Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Buys 295,967 Shares

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon bought 295,967 shares of the firm’s stock in a transaction that occurred on Monday, September 14th. The shares were purchased at an average cost of $34.86 per share, with a total value of $10,317,409.62. Following the purchase, the insider directly owned 122,769,404 shares of the company’s stock, valued at approximately $4,279,741,423.44. This represents a 0.24% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

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

• On Thursday, September 10th, Life Insurance Co Nippon purchased 176,300 shares of Corebridge Financial stock. The stock was acquired at an average cost of $34.01 per share, with a total value of $5,995,963.00.
• On Wednesday, September 9th, Life Insurance Co Nippon acquired 136,466 shares of Corebridge Financial stock. The shares were acquired at an average price of $33.78 per share, with a total value of $4,609,821.48.

Corebridge Financial Price Performance

Shares of CRBG traded down $0.15 during mid-day trading on Wednesday, hitting $34.87. The company’s stock had a trading volume of 5,874,534 shares, compared to its average volume of 4,963,325. 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 firm has a 50-day moving average price of $32.60 and a 200 day moving average price of $28.65. Corebridge Financial, Inc. has a fifty-two week low of $22.19 and a fifty-two week high of $35.43. The stock has a market capitalization of $15.54 billion, a price-to-earnings ratio of 20.39, a PEG ratio of 0.45 and a beta of 1.08.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Wednesday, August 5th. The company reported $1.12 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 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 period in the prior year, the business earned $1.36 earnings per share. On average, research analysts predict that Corebridge Financial, Inc. will post 4.58 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Wednesday, September 16th. Corebridge Financial’s dividend payout ratio is 58.48%.

Analyst Ratings Changes

CRBG has been the topic of a number of recent research reports. Zacks Research upgraded Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. TD Cowen upped their target price on Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Mizuho increased their price target on Corebridge Financial from $35.00 to $36.00 and gave the company an “outperform” rating in a research report on Thursday, July 9th. Keefe, Bruyette & Woods lifted their price target on Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 11th. Finally, Wells Fargo & Company boosted their price objective on Corebridge Financial from $36.00 to $39.00 and gave the stock an “overweight” rating in a report on Wednesday, August 19th. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Corebridge Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.42.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRBG. Rothschild Investment LLC raised its stake in Corebridge Financial by 133.3% during the 4th quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock valued at $27,000 after purchasing an additional 520 shares during the period. Bell Investment Advisors Inc acquired a new stake in shares of Corebridge Financial in the second quarter worth $27,000. Sonoma Allocations LLC acquired a new stake in shares of Corebridge Financial in the first quarter worth $30,000. Allworth Financial LP purchased a new position in shares of Corebridge Financial during the second quarter valued at $41,000. Finally, Versant Capital Management Inc grew its holdings in shares of Corebridge Financial by 1,124.2% during the second quarter. Versant Capital Management Inc now owns 1,616 shares of the company’s stock valued at $46,000 after buying an additional 1,484 shares in the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

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.