Life Insurance Co Nippon Buys 136,466 Shares of Corebridge Financial (NYSE:CRBG) Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon acquired 136,466 shares of the firm’s stock in a transaction dated Wednesday, September 9th. The stock was purchased at an average cost of $33.78 per share, with a total value of $4,609,821.48. Following the transaction, the insider owned 122,125,993 shares in the company, valued at approximately $4,125,416,043.54. This trade represents a 0.11% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Corebridge Financial Stock Performance

Shares of Corebridge Financial stock traded up $0.52 during trading on Friday, hitting $34.70. 3,785,043 shares of the stock were exchanged, compared to its average volume of 4,951,960. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14. The company has a fifty day moving average price of $32.33 and a 200-day moving average price of $28.49. The stock has a market capitalization of $15.47 billion, a price-to-earnings ratio of 20.29, a price-to-earnings-growth ratio of 0.44 and a beta of 1.08. Corebridge Financial, Inc. has a 1-year low of $22.19 and a 1-year high of $35.00.

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 the consensus estimate of $1.08 by $0.04. The business had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.66 billion. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. During the same period last year, the business posted $1.36 EPS. As a group, equities analysts predict that Corebridge Financial, Inc. will post 4.58 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be paid 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 is Wednesday, September 16th. Corebridge Financial’s payout ratio is currently 58.48%.

Institutional Investors Weigh In On Corebridge Financial

A number of institutional investors have recently modified their holdings of the business. Bank of Nova Scotia raised its position in Corebridge Financial by 3.8% in the 2nd quarter. Bank of Nova Scotia now owns 9,328 shares of the company’s stock valued at $331,000 after buying an additional 340 shares during the last quarter. Integrated Wealth Concepts LLC lifted its stake in Corebridge Financial by 2.5% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 15,424 shares of the company’s stock valued at $494,000 after acquiring an additional 383 shares in the last quarter. Van ECK Associates Corp boosted its holdings in Corebridge Financial by 10.2% during the 4th quarter. Van ECK Associates Corp now owns 4,684 shares of the company’s stock worth $141,000 after acquiring an additional 435 shares during the last quarter. Empowered Funds LLC boosted its holdings in Corebridge Financial by 7.1% during the 4th quarter. Empowered Funds LLC now owns 7,042 shares of the company’s stock worth $212,000 after acquiring an additional 465 shares during the last quarter. Finally, Rothschild Investment LLC grew its stake in shares of Corebridge Financial by 133.3% in the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after acquiring an additional 520 shares in the last quarter. Institutional investors own 98.25% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on CRBG. UBS Group increased their price target on Corebridge Financial from $29.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, July 8th. Mizuho upped their price objective on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a report on Thursday, July 9th. Keefe, Bruyette & Woods increased their price objective on shares of Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a research report on Tuesday, August 11th. TD Cowen increased their price objective on shares of Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Finally, Wells Fargo & Company raised their target price on shares of Corebridge Financial from $36.00 to $39.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 19th. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $37.42.

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, financial professionals and institutional clients through a range of businesses focused on helping customers build, preserve and receive income from their assets.

Its products and services include individual and group annuities, retirement plan solutions, life insurance and institutional insurance offerings. Corebridge also provides investment, recordkeeping and related administrative services for workplace retirement plans, as well as solutions designed to support financial institutions and other institutional customers.

Corebridge was established through the separation of American International Group’s life and retirement business and began operating as an independent publicly traded company in 2022.