Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Buys 178,129 Shares of Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon bought 178,129 shares of the company’s stock in a transaction on Tuesday, October 27th. The shares were acquired at an average price of $35.14 per share, for a total transaction of $6,259,453.06. Following the transaction, the insider directly owned 131,623,670 shares in the company, valued at $4,625,255,763.80. This trade represents a 0.14% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Monday, October 26th, Life Insurance Co Nippon purchased 182,826 shares of Corebridge Financial stock. The stock was acquired at an average cost of $34.95 per share, with a total value of $6,389,768.70.
• On Friday, October 23rd, Life Insurance Co Nippon purchased 595,609 shares of Corebridge Financial stock. The stock was acquired at an average cost of $33.97 per share, with a total value of $20,232,837.73.
• On Thursday, October 22nd, Life Insurance Co Nippon purchased 246,440 shares of Corebridge Financial stock. The stock was acquired at an average price of $35.15 per share, for a total transaction of $8,662,366.00.
• On Wednesday, October 21st, Life Insurance Co Nippon acquired 217,182 shares of Corebridge Financial stock. The shares were acquired 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 acquired 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 bought 162,024 shares of Corebridge Financial stock. The stock was acquired 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 bought 347,195 shares of Corebridge Financial stock. The shares were bought at an average price of $34.71 per share, for a total transaction of $12,051,138.45.
• On Thursday, October 15th, Life Insurance Co Nippon bought 510,873 shares of Corebridge Financial stock. The shares were bought 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 purchased 602,103 shares of Corebridge Financial stock. The shares were bought 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 acquired 253,776 shares of Corebridge Financial stock. The stock was bought at an average price of $34.68 per share, with a total value of $8,800,951.68.

Corebridge Financial Stock Down 0.0%

Shares of NYSE CRBG opened at $35.30 on Friday. The stock has a market capitalization of $15.74 billion, a price-to-earnings ratio of 8.12, a price-to-earnings-growth ratio of 0.50 and a beta of 1.07. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $36.00. The firm has a 50-day moving average price of $34.06 and a 200 day moving average price of $29.82. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.04. The company had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. During the same period in the prior year, the business posted $1.36 earnings per share. Equities research analysts anticipate that Corebridge Financial, Inc. will post 4.59 EPS for the current fiscal 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. This represents a $1.00 annualized dividend 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%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Barclays raised their price target on Corebridge Financial from $33.00 to $39.00 and gave the company an “overweight” rating in a research report on Wednesday, October 7th. Wells Fargo & Company boosted their price objective on shares of Corebridge Financial from $39.00 to $40.00 and gave the stock an “overweight” rating in a research report on Monday, October 12th. TD Cowen increased their price objective on shares of 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 company an “outperform” rating in a research note on Tuesday, August 11th. Finally, Jefferies Financial Group raised their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a report on Friday, July 10th. Nine investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Corebridge Financial currently has an average rating of “Moderate Buy” and a consensus price target of $39.00.

Hedge Funds Weigh In On Corebridge Financial

Several hedge funds have recently bought and sold shares of CRBG. Wellington Management Group LLP purchased a new position in Corebridge Financial in the 2nd quarter valued at about $99,469,000. WINTON GROUP Ltd purchased a new stake in Corebridge Financial in the 2nd quarter worth approximately $1,729,000. Nykredit A S acquired a new position in Corebridge Financial in the 2nd quarter valued at $1,347,000. Man Group plc acquired a new position in Corebridge Financial in the 2nd quarter valued at $1,089,000. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of Corebridge Financial in the second quarter valued at $2,744,000. Hedge funds and other institutional investors own 98.25% of the company’s stock.

Trending Headlines about Corebridge Financial

Here are the key news stories impacting Corebridge Financial this week:

• Positive Sentiment: Life Insurance Co Nippon purchased 178,129 shares on October 27 at an average of $35.14, investing approximately $6.26 million and increasing its position by 0.14%. The purchase followed a $6.39 million acquisition of 182,826 shares on October 26. SEC ownership filing
• Positive Sentiment: The repeated purchases indicate continued confidence from a major shareholder. Nippon also bought 595,609 shares for approximately $20.23 million on October 23, in addition to numerous purchases earlier in October. Across the October 23–27 transactions alone, the shareholder acquired more than 956,000 shares for roughly $32.9 million. Insider buying report
• Positive Sentiment: Analyst sentiment remains constructive: nine analysts rate CRBG a Buy and five rate it a Hold, producing a “Moderate Buy” consensus and an average price target of $39. Recent targets range as high as $43, implying potential upside from current trading levels. Analyst ratings report
• Neutral Sentiment: CRBG has been trading near its 52-week high, with its 50-day and 200-day moving averages well below the current level. This reflects strong momentum but may also limit near-term upside if investors take profits.
• Negative Sentiment: The latest reported quarter showed mixed fundamentals: earnings per share of $1.12 exceeded estimates of $1.08, but revenue of $4.30 billion fell short of the $4.66 billion consensus, while EPS declined from $1.36 a year earlier. Analysts expect approximately $4.59 in full-year EPS.

Corebridge Financial Company Profile

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.