Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Buys 245,898 Shares of Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon purchased 245,898 shares of the business’s stock in a transaction dated Wednesday, October 28th. The shares were purchased at an average price of $35.26 per share, with a total value of $8,670,363.48. Following the acquisition, the insider directly owned 131,869,568 shares in the company, valued at approximately $4,649,720,967.68. The trade was a 0.19% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Large shareholders that own more than 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 27th, Life Insurance Co Nippon purchased 178,129 shares of Corebridge Financial stock. The shares were purchased at an average cost of $35.14 per share, for a total transaction of $6,259,453.06.
• On Monday, October 26th, Life Insurance Co Nippon acquired 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 shares were purchased 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 bought 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 bought 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 bought 193,357 shares of Corebridge Financial stock. The shares were acquired at an average price of $35.01 per share, for a total transaction of $6,769,428.57.
• On Monday, October 19th, Life Insurance Co Nippon purchased 162,024 shares of Corebridge Financial stock. The stock was bought 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 purchased 347,195 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.71 per share, for a total transaction of $12,051,138.45.
• On Thursday, October 15th, Life Insurance Co Nippon acquired 510,873 shares of Corebridge Financial stock. The shares were bought at an average cost of $33.43 per share, with a total value of $17,078,484.39.
• On Wednesday, October 14th, Life Insurance Co Nippon acquired 602,103 shares of Corebridge Financial stock. The shares were bought at an average price of $34.03 per share, with a total value of $20,489,565.09.

Corebridge Financial Price Performance

Shares of CRBG stock traded down $0.50 on Friday, hitting $34.79. 5,061,762 shares of the stock traded hands, compared to its average volume of 4,983,920. The firm has a 50 day simple moving average of $34.06 and a two-hundred day simple moving average of $29.82. 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 firm has a market cap of $15.51 billion, a price-to-earnings ratio of 20.35, a PEG 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.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, beating the consensus estimate of $1.08 by $0.04. The company had revenue of $4.30 billion for the quarter, compared to the consensus estimate 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 in the prior year, the company posted $1.36 EPS. As a group, equities research analysts predict that Corebridge Financial, Inc. will post 4.59 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were given a dividend of $0.25 per share. The ex-dividend date of this dividend 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 presently 58.48%.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors have recently modified their holdings of the stock. Bell Investment Advisors Inc bought a new stake in shares of Corebridge Financial in the second quarter worth about $27,000. Sonoma Allocations LLC purchased a new stake in shares of Corebridge Financial in the 1st quarter worth approximately $30,000. Allworth Financial LP acquired a new stake in shares of Corebridge Financial during the second quarter worth $41,000. Versant Capital Management Inc grew its position in shares of Corebridge Financial by 1,124.2% in the second quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock valued at $46,000 after purchasing an additional 1,484 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in Corebridge Financial during the third quarter worth about $54,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CRBG has been the subject of a number of research reports. Piper Sandler raised their target price on Corebridge Financial from $38.00 to $40.00 and gave the company an “overweight” rating in a research note on Monday, October 12th. Wells Fargo & Company raised their target price 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. Weiss Ratings raised shares of Corebridge Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday. Keefe, Bruyette & Woods lifted 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. Finally, Mizuho raised their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday, October 7th. Ten analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Corebridge Financial presently has a consensus rating of “Moderate Buy” and an average price target 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.