Insider Buying: Corebridge Financial (NYSE:CRBG) Major Shareholder Buys 320,785 Shares of Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon bought 320,785 shares of the company’s stock in a transaction on Wednesday, September 16th. The stock was bought at an average cost of $35.02 per share, with a total value of $11,233,890.70. Following the completion of the purchase, the insider owned 123,301,092 shares of the company’s stock, valued at approximately $4,318,004,241.84. The trade was a 0.26% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Major 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 Tuesday, September 15th, Life Insurance Co Nippon purchased 210,903 shares of Corebridge Financial stock. The shares were bought at an average cost of $35.02 per share, for a total transaction of $7,385,823.06.
• On Monday, September 14th, Life Insurance Co Nippon purchased 295,967 shares of Corebridge Financial stock. The stock was bought at an average cost of $34.86 per share, with a total value of $10,317,409.62.
• On Thursday, September 10th, Life Insurance Co Nippon acquired 176,300 shares of Corebridge Financial stock. The stock was bought at an average price of $34.01 per share, with a total value of $5,995,963.00.
• On Wednesday, September 9th, Life Insurance Co Nippon acquired 136,466 shares of Corebridge Financial stock. The shares were purchased at an average cost of $33.78 per share, for a total transaction of $4,609,821.48.

Corebridge Financial Trading Up 0.0%

CRBG traded up $0.01 during mid-day trading on Friday, reaching $34.89. The stock had a trading volume of 9,134,202 shares, compared to its average volume of 4,979,746. The stock has a market capitalization of $15.55 billion, a P/E ratio of 20.40, a P/E/G ratio of 0.45 and a beta of 1.08. 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 firm’s fifty day simple moving average is $32.79 and its two-hundred day simple moving average is $28.76. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week 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 for the quarter, topping 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 company had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter in the previous year, the company posted $1.36 earnings per share. On average, equities analysts predict that Corebridge Financial, Inc. will post 4.58 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. Investors of record on Wednesday, September 16th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Wednesday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is presently 58.48%.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors have recently modified their holdings of the stock. Rothschild Investment LLC raised its stake 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 purchasing an additional 520 shares during the period. Bell Investment Advisors Inc bought a new position in shares of Corebridge Financial during the second quarter worth about $27,000. Sonoma Allocations LLC acquired a new stake in Corebridge Financial in the 1st quarter valued at approximately $30,000. Allworth Financial LP acquired a new stake in Corebridge Financial in the 2nd quarter valued at approximately $41,000. Finally, Versant Capital Management Inc lifted its stake 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 valued at $46,000 after acquiring an additional 1,484 shares in the last quarter. 98.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CRBG has been the topic of a number of research reports. Barclays upped their target price on shares of Corebridge Financial from $30.00 to $33.00 and gave the company an “overweight” rating in a research report on Tuesday, July 7th. Weiss Ratings raised shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. Jefferies Financial Group increased their price objective 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 raised their price objective on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a research note on Thursday, July 9th. Finally, TD Cowen lifted their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $37.42.

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, 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.