Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Acquires 336,750 Shares of Company Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon purchased 336,750 shares of Corebridge Financial stock in a transaction that occurred on Friday, October 9th. The stock was purchased at an average price of $34.07 per share, with a total value of $11,473,072.50. Following the completion of the purchase, the insider directly owned 127,990,966 shares in the company, valued at $4,360,652,211.62. This trade represents a 0.26% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 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 Monday, October 12th, Life Insurance Co Nippon acquired 143,190 shares of Corebridge Financial stock. The shares were purchased at an average price of $34.49 per share, for a total transaction of $4,938,623.10.
• On Thursday, October 8th, Life Insurance Co Nippon purchased 261,198 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.30 per share, for a total transaction of $8,959,091.40.
• On Wednesday, October 7th, Life Insurance Co Nippon purchased 606,912 shares of Corebridge Financial stock. The shares were acquired at an average cost of $34.40 per share, for a total transaction of $20,877,772.80.
• On Tuesday, October 6th, Life Insurance Co Nippon purchased 116,345 shares of Corebridge Financial stock. The shares were acquired at an average cost of $35.23 per share, for a total transaction of $4,098,834.35.
• On Monday, October 5th, Life Insurance Co Nippon acquired 65,711 shares of Corebridge Financial stock. The stock was acquired at an average price 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 stock was acquired 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 acquired 272,208 shares of Corebridge Financial stock. The stock was acquired 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 acquired at an average price of $33.65 per share, for a total transaction of $11,717,434.75.
• On Tuesday, September 29th, Life Insurance Co Nippon bought 216,818 shares of Corebridge Financial stock. The shares were acquired at an average cost of $33.67 per share, for a total transaction of $7,300,262.06.
• On Monday, September 28th, Life Insurance Co Nippon bought 805,782 shares of Corebridge Financial stock. The shares were acquired at an average cost of $34.15 per share, for a total transaction of $27,517,455.30.

Corebridge Financial Price Performance

Shares of NYSE CRBG traded down $0.42 during midday trading on Wednesday, reaching $33.98. The company’s stock had a trading volume of 6,320,803 shares, 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 fifty-two week low of $22.19 and a fifty-two week high of $35.64. The business’s 50 day moving average price is $33.80 and its two-hundred day moving average price is $30.01. The company has a market cap of $15.15 billion, a P/E ratio of 19.87, a P/E/G ratio of 0.44 and a beta of 1.07.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.04. The business had revenue of $4.30 billion during the quarter, compared to analysts’ expectations 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 previous year, the company posted $1.36 earnings per share. On average, analysts forecast that Corebridge Financial, Inc. will post 4.63 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders 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 annualized dividend and a yield of 2.9%. Corebridge Financial’s payout ratio is currently 58.48%.

Institutional Investors Weigh In On Corebridge Financial

A number of large investors have recently modified their holdings of CRBG. Bell Investment Advisors Inc bought a new stake in shares of Corebridge Financial during the 2nd quarter valued at approximately $27,000. Sonoma Allocations LLC acquired a new position in Corebridge Financial during the 1st quarter worth approximately $30,000. Allworth Financial LP bought a new position in Corebridge Financial in the 2nd quarter valued at approximately $41,000. 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 purchasing an additional 1,484 shares during the last quarter. Finally, Global Retirement Partners LLC acquired a new position in shares of Corebridge Financial during the second quarter worth $57,000. Institutional investors and hedge funds own 98.25% of the company’s stock.

Wall Street Analysts Forecast Growth

CRBG has been the topic of several analyst reports. UBS Group increased their target price on Corebridge Financial from $32.00 to $36.00 and gave the stock a “neutral” rating in a report on Tuesday, October 6th. Piper Sandler raised their price target on Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a research report on Monday. Keefe, Bruyette & Woods boosted their price target on Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a research note on Tuesday, August 11th. Jefferies Financial Group upped their price objective on shares of Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. Finally, 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. Nine equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $38.83.

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.