Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Acquires 190,251 Shares of Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon acquired 190,251 shares of the firm’s stock in a transaction dated Monday, November 2nd. The shares were bought at an average cost of $35.23 per share, with a total value of $6,702,542.73. Following the completion of the acquisition, the insider directly owned 132,534,113 shares of the company’s stock, valued at $4,669,176,800.99. The trade was a 0.14% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Major shareholders that own more than 10% 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 Friday, October 30th, Life Insurance Co Nippon bought 227,773 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.62 per share, for a total transaction of $7,885,501.26.
• On Thursday, October 29th, Life Insurance Co Nippon acquired 246,521 shares of Corebridge Financial stock. The stock was acquired at an average cost of $35.50 per share, for a total transaction of $8,751,495.50.
• On Wednesday, October 28th, Life Insurance Co Nippon bought 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 purchased 178,129 shares of Corebridge Financial stock. The shares were acquired at an average cost 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 shares were 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 acquired 595,609 shares of Corebridge Financial stock. The stock was acquired 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 shares were acquired at an average price of $35.15 per share, for a total transaction of $8,662,366.00.
• On Wednesday, October 21st, Life Insurance Co Nippon purchased 217,182 shares of Corebridge Financial stock. The stock was bought at an average price of $35.38 per share, with a total value of $7,683,899.16.
• On Tuesday, October 20th, Life Insurance Co Nippon acquired 193,357 shares of Corebridge Financial stock. The stock was bought at an average cost of $35.01 per share, with a total value of $6,769,428.57.
• On Monday, October 19th, Life Insurance Co Nippon acquired 162,024 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.51 per share, for a total transaction of $5,591,448.24.

Corebridge Financial Trading Up 1.5%

CRBG opened at $36.27 on Thursday. Corebridge Financial, Inc. has a one year low of $22.19 and a one year high of $36.71. The stock has a market cap of $16.17 billion, a price-to-earnings ratio of 7.75, a P/E/G ratio of 0.51 and a beta of 1.05. The stock’s 50 day moving average price is $34.35 and its 200-day moving average price is $29.92. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.12 and a current ratio of 0.11.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Monday, November 2nd. The company reported $1.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($0.01). The company had revenue of $4.50 billion during the quarter, compared to analysts’ expectations of $5.36 billion. Corebridge Financial had a net margin of 11.37% and a return on equity of 20.64%. Corebridge Financial’s quarterly revenue was down 20.0% on a year-over-year basis. During the same period last year, the firm earned $0.96 earnings per share. On average, equities analysts forecast that Corebridge Financial, Inc. will post 4.59 EPS for the current year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Thursday, December 17th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Thursday, December 17th. Corebridge Financial’s dividend payout ratio is currently 58.48%.

Trending Headlines about Corebridge Financial

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

• Positive Sentiment: Nippon Life continued adding to its already large CRBG holding, buying 227,773 shares for about $7.9 million on October 30 and another 190,251 shares for about $6.7 million on November 2. The repeated purchases may signal confidence from a major shareholder. Nippon Life Share Purchases
• Positive Sentiment: Third-quarter operating earnings rose year over year: Corebridge reported $1.22 per share versus $0.96 a year earlier. Management also highlighted strong annuity sales and momentum in advisory services, though the reported EPS was slightly below some analysts’ expectations. Corebridge Financial Q3 Operating Earnings Rise
• Neutral Sentiment: Corebridge declared a quarterly dividend of $0.25 per share, equivalent to $1.00 annually. The dividend may support income-oriented investors but does not materially change the business outlook. Corebridge Financial Dividend Announcement
• Negative Sentiment: Revenue of $4.50 billion fell short of the $5.36 billion analyst estimate and was down 20% year over year. A separate report cited a roughly 29% drop in premiums and deposits, raising concerns that weaker business volumes could weigh on future growth. Corebridge Q3 Premiums and Deposits

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Keefe, Bruyette & Woods upped their target price on Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a research report on Tuesday, August 11th. Weiss Ratings raised Corebridge Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, October 29th. Barclays boosted their price target on Corebridge Financial from $33.00 to $39.00 and gave the company an “overweight” rating in a research note on Wednesday, October 7th. Jefferies Financial Group increased their price objective on Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a report on Friday, July 10th. Finally, TD Cowen raised their price objective on Corebridge Financial from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, October 21st. Nine investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $39.18.

Hedge Funds Weigh In On Corebridge Financial

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