Corebridge Financial (NYSE:CRBG) Stock: Insider Life Insurance Co Nippon Acquires 261,198 Shares

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon bought 261,198 shares of the company’s stock in a transaction that occurred on Thursday, October 8th. The stock was purchased at an average price of $34.30 per share, for a total transaction of $8,959,091.40. Following the acquisition, the insider directly owned 127,654,216 shares in the company, valued at approximately $4,378,539,608.80. This trade represents a 0.21% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 12th, Life Insurance Co Nippon bought 143,190 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.49 per share, with a total value of $4,938,623.10.
• On Friday, October 9th, Life Insurance Co Nippon purchased 336,750 shares of Corebridge Financial stock. The shares were purchased at an average price of $34.07 per share, with a total value of $11,473,072.50.
• On Wednesday, October 7th, Life Insurance Co Nippon purchased 606,912 shares of Corebridge Financial stock. The shares were purchased at an average price of $34.40 per share, with a total value of $20,877,772.80.
• On Tuesday, October 6th, Life Insurance Co Nippon purchased 116,345 shares of Corebridge Financial stock. The stock was acquired at an average cost of $35.23 per share, for a total transaction of $4,098,834.35.
• On Monday, October 5th, Life Insurance Co Nippon purchased 65,711 shares of Corebridge Financial stock. The stock was acquired at an average cost of $34.75 per share, for a total transaction of $2,283,457.25.
• On Friday, October 2nd, Life Insurance Co Nippon purchased 187,155 shares of Corebridge Financial stock. The stock was acquired at an average cost of $34.27 per share, for a total transaction of $6,413,801.85.
• On Thursday, October 1st, Life Insurance Co Nippon acquired 272,208 shares of Corebridge Financial stock. The stock was acquired at an average price of $33.07 per share, for a total transaction of $9,001,918.56.
• On Wednesday, September 30th, Life Insurance Co Nippon acquired 348,215 shares of Corebridge Financial stock. The stock was acquired at an average price of $33.65 per share, for a total transaction of $11,717,434.75.
• On Tuesday, September 29th, Life Insurance Co Nippon acquired 216,818 shares of Corebridge Financial stock. The shares were acquired at an average cost of $33.67 per share, with a total value of $7,300,262.06.
• On Monday, September 28th, Life Insurance Co Nippon bought 805,782 shares of Corebridge Financial stock. The shares were acquired at an average price of $34.15 per share, with a total value of $27,517,455.30.

Corebridge Financial Stock Performance

CRBG opened at $33.98 on Thursday. The firm has a market capitalization of $15.15 billion, a P/E ratio of 7.91, a price-to-earnings-growth ratio of 0.49 and a beta of 1.07. The stock’s 50 day moving average price is $33.81 and its two-hundred day moving average price is $30.08. 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, Inc. has a 12-month low of $22.19 and a 12-month high of $35.64.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, topping the consensus estimate of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%. The company had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same period in the previous year, the business posted $1.36 EPS. On average, equities analysts forecast that Corebridge Financial, Inc. will post 4.62 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 paid 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 presently 58.48%.

Institutional Trading of Corebridge Financial

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

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. UBS Group upped 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. TD Cowen increased their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Piper Sandler raised their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a research report on Monday. Zacks Research upgraded shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. Finally, Weiss Ratings upgraded shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a report on Thursday, August 6th. Nine research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $38.83.

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 institutional clients through businesses focused on retirement services, life insurance and institutional markets.

Its offerings include fixed, variable and registered index-linked annuities; individual life insurance; employer-sponsored retirement plans; and investment, funding and risk-management solutions for institutions.