Corebridge Financial (NYSE:CRBG) Major Shareholder Acquires $20,232,837.73 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon purchased 595,609 shares of the business’s stock in a transaction that occurred on Friday, October 23rd. The shares were bought at an average price of $33.97 per share, for a total transaction of $20,232,837.73. Following the completion of the purchase, the insider directly owned 131,262,715 shares in the company, valued at $4,458,994,428.55. This represents a 0.46% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

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

• On Thursday, October 22nd, Life Insurance Co Nippon purchased 246,440 shares of Corebridge Financial stock. The shares were purchased at an average cost of $35.15 per share, for a total transaction of $8,662,366.00.
• On Wednesday, October 21st, Life Insurance Co Nippon purchased 217,182 shares of Corebridge Financial stock. The shares were purchased at an average cost of $35.38 per share, for a total transaction of $7,683,899.16.
• On Tuesday, October 20th, Life Insurance Co Nippon acquired 193,357 shares of Corebridge Financial stock. The stock was purchased at an average price of $35.01 per share, with a total value of $6,769,428.57.
• On Monday, October 19th, Life Insurance Co Nippon acquired 162,024 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.51 per share, with a total value of $5,591,448.24.
• On Friday, October 16th, Life Insurance Co Nippon acquired 347,195 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.71 per share, with a total value of $12,051,138.45.
• On Thursday, October 15th, Life Insurance Co Nippon bought 510,873 shares of Corebridge Financial stock. The shares were acquired 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 cost 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 shares were acquired at an average price of $34.68 per share, with a total value of $8,800,951.68.
• On Monday, October 12th, Life Insurance Co Nippon acquired 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 acquired 336,750 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.07 per share, for a total transaction of $11,473,072.50.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG traded up $0.72 on Tuesday, reaching $35.38. The company’s stock had a trading volume of 3,849,423 shares, compared to its average volume of 4,985,056. The stock’s 50-day moving average is $33.92 and its two-hundred day moving average is $29.73. Corebridge Financial, Inc. has a 52-week low of $22.19 and a 52-week high of $35.64. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. The stock has a market capitalization of $15.77 billion, a P/E ratio of 20.69, a PEG ratio of 0.49 and a beta of 1.07.

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

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend was Wednesday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is presently 58.48%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CRBG. Piper Sandler upped their price target on Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a research note on Monday, October 12th. UBS Group increased their price target on Corebridge Financial from $32.00 to $36.00 and gave the stock a “neutral” rating in a report on Tuesday, October 6th. Keefe, Bruyette & Woods lifted their price objective on shares of Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a research report on Tuesday, August 11th. Wells Fargo & Company boosted their price objective on shares of Corebridge Financial from $39.00 to $40.00 and gave the company an “overweight” rating in a research note on Monday, October 12th. Finally, Barclays upped their price objective on shares of Corebridge Financial from $33.00 to $39.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 7th. Nine analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.00.

Hedge Funds Weigh In On Corebridge Financial

Large investors have recently modified their holdings of the business. Farther Finance Advisors LLC increased its holdings in shares of Corebridge Financial by 11.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 5,583 shares of the company’s stock valued at $185,000 after acquiring an additional 590 shares during the last quarter. Allworth Financial LP lifted its stake in Corebridge Financial by 100.6% during the second quarter. Allworth Financial LP now owns 1,444 shares of the company’s stock worth $41,000 after purchasing an additional 724 shares during the last quarter. GAMMA Investing LLC lifted its stake in Corebridge Financial by 15.8% during the third quarter. GAMMA Investing LLC now owns 5,836 shares of the company’s stock worth $193,000 after purchasing an additional 796 shares during the last quarter. State of Wyoming boosted its holdings in Corebridge Financial by 16.1% in the first quarter. State of Wyoming now owns 5,919 shares of the company’s stock worth $141,000 after purchasing an additional 823 shares during the period. Finally, Corient Private Wealth LP boosted its holdings in Corebridge Financial by 1.2% in the second quarter. Corient Private Wealth LP now owns 72,562 shares of the company’s stock worth $2,077,000 after purchasing an additional 858 shares during the period. 98.25% of the stock is owned by hedge funds and other institutional investors.

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.