Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Purchases 606,912 Shares of Company Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon acquired 606,912 shares of the firm’s stock in a transaction dated Wednesday, October 7th. The shares were bought at an average cost of $34.40 per share, with a total value of $20,877,772.80. Following the completion of the acquisition, the insider directly owned 127,393,018 shares of the company’s stock, valued at $4,382,319,819.20. The trade was a 0.48% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Life Insurance Co Nippon also recently made the following trade(s):

• On Tuesday, October 6th, Life Insurance Co Nippon acquired 116,345 shares of Corebridge Financial stock. The shares were bought at an average price of $35.23 per share, for a total transaction 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, for a total transaction 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 cost of $34.27 per share, with a total value of $6,413,801.85.
• On Thursday, October 1st, Life Insurance Co Nippon bought 272,208 shares of Corebridge Financial stock. The shares were bought at an average price 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 cost of $33.65 per share, for a total transaction of $11,717,434.75.
• On Tuesday, September 29th, Life Insurance Co Nippon purchased 216,818 shares of Corebridge Financial stock. The stock was purchased at an average price of $33.67 per share, for a total transaction of $7,300,262.06.
• On Monday, September 28th, Life Insurance Co Nippon purchased 805,782 shares of Corebridge Financial stock. The stock was purchased at an average price of $34.15 per share, for a total transaction of $27,517,455.30.
• On Friday, September 25th, Life Insurance Co Nippon acquired 178,840 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.52 per share, with a total value of $6,173,556.80.
• On Thursday, September 24th, Life Insurance Co Nippon acquired 258,878 shares of Corebridge Financial stock. The shares were purchased 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 purchased at an average cost of $34.13 per share, for a total transaction of $7,483,787.49.

Corebridge Financial Stock Down 1.0%

CRBG stock opened at $34.10 on Friday. The company has a market cap of $15.20 billion, a price-to-earnings ratio of 19.94, a P/E/G ratio of 0.44 and a beta of 1.07. 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’s 50-day moving average is $33.68 and its two-hundred day moving average is $29.82. Corebridge Financial, Inc. has a fifty-two week low of $22.19 and a fifty-two week high of $35.64.

Corebridge Financial (NYSE:CRBG) last released its quarterly 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. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%. The business had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same period in the previous year, the company posted $1.36 EPS. As a group, analysts forecast that Corebridge Financial, Inc. will post 4.63 earnings per share for the current year.

Corebridge Financial Announces Dividend

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

Institutional Investors Weigh In On Corebridge Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRBG. Bell Investment Advisors Inc bought a new position in shares of Corebridge Financial in the second quarter worth approximately $27,000. Sonoma Allocations LLC purchased a new position in shares of Corebridge Financial during the 1st quarter valued at $30,000. Allworth Financial LP purchased a new position in shares of Corebridge Financial during the 2nd quarter valued at $41,000. Versant Capital Management Inc boosted its holdings in Corebridge Financial by 1,124.2% in the 2nd quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock worth $46,000 after buying an additional 1,484 shares during the period. Finally, Global Retirement Partners LLC bought a new position in Corebridge Financial in the 2nd quarter worth $57,000. Institutional investors own 98.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Jefferies Financial Group upped their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a report on Friday, July 10th. Mizuho boosted their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday. Weiss Ratings raised shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. Piper Sandler upped their price objective on Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 12th. Finally, UBS Group raised their target price on Corebridge Financial from $32.00 to $36.00 and gave the stock a “neutral” rating in a report on Tuesday. Nine investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $38.58.

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 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.