Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Acquires 347,195 Shares of Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon bought 347,195 shares of the business’s stock in a transaction on Friday, October 16th. The shares were acquired at an average cost of $34.71 per share, for a total transaction of $12,051,138.45. Following the purchase, the insider directly owned 129,848,103 shares in the company, valued at $4,507,027,655.13. This represents a 0.27% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Major shareholders that own 10% or more 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 Thursday, October 15th, Life Insurance Co Nippon purchased 510,873 shares of Corebridge Financial stock. The shares were acquired at an average price of $33.43 per share, with a total value of $17,078,484.39.
• On Wednesday, October 14th, Life Insurance Co Nippon purchased 602,103 shares of Corebridge Financial stock. The stock was acquired at an average cost of $34.03 per share, with a total value of $20,489,565.09.
• On Tuesday, October 13th, Life Insurance Co Nippon purchased 253,776 shares of Corebridge Financial stock. The stock was acquired at an average cost of $34.68 per share, with a total value of $8,800,951.68.
• On Monday, October 12th, Life Insurance Co Nippon purchased 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 purchased 336,750 shares of Corebridge Financial stock. The shares were acquired at an average cost of $34.07 per share, for a total transaction of $11,473,072.50.
• On Thursday, October 8th, Life Insurance Co Nippon acquired 261,198 shares of Corebridge Financial stock. The shares were bought at an average price of $34.30 per share, for a total transaction of $8,959,091.40.
• On Wednesday, October 7th, Life Insurance Co Nippon acquired 606,912 shares of Corebridge Financial stock. The stock was bought at an average cost of $34.40 per share, with a total value of $20,877,772.80.
• On Tuesday, October 6th, Life Insurance Co Nippon acquired 116,345 shares of Corebridge Financial stock. The stock was bought at an average cost of $35.23 per share, with a total value of $4,098,834.35.
• On Monday, October 5th, Life Insurance Co Nippon bought 65,711 shares of Corebridge Financial stock. The stock was bought at an average price of $34.75 per share, with a total value of $2,283,457.25.
• On Friday, October 2nd, Life Insurance Co Nippon bought 187,155 shares of Corebridge Financial stock. The stock was bought at an average price of $34.27 per share, with a total value of $6,413,801.85.

Corebridge Financial Price Performance

Corebridge Financial stock traded up $0.58 during trading hours on Tuesday, hitting $34.99. 4,178,650 shares of the company traded hands, compared to its average volume of 4,984,239. Corebridge Financial, Inc. has a 1-year low of $22.19 and a 1-year high of $35.64. The firm has a market cap of $15.60 billion, a P/E ratio of 20.46, a P/E/G ratio of 0.49 and a beta of 1.07. The firm’s 50-day simple moving average is $33.83 and its two-hundred day simple moving average is $30.32. 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 quarterly earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.04. The company had revenue of $4.30 billion during 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 EPS. As a group, analysts forecast that Corebridge Financial, Inc. will post 4.59 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Wednesday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is currently 58.48%.

Institutional Trading of Corebridge Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pzena Investment Management LLC acquired a new position in Corebridge Financial in the second quarter worth approximately $967,400,000. BlackRock Inc. bought a new position in shares of Corebridge Financial in the second quarter valued at $726,494,000. Dimensional Fund Advisors LP increased its holdings in shares of Corebridge Financial by 43.5% in the first quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company’s stock valued at $211,575,000 after buying an additional 2,689,611 shares in the last quarter. Donald Smith & CO. Inc. acquired a new stake in shares of Corebridge Financial during the 2nd quarter valued at $168,134,000. Finally, Davis Asset Management L.P. acquired a new stake in shares of Corebridge Financial during the 2nd quarter valued at $166,054,000. 98.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on CRBG shares. TD Cowen boosted their target price on Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Zacks Research raised Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Barclays lifted 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. Piper Sandler boosted their price objective on Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a research note on Monday, October 12th. Finally, Wells Fargo & Company boosted their price objective on Corebridge Financial from $39.00 to $40.00 and gave the stock an “overweight” rating in a research note on Monday, October 12th. Nine research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price 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 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.