1,149 shares during the period. State of Alaska Department of Revenue boosted its stake in shares of Corebridge Financial by 5.0% during the 3rd quarter. State of Alaska Department of Revenue now owns 24,915 shares of the company’s stock valued at $825,000 after buying an additional 1,196 shares during the period. Finally, Sound Income Strategies LLC boosted its stake in shares of Corebridge Financial by 1.8% during the 3rd quarter. Sound Income Strategies LLC now owns 553,544 shares of the company’s stock valued at $19,070,000 after buying an additional 9,980 shares during the period. 98.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CRBG has been the topic of a number of research reports. Mizuho boosted their price objective on Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 7th. UBS Group upped their price target on shares of Corebridge Financial from $32.00 to $36.00 and gave the company a “neutral” rating in a report on Tuesday, October 6th. Piper Sandler raised their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an “overweight” rating in a research report on Monday, October 12th. Wells Fargo & Company lifted their price objective on shares of Corebridge Financial from $39.00 to $40.00 and gave the stock an “overweight” rating in a research note on Monday, October 12th. Finally, TD Cowen boosted their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday. Nine research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $39.00.

About Corebridge Financial

Corebridge Financial, Inc (NYSE: CRBG) is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers and institutions through offerings designed to support retirement savings, income planning and financial protection.

Its products and services include individual and group retirement plans, annuities, life insurance and institutional retirement solutions. Corebridge also provides investment and administrative services associated with retirement plans, helping employers and employees manage long-term savings and retirement income needs.

Corebridge was established through the separation of American International Group’s (AIG) Life and Retirement business and began operating as an independent publicly traded company in 2022.