Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Buys 261,198 Shares of Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon purchased 261,198 shares of the business’s stock in a transaction on Thursday, October 8th. The stock was purchased at an average cost of $34.30 per share, for a total transaction of $8,959,091.40. Following the acquisition, the insider owned 127,654,216 shares in the company, valued at approximately $4,378,539,608.80. The trade was a 0.21% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Large shareholders that own more than 10% 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 Wednesday, October 7th, Life Insurance Co Nippon acquired 606,912 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.40 per share, with a total value of $20,877,772.80.
• On Tuesday, October 6th, Life Insurance Co Nippon acquired 116,345 shares of Corebridge Financial stock. The shares were purchased at an average cost of $35.23 per share, with a total value of $4,098,834.35.
• On Monday, October 5th, Life Insurance Co Nippon bought 65,711 shares of Corebridge Financial stock. The shares were purchased 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 bought 187,155 shares of Corebridge Financial stock. The stock was acquired at an average cost of $34.27 per share, for a total transaction of $6,413,801.85.
• On Thursday, October 1st, Life Insurance Co Nippon purchased 272,208 shares of Corebridge Financial stock. The shares were acquired at an average price of $33.07 per share, for a total transaction of $9,001,918.56.
• On Wednesday, September 30th, Life Insurance Co Nippon purchased 348,215 shares of Corebridge Financial stock. The shares were 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 purchased 216,818 shares of Corebridge Financial stock. The shares were acquired at an average cost of $33.67 per share, with a total value of $7,300,262.06.
• On Monday, September 28th, Life Insurance Co Nippon acquired 805,782 shares of Corebridge Financial stock. The stock was 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 acquired 178,840 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.52 per share, with a total value of $6,173,556.80.
• On Thursday, September 24th, Life Insurance Co Nippon acquired 258,878 shares of Corebridge Financial stock. The stock was acquired at an average price of $33.85 per share, for a total transaction of $8,763,020.30.

Corebridge Financial Trading Down 0.6%

Shares of CRBG traded down $0.20 during mid-day trading on Tuesday, hitting $34.38. 7,149,663 shares of the company’s stock traded hands, compared to its average volume of 4,968,618. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $15.32 billion, a P/E ratio of 20.10, a PEG ratio of 0.43 and a beta of 1.07. The business’s 50-day moving average price is $33.74 and its 200-day moving average price is $29.94. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $35.64.

Corebridge Financial (NYSE:CRBG) last announced 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. The company had revenue of $4.30 billion during the quarter, compared to analyst estimates 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 firm posted $1.36 earnings per share. As a group, sell-side analysts forecast that Corebridge Financial, Inc. will post 4.63 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Wednesday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is currently 58.48%.

Analyst Ratings Changes

Several brokerages recently issued reports on CRBG. Weiss Ratings upgraded shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th. Zacks Research upgraded shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. UBS Group raised their price objective on shares of Corebridge Financial from $32.00 to $36.00 and gave the stock a “neutral” rating in a report on Tuesday, October 6th. Wells Fargo & Company lifted their price objective on Corebridge Financial from $39.00 to $40.00 and gave the company an “overweight” rating in a research report on Monday. Finally, Mizuho upped their target price on Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, October 7th. Nine investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Corebridge Financial presently has an average rating of “Moderate Buy” and an average target price of $38.83.

Hedge Funds Weigh In On Corebridge Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC increased its position in Corebridge Financial by 11.8% during the third quarter. Farther Finance Advisors LLC now owns 5,583 shares of the company’s stock valued at $185,000 after acquiring an additional 590 shares during the last quarter. Allworth Financial LP lifted its holdings in Corebridge Financial by 100.6% in the second quarter. Allworth Financial LP now owns 1,444 shares of the company’s stock valued at $41,000 after acquiring an additional 724 shares during the period. GAMMA Investing LLC boosted its position in Corebridge Financial by 15.8% in the third quarter. GAMMA Investing LLC now owns 5,836 shares of the company’s stock worth $193,000 after purchasing an additional 796 shares during the last quarter. State of Wyoming boosted its position in Corebridge Financial by 16.1% in the first quarter. State of Wyoming now owns 5,919 shares of the company’s stock worth $141,000 after purchasing an additional 823 shares during the last quarter. Finally, Corient Private Wealth LP grew its stake in shares of Corebridge Financial by 1.2% during the 2nd quarter. Corient Private Wealth LP now owns 72,562 shares of the company’s stock valued at $2,077,000 after purchasing an additional 858 shares during the period. Hedge funds and other 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 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.