Insider Buying: Corebridge Financial (NYSE:CRBG) Major Shareholder Buys 246,521 Shares of Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon purchased 246,521 shares of the stock in a transaction that occurred on Thursday, October 29th. The stock was bought at an average price of $35.50 per share, with a total value of $8,751,495.50. Following the completion of the acquisition, the insider owned 132,116,089 shares in the company, valued at $4,690,121,159.50. This represents a 0.19% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

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

• On Wednesday, October 28th, Life Insurance Co Nippon acquired 245,898 shares of Corebridge Financial stock. The stock was bought at an average cost of $35.26 per share, for a total transaction of $8,670,363.48.
• On Tuesday, October 27th, Life Insurance Co Nippon acquired 178,129 shares of Corebridge Financial stock. The shares were bought at an average price of $35.14 per share, for a total transaction of $6,259,453.06.
• On Monday, October 26th, Life Insurance Co Nippon bought 182,826 shares of Corebridge Financial stock. The stock was bought at an average cost of $34.95 per share, with a total value of $6,389,768.70.
• On Friday, October 23rd, Life Insurance Co Nippon bought 595,609 shares of Corebridge Financial stock. The stock was bought at an average cost of $33.97 per share, with a total value of $20,232,837.73.
• On Thursday, October 22nd, Life Insurance Co Nippon bought 246,440 shares of Corebridge Financial stock. The stock was bought at an average price of $35.15 per share, with a total value of $8,662,366.00.
• On Wednesday, October 21st, Life Insurance Co Nippon bought 217,182 shares of Corebridge Financial stock. The shares were bought at an average price of $35.38 per share, for a total transaction of $7,683,899.16.
• On Tuesday, October 20th, Life Insurance Co Nippon purchased 193,357 shares of Corebridge Financial stock. The shares were bought at an average cost of $35.01 per share, for a total transaction of $6,769,428.57.
• On Monday, October 19th, Life Insurance Co Nippon purchased 162,024 shares of Corebridge Financial stock. The stock was bought at an average price of $34.51 per share, with a total value of $5,591,448.24.
• On Friday, October 16th, Life Insurance Co Nippon acquired 347,195 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.71 per share, with a total value of $12,051,138.45.
• On Thursday, October 15th, Life Insurance Co Nippon acquired 510,873 shares of Corebridge Financial stock. The stock was purchased at an average price of $33.43 per share, for a total transaction of $17,078,484.39.

Corebridge Financial Stock Up 0.6%

CRBG traded up $0.22 on Monday, reaching $35.03. The company’s stock had a trading volume of 4,274,928 shares, compared to its average volume of 4,980,533. The stock has a market cap of $15.62 billion, a price-to-earnings ratio of 20.49, a price-to-earnings-growth ratio of 0.50 and a beta of 1.05. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $36.00. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. The business’s 50 day moving average is $34.12 and its 200 day moving average is $29.84.

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, beating analysts’ consensus estimates of $1.08 by $0.04. The business 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 prior year, the business posted $1.36 EPS. As a group, research analysts forecast that Corebridge Financial, Inc. will post 4.59 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were given a $0.25 dividend. The ex-dividend date was Wednesday, September 16th. This represents a $1.00 annualized dividend and a dividend yield of 2.9%. Corebridge Financial’s dividend payout ratio (DPR) is presently 58.48%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Jefferies Financial Group upped their price target on Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Wells Fargo & Company boosted their target price on shares of Corebridge Financial from $39.00 to $40.00 and gave the company an “overweight” rating in a research note on Monday, October 12th. TD Cowen increased their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, October 21st. Barclays raised their price target on shares of Corebridge Financial from $33.00 to $39.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 7th. Finally, Weiss Ratings raised shares of Corebridge Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday. Ten investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Corebridge Financial currently has an average rating of “Moderate Buy” and a consensus price target of $39.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. ProShare Advisors LLC raised its holdings in shares of Corebridge Financial by 4.7% during the third quarter. ProShare Advisors LLC now owns 9,994 shares of the company’s stock valued at $331,000 after buying an additional 445 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in Corebridge Financial by 11.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 5,583 shares of the company’s stock worth $185,000 after buying an additional 590 shares in the last quarter. Allworth Financial LP increased its position in Corebridge Financial by 100.6% in the 2nd quarter. Allworth Financial LP now owns 1,444 shares of the company’s stock valued at $41,000 after acquiring an additional 724 shares during the period. GAMMA Investing LLC increased its position in Corebridge Financial by 15.8% in the 3rd quarter. GAMMA Investing LLC now owns 5,836 shares of the company’s stock valued at $193,000 after acquiring an additional 796 shares during the period. Finally, State of Wyoming increased its position in Corebridge Financial by 16.1% in the 1st quarter. State of Wyoming now owns 5,919 shares of the company’s stock valued at $141,000 after acquiring an additional 823 shares during the period. Institutional investors 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 institutions through offerings designed to support retirement savings, income planning and financial protection.

Its products and services include individual and group retirement plans, annuities, life insurance and institutional retirement solutions. Corebridge also provides investment and administrative services associated with retirement plans, helping employers and employees manage long-term savings and retirement income needs.

Corebridge was established through the separation of American International Group’s (AIG) Life and Retirement business and began operating as an independent publicly traded company in 2022.