Corebridge Financial (NYSE:CRBG) Reaches New 12-Month High Following Insider Buying Activity

Corebridge Financial, Inc. (NYSE:CRBG)’s stock price hit a new 52-week high during trading on Wednesday after an insider bought additional shares in the company. The company traded as high as $35.67 and last traded at $35.32, with a volume of 105,442 shares trading hands. The stock had previously closed at $35.36.

Specifically, major shareholder Life Insurance Co Nippon bought 595,609 shares of the business’s stock in a transaction on Friday, October 23rd. The stock was acquired at an average price of $33.97 per share, with a total value of $20,232,837.73. Following the transaction, the insider owned 131,262,715 shares in the company, valued at approximately $4,458,994,428.55. This trade represents a 0.46% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Life Insurance Co Nippon acquired 246,440 shares of Corebridge Financial stock in a transaction that occurred on Thursday, October 22nd. The shares were purchased at an average price of $35.15 per share, with a total value of $8,662,366.00. Following the transaction, the insider owned 130,667,106 shares of the company’s stock, valued at $4,592,948,775.90. The trade was a 0.19% increase in their position. The disclosure for this purchase is available in the SEC filing. In other Corebridge Financial news, major shareholder Life Insurance Co Nippon acquired 217,182 shares of the stock in a transaction dated Wednesday, October 21st. The shares were purchased at an average price of $35.38 per share, for a total transaction of $7,683,899.16. Following the purchase, the insider directly owned 130,420,666 shares of the company’s stock, 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 filing with the SEC, which is accessible through this link.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CRBG. TD Cowen boosted their price objective on Corebridge Financial from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, October 21st. Keefe, Bruyette & Woods increased their price objective on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 11th. Weiss Ratings upgraded shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. Wells Fargo & Company raised their price objective on shares of Corebridge Financial from $39.00 to $40.00 and gave the company an “overweight” rating in a research report on Monday, October 12th. Finally, UBS Group lifted their target price on shares of Corebridge Financial from $32.00 to $36.00 and gave the company a “neutral” rating in a research note on Tuesday, October 6th. Nine investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Corebridge Financial currently has a consensus rating of “Moderate Buy” and an average target price of $39.00.

Corebridge Financial Price Performance

The company has a market cap of $15.75 billion, a PE ratio of 20.67 and a beta of 1.07. The company has a 50-day moving average of $33.97 and a 200 day moving average of $29.78.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, topping the consensus estimate of $1.08 by $0.04. The firm had revenue of $4.30 billion for the quarter, compared to analysts’ expectations of $4.66 billion. During the same period in the previous year, the firm earned $1.36 earnings per share. Equities research analysts expect that Corebridge Financial, Inc. will post 4.59 EPS for the current year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were paid a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $1.00 annualized dividend and a yield of 2.8%. Corebridge Financial’s dividend payout ratio is 58.48%.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors have recently made changes to their positions in the company. Farther Finance Advisors LLC raised 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 purchasing an additional 590 shares in the last quarter. Allworth Financial LP lifted its position in shares of Corebridge Financial by 100.6% in the 2nd 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 period. GAMMA Investing LLC lifted its position in shares of Corebridge Financial by 15.8% in the 3rd 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 period. State of Wyoming boosted its stake in shares of Corebridge Financial by 16.1% during the first quarter. State of Wyoming now owns 5,919 shares of the company’s stock valued at $141,000 after purchasing an additional 823 shares in the last quarter. Finally, Corient Private Wealth LP boosted its stake in shares of Corebridge Financial by 1.2% during the second quarter. Corient Private Wealth LP now owns 72,562 shares of the company’s stock valued at $2,077,000 after purchasing an additional 858 shares in the last quarter. Hedge funds and other institutional investors own 98.25% of the company’s stock.

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.