Corebridge Financial (NYSE:CRBG) Sets New 12-Month High Following Insider Buying Activity

Corebridge Financial, Inc. (NYSE:CRBG)’s share price reached a new 52-week high on Thursday following insider buying activity. The stock traded as high as $35.43 and last traded at $34.8720, with a volume of 5874540 shares trading hands. The stock had previously closed at $35.02.

Specifically, major shareholder Life Insurance Co Nippon acquired 210,903 shares of the company’s stock in a transaction on Tuesday, September 15th. The stock was acquired at an average cost of $35.02 per share, with a total value of $7,385,823.06. Following the purchase, the insider directly owned 122,980,307 shares of the company’s stock, valued at approximately $4,306,770,351.14. This represents a 0.17% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Life Insurance Co Nippon bought 295,967 shares of Corebridge Financial stock in a transaction dated Monday, September 14th. The stock was acquired at an average price of $34.86 per share, for a total transaction of $10,317,409.62. Following the completion of the acquisition, the insider owned 122,769,404 shares in the company, valued at approximately $4,279,741,423.44. The trade was a 0.24% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In other Corebridge Financial news, major shareholder Life Insurance Co Nippon bought 176,300 shares of the firm’s stock in a transaction dated Thursday, September 10th. The shares were purchased at an average cost of $34.01 per share, for a total transaction of $5,995,963.00. Following the transaction, the insider owned 122,302,293 shares of the company’s stock, valued at $4,159,500,984.93. This represents a 0.14% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Zacks Research upgraded Corebridge Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. 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 research note on Wednesday, August 19th. Weiss Ratings upgraded Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. Barclays raised their price objective on Corebridge Financial from $30.00 to $33.00 and gave the company an “overweight” rating in a research note on Tuesday, July 7th. Finally, Piper Sandler lifted their target price on Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, August 12th. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $37.42.

Corebridge Financial Stock Up 0.1%

The company’s fifty day moving average price is $32.79 and its 200-day moving average price is $28.76. The stock has a market cap of $15.56 billion, a P/E ratio of 20.41, a price-to-earnings-growth ratio of 0.45 and a beta of 1.08. 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 (NYSE:CRBG) last released its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.04. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The firm had revenue of $4.30 billion during the quarter, compared to analysts’ expectations of $4.66 billion. During the same period in the previous year, the company earned $1.36 EPS. Equities analysts forecast that Corebridge Financial, Inc. will post 4.58 EPS for the current year.

Corebridge Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be given 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 58.48%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Sequoia Financial Advisors LLC raised its holdings in shares of Corebridge Financial by 23.7% in the second quarter. Sequoia Financial Advisors LLC now owns 14,676 shares of the company’s stock worth $420,000 after buying an additional 2,814 shares during the period. Tidal Investments LLC grew its position in Corebridge Financial by 42.8% in the 2nd quarter. Tidal Investments LLC now owns 93,351 shares of the company’s stock valued at $2,673,000 after acquiring an additional 27,992 shares during the last quarter. National Pension Service grew its position in Corebridge Financial by 83.2% in the 2nd quarter. National Pension Service now owns 20,647 shares of the company’s stock valued at $591,000 after acquiring an additional 9,375 shares during the last quarter. WINTON GROUP Ltd bought a new position in Corebridge Financial in the 2nd quarter valued at $1,729,000. Finally, Engineers Gate Manager LP purchased a new stake in Corebridge Financial in the second quarter worth $4,186,000. Institutional investors own 98.25% of the company’s stock.

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.