Insider Buying: Corebridge Financial (NYSE:CRBG) Major Shareholder Buys $6,413,801.85 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon bought 187,155 shares of the firm’s stock in a transaction on Friday, October 2nd. The stock was purchased at an average cost of $34.27 per share, for a total transaction of $6,413,801.85. Following the completion of the acquisition, the insider owned 126,604,050 shares in the company, valued at approximately $4,338,720,793.50. This trade represents a 0.15% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 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 Thursday, October 1st, Life Insurance Co Nippon purchased 272,208 shares of Corebridge Financial stock. The shares were purchased at an average cost of $33.07 per share, with a total value of $9,001,918.56.
• On Wednesday, September 30th, Life Insurance Co Nippon purchased 348,215 shares of Corebridge Financial stock. The shares were purchased 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 stock was purchased at an average cost of $33.67 per share, for a total transaction of $7,300,262.06.
• On Monday, September 28th, Life Insurance Co Nippon acquired 805,782 shares of Corebridge Financial stock. The shares were purchased at an average price of $34.15 per share, with a total value of $27,517,455.30.
• On Friday, September 25th, Life Insurance Co Nippon acquired 178,840 shares of Corebridge Financial stock. The shares were purchased at an average price of $34.52 per share, with a total value of $6,173,556.80.
• On Thursday, September 24th, Life Insurance Co Nippon bought 258,878 shares of Corebridge Financial stock. The shares were acquired at an average price of $33.85 per share, with a total value of $8,763,020.30.
• On Wednesday, September 23rd, Life Insurance Co Nippon bought 219,273 shares of Corebridge Financial stock. The stock was acquired at an average cost of $34.13 per share, for a total transaction of $7,483,787.49.
• On Tuesday, September 22nd, Life Insurance Co Nippon purchased 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 shares were acquired 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 cost of $34.88 per share, with a total value of $4,580,895.04.

Corebridge Financial Price Performance

Shares of CRBG stock traded up $0.31 on Tuesday, hitting $35.15. 2,693,303 shares of the company’s stock were exchanged, compared to its average volume of 4,972,417. The company has a 50 day moving average of $33.46 and a 200 day moving average of $29.56. The stock has a market cap of $15.67 billion, a P/E ratio of 20.56, a price-to-earnings-growth ratio of 0.43 and a beta of 1.07. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. Corebridge Financial, Inc. has a 12 month low of $22.19 and a 12 month high of $35.64.

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

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th were given a $0.25 dividend. The ex-dividend date was Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a yield of 2.8%. Corebridge Financial’s dividend payout ratio (DPR) is currently 58.48%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CRBG. Pzena Investment Management LLC acquired a new stake in shares of Corebridge Financial during the second quarter worth $967,400,000. BlackRock Inc. bought a new stake in Corebridge Financial during the second quarter valued at $726,494,000. Donald Smith & CO. Inc. bought a new stake in Corebridge Financial during the second quarter valued at $168,134,000. Davis Asset Management L.P. acquired a new stake in Corebridge Financial during the 2nd quarter worth about $166,054,000. Finally, Wellington Management Group LLP acquired a new stake in Corebridge Financial during the 2nd quarter worth about $99,469,000. 98.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CRBG has been the subject of several research analyst reports. Keefe, Bruyette & Woods upped their price target on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a report on Tuesday, August 11th. Zacks Research raised Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. Piper Sandler upped their target price on Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, August 12th. TD Cowen increased their target price on Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Finally, Weiss Ratings raised Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $37.75.

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.