Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Buys 805,782 Shares of Company Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon purchased 805,782 shares of the company’s stock in a transaction that occurred on Monday, September 28th. The stock was acquired at an average cost of $34.15 per share, with a total value of $27,517,455.30. Following the purchase, the insider directly owned 125,579,654 shares of the company’s stock, valued at $4,288,545,184.10. This trade represents a 0.65% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Friday, September 25th, Life Insurance Co Nippon purchased 178,840 shares of Corebridge Financial stock. The stock was bought at an average price of $34.52 per share, for a total transaction of $6,173,556.80.
• On Thursday, September 24th, Life Insurance Co Nippon acquired 258,878 shares of Corebridge Financial stock. The shares were bought at an average cost of $33.85 per share, for a total transaction of $8,763,020.30.
• On Wednesday, September 23rd, Life Insurance Co Nippon acquired 219,273 shares of Corebridge Financial stock. The stock was bought at an average price of $34.13 per share, with a total value of $7,483,787.49.
• On Tuesday, September 22nd, Life Insurance Co Nippon bought 296,868 shares of Corebridge Financial stock. The stock was bought at an average cost of $34.31 per share, with a total value of $10,185,541.08.
• On Monday, September 21st, Life Insurance Co Nippon bought 212,828 shares of Corebridge Financial stock. The shares were bought at an average cost of $35.08 per share, for a total transaction of $7,466,006.24.
• On Friday, September 18th, Life Insurance Co Nippon purchased 131,333 shares of Corebridge Financial stock. The shares were bought at an average price of $34.88 per share, for a total transaction of $4,580,895.04.
• On Thursday, September 17th, Life Insurance Co Nippon purchased 174,760 shares of Corebridge Financial stock. The stock was bought at an average cost of $35.20 per share, with a total value of $6,151,552.00.
• On Wednesday, September 16th, Life Insurance Co Nippon acquired 320,785 shares of Corebridge Financial stock. The stock was bought at an average price of $35.02 per share, with a total value of $11,233,890.70.
• On Tuesday, September 15th, Life Insurance Co Nippon acquired 210,903 shares of Corebridge Financial stock. The stock was bought at an average price of $35.02 per share, with a total value of $7,385,823.06.
• On Monday, September 14th, Life Insurance Co Nippon acquired 295,967 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.86 per share, for a total transaction of $10,317,409.62.

Corebridge Financial Stock Down 1.6%

Shares of CRBG stock traded down $0.54 during midday trading on Wednesday, reaching $33.23. 8,239,054 shares of the stock were exchanged, compared to its average volume of 4,987,790. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $35.64. The company’s 50 day moving average is $33.26 and its two-hundred day moving average is $29.26. 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 firm has a market cap of $14.81 billion, a PE ratio of 19.43, a price-to-earnings-growth ratio of 0.43 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 analysts’ consensus estimates of $1.08 by $0.04. The company had revenue of $4.30 billion during the quarter, compared to analysts’ expectations of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.During the same quarter last year, the business posted $1.36 EPS. On average, equities research analysts predict that Corebridge Financial, Inc. will post 4.62 EPS for the current year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued a $0.25 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a yield of 3.0%. Corebridge Financial’s dividend payout ratio is 58.48%.

Hedge Funds Weigh In On Corebridge Financial

A number of hedge funds have recently bought and sold shares of the company. Pzena Investment Management LLC purchased a new stake in Corebridge Financial during the 2nd quarter valued at about $967,400,000. BlackRock Inc. purchased a new position in Corebridge Financial in the second quarter worth about $726,494,000. Dimensional Fund Advisors LP lifted its stake in shares of Corebridge Financial by 43.5% in the first quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company’s stock worth $211,575,000 after buying an additional 2,689,611 shares in the last quarter. Donald Smith & CO. Inc. bought a new position in shares of Corebridge Financial in the second quarter worth approximately $168,134,000. Finally, Davis Asset Management L.P. purchased a new stake in shares of Corebridge Financial during the second quarter valued at approximately $166,054,000. Institutional investors own 98.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Jefferies Financial Group boosted their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a report on Friday, July 10th. Wells Fargo & Company increased their price target 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. Keefe, Bruyette & Woods lifted their price target 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. Weiss Ratings raised shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. Finally, Barclays upped their price objective on shares of Corebridge Financial from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company currently 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 and institutional clients through businesses focused on retirement services, life insurance and institutional markets.

Its offerings include fixed, variable and registered index-linked annuities; individual life insurance; employer-sponsored retirement plans; and investment, funding and risk-management solutions for institutions.