Insider Buying: Corebridge Financial (NYSE:CRBG) Major Shareholder Buys 65,711 Shares of Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon purchased 65,711 shares of the stock in a transaction dated Monday, October 5th. The shares were purchased at an average price of $34.75 per share, for a total transaction of $2,283,457.25. Following the completion of the transaction, the insider owned 126,669,761 shares in the company, valued at $4,401,774,194.75. This trade represents a 0.05% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own at least 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 Friday, October 2nd, Life Insurance Co Nippon acquired 187,155 shares of Corebridge Financial stock. The stock was purchased at an average price 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 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 bought 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 acquired 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 acquired at an average cost of $34.15 per share, with a total value of $27,517,455.30.
• On Friday, September 25th, Life Insurance Co Nippon purchased 178,840 shares of Corebridge Financial stock. The stock was acquired 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 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 acquired 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 bought 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 bought 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.

Corebridge Financial Price Performance

NYSE:CRBG traded down $0.79 during trading hours on Wednesday, reaching $34.38. 4,498,117 shares of the company’s stock were exchanged, compared to its average volume of 4,969,947. The company has a market capitalization of $15.33 billion, a P/E ratio of 20.11, a price-to-earnings-growth ratio of 0.45 and a beta of 1.07. Corebridge Financial, Inc. has a 12 month low of $22.19 and a 12 month high of $35.64. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14. The business’s 50-day simple moving average is $33.52 and its two-hundred day simple moving average is $29.63.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.04. The firm had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. During the same quarter in the previous year, the business posted $1.36 earnings per share. Sell-side analysts expect that Corebridge Financial, Inc. will post 4.62 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were issued 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 presently 58.48%.

Institutional Investors Weigh In On Corebridge Financial

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

Key Stories Impacting Corebridge Financial

Here are the key news stories impacting Corebridge Financial this week:

• Positive Sentiment: Analysts raised price targets. Mizuho increased its target from $38 to $40 and assigned an “outperform” rating, implying approximately 16% upside from the referenced price. Barclays also raised its target from $33 to $39 and maintained an “overweight” rating, implying roughly 13% upside.
• Positive Sentiment: Major shareholder continues accumulating shares. Nippon Life purchased 187,155 CRBG shares at an average price of $34.27, increasing its ownership by 0.15%. This follows a purchase of 272,208 shares for about $9.0 million at an average price of $33.07. Repeated buying by a large shareholder may reinforce investor confidence in Corebridge’s valuation and outlook. Nippon Life purchases Corebridge shares
• Positive Sentiment: Underlying fundamentals remain supportive. Corebridge’s latest quarterly earnings of $1.12 per share exceeded the $1.08 consensus estimate, while the company maintains a quarterly dividend of $0.25 per share, or $1.00 annualized.
• Neutral Sentiment: UBS raised its target but remains cautious. UBS lifted its price target from $32 to $36 while retaining a “neutral” rating, suggesting more limited upside than the bullish calls from Mizuho and Barclays. UBS raises Corebridge price target
• Negative Sentiment: Valuation and earnings comparisons present risks. CRBG is trading close to its 52-week high, at approximately 20 times earnings, while the latest quarter’s revenue fell short of expectations and earnings declined from the prior-year period. These factors could limit gains if further analyst upgrades or operating improvements do not materialize.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CRBG. Barclays upped their target price on Corebridge Financial from $33.00 to $39.00 and gave the company an “overweight” rating in a report on Wednesday. Mizuho lifted their price target on Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday. TD Cowen boosted their price objective on Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. UBS Group upped their price objective on shares of Corebridge Financial from $32.00 to $36.00 and gave the company a “neutral” rating in a research note on Tuesday. Finally, Zacks Research upgraded shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price 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.