Corebridge Financial (NYSE:CRBG) Major Shareholder Purchases $6,151,552.00 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon bought 174,760 shares of the company’s stock in a transaction that occurred on Thursday, September 17th. The stock was bought at an average price of $35.20 per share, for a total transaction of $6,151,552.00. Following the acquisition, the insider directly owned 123,475,852 shares of the company’s stock, valued at $4,346,349,990.40. The trade was a 0.14% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 Monday, September 21st, Life Insurance Co Nippon purchased 212,828 shares of Corebridge Financial stock. The shares were purchased at an average cost of $35.08 per share, for a total transaction of $7,466,006.24.
• 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 Wednesday, September 16th, Life Insurance Co Nippon acquired 320,785 shares of Corebridge Financial stock. The stock was purchased at an average cost of $35.02 per share, with a total value of $11,233,890.70.
• On Tuesday, September 15th, Life Insurance Co Nippon acquired 210,903 shares of Corebridge Financial stock. The shares were purchased at an average price 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 stock was purchased at an average cost of $34.86 per share, for a total transaction of $10,317,409.62.
• On Thursday, September 10th, Life Insurance Co Nippon bought 176,300 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.01 per share, for a total transaction of $5,995,963.00.
• On Wednesday, September 9th, Life Insurance Co Nippon purchased 136,466 shares of Corebridge Financial stock. The shares were purchased at an average price of $33.78 per share, with a total value of $4,609,821.48.

Corebridge Financial Price Performance

Shares of NYSE:CRBG opened at $33.87 on Thursday. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $15.10 billion, a PE ratio of 19.81, a price-to-earnings-growth ratio of 0.43 and a beta of 1.08. The firm’s 50 day moving average price is $33.06 and its 200-day moving average price is $29.00. Corebridge Financial, Inc. has a twelve month low of $22.19 and a twelve month high of $35.64.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, topping the consensus estimate of $1.08 by $0.04. The firm 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 in the prior year, the business posted $1.36 EPS. Equities research analysts expect that Corebridge Financial, Inc. will post 4.59 EPS for the current year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be paid a $0.25 dividend. The ex-dividend date of this dividend 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 is 58.48%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Zacks Research upgraded Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Piper Sandler increased their target price on Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 12th. TD Cowen lifted their target price on Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. UBS Group boosted their price target on Corebridge Financial from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, July 8th. Finally, Weiss Ratings raised shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a report on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Corebridge Financial has a consensus rating of “Moderate Buy” and a consensus price target of $37.42.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CRBG. Rothschild Investment LLC boosted its holdings in shares of 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 in the last quarter. Daiwa Securities Group Inc. raised its stake in Corebridge Financial by 1.0% in the 4th quarter. Daiwa Securities Group Inc. now owns 61,642 shares of the company’s stock worth $1,860,000 after acquiring an additional 633 shares during the last quarter. CIBC Asset Management Inc lifted its position in Corebridge Financial by 3.0% during the 4th quarter. CIBC Asset Management Inc now owns 23,245 shares of the company’s stock worth $701,000 after acquiring an additional 686 shares during the period. Allworth Financial LP lifted its position in Corebridge Financial by 100.6% during the 2nd quarter. Allworth Financial LP now owns 1,444 shares of the company’s stock worth $41,000 after acquiring an additional 724 shares during the period. Finally, EverSource Wealth Advisors LLC grew its stake in Corebridge Financial by 17.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 5,529 shares of the company’s stock valued at $167,000 after purchasing an additional 803 shares during the last quarter. 98.25% of the stock is currently owned by institutional investors.

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, 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.