Insider Buying: Corebridge Financial (NYSE:CRBG) Major Shareholder Acquires $4,098,834.35 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon purchased 116,345 shares of the firm’s stock in a transaction on Tuesday, October 6th. The stock was acquired at an average cost of $35.23 per share, for a total transaction of $4,098,834.35. Following the completion of the purchase, the insider owned 126,786,106 shares in the company, valued at $4,466,674,514.38. The trade was a 0.09% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Large 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 Monday, October 5th, Life Insurance Co Nippon acquired 65,711 shares of Corebridge Financial stock. The shares were bought at an average cost of $34.75 per share, with a total value of $2,283,457.25.
• On Friday, October 2nd, Life Insurance Co Nippon acquired 187,155 shares of Corebridge Financial stock. The shares were bought at an average price of $34.27 per share, for a total transaction of $6,413,801.85.
• On Thursday, October 1st, Life Insurance Co Nippon bought 272,208 shares of Corebridge Financial stock. The stock was 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 bought 348,215 shares of Corebridge Financial stock. The stock was bought 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 bought 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 bought at an average cost of $34.15 per share, for a total transaction of $27,517,455.30.
• On Friday, September 25th, Life Insurance Co Nippon purchased 178,840 shares of Corebridge Financial stock. The stock was bought at an average price of $34.52 per share, for a total transaction 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 price 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 shares were purchased at an average cost of $34.31 per share, with a total value of $10,185,541.08.

Corebridge Financial Trading Down 0.0%

Shares of Corebridge Financial stock traded down $0.01 during trading hours on Thursday, reaching $34.39. The stock had a trading volume of 4,871,136 shares, compared to its average volume of 4,969,257. The firm has a 50 day simple moving average of $33.57 and a two-hundred day simple moving average of $29.71. The firm has a market capitalization of $15.33 billion, a price-to-earnings ratio of 20.11, a P/E/G ratio of 0.45 and a beta of 1.07. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $35.64.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) 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 business had revenue of $4.30 billion during the quarter, compared to analysts’ expectations of $4.66 billion. During the same quarter in the previous year, the business earned $1.36 EPS. As a group, equities research analysts anticipate that Corebridge Financial, Inc. will post 4.64 earnings per share for the current 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 dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Wednesday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is presently 58.48%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CRBG. UBS Group boosted their price objective on shares of Corebridge Financial from $32.00 to $36.00 and gave the stock a “neutral” rating in a report on Tuesday. Wells Fargo & Company raised their price objective on Corebridge Financial from $36.00 to $39.00 and gave the company an “overweight” rating in a research note on Wednesday, August 19th. Zacks Research raised shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. Keefe, Bruyette & Woods increased their price target on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 11th. Finally, TD Cowen upped their price objective on Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Nine analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $38.58.

Corebridge Financial News Summary

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

• Positive Sentiment: Major shareholder continues buying. Life Insurance Co. Nippon purchased 65,711 CRBG shares for approximately $2.3 million on October 5 at an average price of $34.75. This followed purchases of 187,155 shares on October 2 and 272,208 shares on October 1. The repeated buying has lifted Nippon’s direct ownership to approximately 126.7 million shares and may be viewed as a vote of confidence in Corebridge’s valuation and outlook. Insider buying article
• Positive Sentiment: Analysts raised their price targets. Mizuho increased its target from $38 to $40 and maintained an “outperform” rating. Barclays raised its target from $33 to $39 and kept an “overweight” rating. The revisions imply meaningful upside from recent trading levels and reinforce the positive analyst sentiment toward CRBG. Analyst ratings coverage
• Positive Sentiment: Institutional ownership remains strong. Institutional investors own approximately 98.25% of Corebridge shares, while Wellington Management initiated a position valued at roughly $99.5 million during the second quarter. Strong institutional participation can provide additional support for the stock.
• Neutral Sentiment: Shares are trading close to their annual high. CRBG remains well above its 50-day and 200-day moving averages but is approaching its 52-week high of $35.64. This reflects strong recent momentum, although the proximity to that high could limit near-term upside or encourage profit-taking.
• Negative Sentiment: Fundamental concerns remain. Corebridge’s latest quarterly EPS exceeded estimates, but revenue missed expectations and EPS declined from the prior-year period. Analysts expect approximately $4.64 in full-year EPS, so continued earnings growth will be important to justify further gains.

Hedge Funds Weigh In On Corebridge Financial

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

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.