Corebridge Financial (NYSE:CRBG) Major Shareholder Purchases $4,938,623.10 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon purchased 143,190 shares of the business’s stock in a transaction dated Monday, October 12th. The shares were purchased at an average cost of $34.49 per share, for a total transaction of $4,938,623.10. Following the completion of the purchase, the insider directly owned 128,134,156 shares of the company’s stock, valued at approximately $4,419,347,040.44. This represents a 0.11% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Friday, October 9th, Life Insurance Co Nippon acquired 336,750 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.07 per share, with a total value of $11,473,072.50.
• On Thursday, October 8th, Life Insurance Co Nippon acquired 261,198 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.30 per share, with a total value of $8,959,091.40.
• On Wednesday, October 7th, Life Insurance Co Nippon bought 606,912 shares of Corebridge Financial stock. The shares were acquired at an average price of $34.40 per share, for a total transaction of $20,877,772.80.
• On Tuesday, October 6th, Life Insurance Co Nippon bought 116,345 shares of Corebridge Financial stock. The shares were acquired 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 shares were acquired at an average cost 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 shares were acquired at an average cost of $34.27 per share, for a total transaction of $6,413,801.85.
• On Thursday, October 1st, Life Insurance Co Nippon purchased 272,208 shares of Corebridge Financial stock. The stock was acquired 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 stock was acquired at an average price of $33.65 per share, with a total value of $11,717,434.75.
• On Tuesday, September 29th, Life Insurance Co Nippon purchased 216,818 shares of Corebridge Financial stock. The shares were acquired at an average cost of $33.67 per share, with a total value of $7,300,262.06.
• On Monday, September 28th, Life Insurance Co Nippon purchased 805,782 shares of Corebridge Financial stock. The shares were acquired at an average price of $34.15 per share, for a total transaction of $27,517,455.30.

Corebridge Financial Trading Down 1.2%

Shares of NYSE:CRBG traded down $0.42 during mid-day trading on Wednesday, reaching $33.98. 6,320,803 shares of the company’s stock were exchanged, compared to its average volume of 4,975,131. 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, Inc. has a twelve month low of $22.19 and a twelve month high of $35.64. The firm has a market capitalization of $15.15 billion, a price-to-earnings ratio of 19.87, a PEG ratio of 0.44 and a beta of 1.07. The business’s fifty day moving average price is $33.80 and its 200-day moving average price is $30.01.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data 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. The business had revenue of $4.30 billion during the quarter, compared to the consensus estimate 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 earnings per share. On average, research analysts predict that Corebridge Financial, Inc. will post 4.63 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on CRBG shares. Barclays raised their price objective on Corebridge Financial from $33.00 to $39.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 7th. Wells Fargo & Company upped their target price on Corebridge Financial from $39.00 to $40.00 and gave the company an “overweight” rating in a report on Monday. Zacks Research upgraded Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. Piper Sandler increased their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an “overweight” rating in a research report on Monday. Finally, Weiss Ratings upgraded 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 five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.83.

Hedge Funds Weigh In On Corebridge Financial

Hedge funds and other institutional investors have recently bought and sold shares of the company. Pzena Investment Management LLC acquired a new stake in Corebridge Financial during the 2nd quarter worth about $967,400,000. BlackRock Inc. bought a new position in shares of Corebridge Financial in the 2nd quarter worth about $726,494,000. Dimensional Fund Advisors LP raised its position in shares of Corebridge Financial by 43.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company’s stock worth $211,575,000 after acquiring an additional 2,689,611 shares in the last quarter. Donald Smith & CO. Inc. acquired a new position in shares of Corebridge Financial in the 2nd quarter valued at about $168,134,000. Finally, Davis Asset Management L.P. acquired a new position in shares of Corebridge Financial in the 2nd quarter valued at about $166,054,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

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.