Life Insurance Co Nippon Purchases 212,828 Shares of Corebridge Financial (NYSE:CRBG) Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon bought 212,828 shares of the firm’s stock in a transaction on Monday, September 21st. The stock was purchased at an average price of $35.08 per share, with a total value of $7,466,006.24. Following the transaction, the insider owned 123,820,013 shares in the company, valued at $4,343,606,056.04. The trade was a 0.17% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Large shareholders that own at least 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 Friday, September 18th, Life Insurance Co Nippon purchased 131,333 shares of Corebridge Financial stock. The stock was purchased at an average price of $34.88 per share, for a total transaction of $4,580,895.04.
• On Thursday, September 17th, Life Insurance Co Nippon acquired 174,760 shares of Corebridge Financial stock. The shares were bought at an average price of $35.20 per share, for a total transaction of $6,151,552.00.
• On Wednesday, September 16th, Life Insurance Co Nippon bought 320,785 shares of Corebridge Financial stock. The stock was purchased at an average price of $35.02 per share, with a total value of $11,233,890.70.
• On Tuesday, September 15th, Life Insurance Co Nippon purchased 210,903 shares of Corebridge Financial stock. The stock was acquired at an average cost of $35.02 per share, with a total value of $7,385,823.06.
• On Monday, September 14th, Life Insurance Co Nippon bought 295,967 shares of Corebridge Financial stock. The shares were acquired at an average cost of $34.86 per share, with a total value of $10,317,409.62.
• On Thursday, September 10th, Life Insurance Co Nippon bought 176,300 shares of Corebridge Financial stock. The shares were acquired at an average price of $34.01 per share, with a total value of $5,995,963.00.
• On Wednesday, September 9th, Life Insurance Co Nippon purchased 136,466 shares of Corebridge Financial stock. The stock was acquired at an average price of $33.78 per share, for a total transaction of $4,609,821.48.

Corebridge Financial Price Performance

Shares of NYSE CRBG traded up $0.03 during trading on Wednesday, hitting $33.87. The company had a trading volume of 3,485,877 shares, compared to its average volume of 4,968,181. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $35.64. The business’s 50-day moving average is $33.02 and its 200 day moving average is $28.94. The company has a market cap of $15.10 billion, a P/E ratio of 19.81, a PEG ratio of 0.45 and a beta of 1.08. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data 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 business had revenue of $4.30 billion during the quarter, compared to analyst estimates of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.During the same period last year, the company posted $1.36 EPS. 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 will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be given a $0.25 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.0%. Corebridge Financial’s dividend payout ratio (DPR) is 58.48%.

Analyst Ratings Changes

Several analysts have issued reports on CRBG shares. Jefferies Financial Group boosted their price objective on Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Wells Fargo & Company raised their target price on shares of Corebridge Financial from $36.00 to $39.00 and gave the stock an “overweight” rating in a report on Wednesday, August 19th. Zacks Research raised shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. TD Cowen boosted 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. Finally, UBS Group upped their price target on shares of Corebridge Financial from $29.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, July 8th. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $37.42.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Rothschild Investment LLC grew its holdings in Corebridge Financial by 133.3% in the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock valued at $27,000 after buying an additional 520 shares during the last quarter. Bell Investment Advisors Inc acquired a new position in shares of Corebridge Financial during the second quarter worth approximately $27,000. Sonoma Allocations LLC acquired a new position in shares of Corebridge Financial during the first quarter worth approximately $30,000. Allworth Financial LP bought a new stake in shares of Corebridge Financial in the second quarter valued at approximately $41,000. Finally, Versant Capital Management Inc grew its stake 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 worth $46,000 after acquiring an additional 1,484 shares during the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

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, financial professionals and institutional clients through a range of businesses focused on helping customers build, preserve and receive income from their assets.

Its products and services include individual and group annuities, retirement plan solutions, life insurance and institutional insurance offerings. Corebridge also provides investment, recordkeeping and related administrative services for workplace retirement plans, as well as solutions designed to support financial institutions and other institutional customers.

Corebridge was established through the separation of American International Group’s life and retirement business and began operating as an independent publicly traded company in 2022.