Corebridge Financial (NYSE:CRBG) Major Shareholder Purchases $9,001,918.56 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon purchased 272,208 shares of Corebridge Financial stock in a transaction that occurred on Thursday, October 1st. The shares were acquired at an average price of $33.07 per share, for a total transaction of $9,001,918.56. Following the acquisition, the insider owned 126,416,895 shares in the company, valued at $4,180,606,717.65. This trade represents a 0.22% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Major shareholders that own at least 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 Monday, October 5th, Life Insurance Co Nippon acquired 65,711 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.75 per share, with a total value of $2,283,457.25.
• On Friday, October 2nd, Life Insurance Co Nippon acquired 187,155 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.27 per share, for a total transaction of $6,413,801.85.
• On Wednesday, September 30th, Life Insurance Co Nippon acquired 348,215 shares of Corebridge Financial stock. The stock was acquired at an average price of $33.65 per share, for a total transaction of $11,717,434.75.
• On Tuesday, September 29th, Life Insurance Co Nippon bought 216,818 shares of Corebridge Financial stock. The shares were acquired at an average cost of $33.67 per share, for a total transaction of $7,300,262.06.
• On Monday, September 28th, Life Insurance Co Nippon bought 805,782 shares of Corebridge Financial stock. The shares were acquired at an average price of $34.15 per share, with a total value of $27,517,455.30.
• On Friday, September 25th, Life Insurance Co Nippon purchased 178,840 shares of Corebridge Financial stock. The stock was acquired at an average cost of $34.52 per share, with a total value of $6,173,556.80.
• On Thursday, September 24th, Life Insurance Co Nippon purchased 258,878 shares of Corebridge Financial stock. The stock was acquired at an average cost of $33.85 per share, with a total value of $8,763,020.30.
• On Wednesday, September 23rd, Life Insurance Co Nippon purchased 219,273 shares of Corebridge Financial stock. The stock was bought at an average price of $34.13 per share, for a total transaction of $7,483,787.49.
• On Tuesday, September 22nd, Life Insurance Co Nippon acquired 296,868 shares of Corebridge Financial stock. The shares were bought at an average cost of $34.31 per share, for a total transaction of $10,185,541.08.
• On Monday, September 21st, Life Insurance Co Nippon acquired 212,828 shares of Corebridge Financial stock. The stock was bought at an average price of $35.08 per share, with a total value of $7,466,006.24.

Corebridge Financial Trading Down 2.2%

NYSE:CRBG opened at $34.38 on Thursday. The company has a 50-day moving average price of $33.57 and a 200-day moving average price of $29.71. Corebridge Financial, Inc. has a 12 month low of $22.19 and a 12 month high of $35.64. 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 stock has a market cap of $15.33 billion, a price-to-earnings ratio of 20.11, a P/E/G ratio of 0.45 and a beta of 1.07.

Corebridge Financial (NYSE:CRBG) last announced its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, beating 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 for the quarter, compared to analyst estimates of $4.66 billion. During the same quarter in the previous year, the firm posted $1.36 EPS. Equities analysts predict that Corebridge Financial, Inc. will post 4.64 EPS for the current year.

Corebridge Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Wednesday, September 16th. Corebridge Financial’s payout ratio is presently 58.48%.

Wall Street Analyst Weigh In

CRBG has been the subject of several research reports. Mizuho increased their target price on Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday. Jefferies Financial Group upped their price target on Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. Piper Sandler increased their price objective on Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, August 12th. Keefe, Bruyette & Woods raised their price objective on Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a research report on Tuesday, August 11th. Finally, Zacks Research raised Corebridge Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Nine analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $38.58.

Key Stories Impacting Corebridge Financial

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

• Positive Sentiment: Analysts raised price targets. Mizuho lifted its target from $38 to $40 and maintained an “outperform” rating, while Barclays raised its target from $33 to $39 and retained an “overweight” rating. The revisions imply further upside and reflect increased analyst confidence in CRBG’s outlook.
• Positive Sentiment: Major shareholder continues aggressive buying. Life Insurance Co. Nippon purchased 65,711 shares at an average of $34.75 on October 5, following purchases of 187,155 shares at $34.27 on October 2 and 272,208 shares at $33.07 on October 1. Across the disclosed purchases since September 18, Nippon has accumulated more than 3.1 million shares, bringing its direct ownership to approximately 126.7 million shares. The repeated buying can be interpreted as a strong vote of confidence in Corebridge’s value. SEC ownership filing
• Neutral Sentiment: UBS raised its target but remained cautious. UBS increased its price target from $32 to $36 while keeping a “neutral” rating, indicating modest expected upside but no strong change in its investment stance. UBS Corebridge Financial price target article
• Negative Sentiment: Fundamental risks remain. Corebridge’s latest earnings beat estimates, but revenue fell short of expectations and earnings were below the prior-year quarter. The company’s low valuation and approximately 2.8% dividend yield may support the shares, but slowing year-over-year profitability could limit the rally if future results disappoint.

Institutional Trading of Corebridge Financial

A number of hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP bought a new position in shares of Corebridge Financial during the second quarter valued at $99,469,000. WINTON GROUP Ltd bought a new position in Corebridge Financial in the 2nd quarter worth about $1,729,000. Nykredit A S bought a new position in Corebridge Financial in the 2nd quarter worth about $1,347,000. Man Group plc purchased a new stake in Corebridge Financial during the 2nd quarter valued at about $1,089,000. Finally, Public Employees Retirement System of Ohio purchased a new stake in Corebridge Financial during the 2nd quarter valued at about $2,744,000. 98.25% of the stock is owned by 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 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.