Insider Buying: Corebridge Financial (NYSE:CRBG) Major Shareholder Acquires $27,517,455.30 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon bought 805,782 shares of the company’s stock in a transaction that occurred on Monday, September 28th. The stock was acquired at an average price of $34.15 per share, for a total transaction of $27,517,455.30. Following the completion of the acquisition, the insider directly owned 125,579,654 shares in the company, valued at approximately $4,288,545,184.10. This represents a 0.65% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Large 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 Wednesday, September 30th, Life Insurance Co Nippon bought 348,215 shares of Corebridge Financial stock. The shares were bought at an average cost of $33.65 per share, with a total value of $11,717,434.75.
• On Tuesday, September 29th, Life Insurance Co Nippon bought 216,818 shares of Corebridge Financial stock. The stock was acquired at an average cost of $33.67 per share, with a total value of $7,300,262.06.
• On Friday, September 25th, Life Insurance Co Nippon purchased 178,840 shares of Corebridge Financial stock. The shares were bought at an average price of $34.52 per share, for a total transaction of $6,173,556.80.
• On Thursday, September 24th, Life Insurance Co Nippon bought 258,878 shares of Corebridge Financial stock. The stock was purchased at an average price of $33.85 per share, for a total transaction of $8,763,020.30.
• On Wednesday, September 23rd, Life Insurance Co Nippon purchased 219,273 shares of Corebridge Financial stock. The shares were purchased at an average price of $34.13 per share, with a total value of $7,483,787.49.
• On Tuesday, September 22nd, Life Insurance Co Nippon acquired 296,868 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.31 per share, for a total transaction of $10,185,541.08.
• On Monday, September 21st, Life Insurance Co Nippon purchased 212,828 shares of Corebridge Financial stock. The stock was purchased at an average cost of $35.08 per share, with a total value of $7,466,006.24.
• On Friday, September 18th, Life Insurance Co Nippon purchased 131,333 shares of Corebridge Financial stock. The shares were acquired at an average price of $34.88 per share, with a total value of $4,580,895.04.
• On Thursday, September 17th, Life Insurance Co Nippon bought 174,760 shares of Corebridge Financial stock. The stock was purchased 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 purchased 320,785 shares of Corebridge Financial stock. The shares were acquired at an average cost of $35.02 per share, with a total value of $11,233,890.70.

Corebridge Financial Stock Performance

Shares of NYSE:CRBG opened at $34.03 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. The business has a fifty day moving average of $33.40 and a 200-day moving average of $29.44. Corebridge Financial, Inc. has a twelve month low of $22.19 and a twelve month high of $35.64. The firm has a market cap of $15.17 billion, a PE ratio of 19.90, a price-to-earnings-growth ratio of 0.43 and a beta of 1.07.

Corebridge Financial (NYSE:CRBG) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.04. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The business had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same period last year, the company posted $1.36 EPS. On average, equities research analysts predict that Corebridge Financial, Inc. will post 4.62 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Rothschild Investment LLC grew its position in shares of Corebridge Financial by 133.3% during the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock valued at $27,000 after purchasing an additional 520 shares in the last quarter. Bell Investment Advisors Inc bought a new stake in shares of Corebridge Financial during the second quarter valued at approximately $27,000. Sonoma Allocations LLC purchased a new stake in shares of Corebridge Financial in the first quarter valued at approximately $30,000. Allworth Financial LP bought a new position in Corebridge Financial in the second quarter worth approximately $41,000. Finally, Versant Capital Management Inc increased its holdings in Corebridge Financial by 1,124.2% during the 2nd quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock worth $46,000 after purchasing an additional 1,484 shares during the period. Institutional investors own 98.25% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Keefe, Bruyette & Woods lifted their target price 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. TD Cowen lifted their price target on Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Barclays lifted their price objective on Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. Wells Fargo & Company raised their target price on Corebridge Financial from $36.00 to $39.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 19th. Finally, Weiss Ratings upgraded Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $37.42.

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 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.