Life Insurance Co Nippon Buys 176,300 Shares of Corebridge Financial (NYSE:CRBG) Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon purchased 176,300 shares of Corebridge Financial stock in a transaction that occurred on Thursday, September 10th. The stock was purchased at an average price of $34.01 per share, with a total value of $5,995,963.00. Following the completion of the purchase, the insider directly owned 122,302,293 shares in the company, valued at $4,159,500,984.93. This trade represents a 0.14% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Wednesday, September 9th, Life Insurance Co Nippon acquired 136,466 shares of Corebridge Financial stock. The shares were purchased at an average price of $33.78 per share, for a total transaction of $4,609,821.48.

Corebridge Financial Stock Performance

Shares of CRBG traded up $0.11 during midday trading on Monday, reaching $34.78. 6,045,781 shares of the stock were exchanged, compared to its average volume of 4,958,233. Corebridge Financial, Inc. has a twelve month low of $22.19 and a twelve month high of $35.17. 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 company has a market cap of $15.51 billion, a P/E ratio of 20.34, a PEG ratio of 0.45 and a beta of 1.08. The stock’s 50 day simple moving average is $32.43 and its 200 day simple moving average is $28.54.

Corebridge Financial (NYSE:CRBG) last released its quarterly 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. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The business had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same period in the prior year, the company posted $1.36 earnings per share. On average, sell-side analysts expect that Corebridge Financial, Inc. will post 4.58 earnings per share for the current year.

Corebridge Financial Announces Dividend

The firm 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 of this dividend is Wednesday, September 16th. This represents a $1.00 dividend on an annualized basis and a yield of 2.9%. Corebridge Financial’s payout ratio is currently 58.48%.

Wall Street Analysts Forecast Growth

CRBG has been the topic of several recent research reports. Mizuho raised their target price on shares of Corebridge Financial from $35.00 to $36.00 and gave the stock an “outperform” rating in a report on Thursday, July 9th. Weiss Ratings upgraded Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. Keefe, Bruyette & Woods increased their price target on Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 11th. Piper Sandler raised their price objective on Corebridge Financial from $36.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 12th. Finally, Wells Fargo & Company lifted their price objective on Corebridge Financial from $36.00 to $39.00 and gave the company an “overweight” rating in a report on Wednesday, August 19th. Nine equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Corebridge Financial presently has an average rating of “Moderate Buy” and a consensus target price of $37.42.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Pzena Investment Management LLC acquired a new stake in Corebridge Financial in the second quarter valued at about $967,400,000. BlackRock Inc. bought a new position in shares of Corebridge Financial in the second quarter worth about $726,494,000. Norges Bank acquired a new stake in shares of Corebridge Financial in the 4th quarter valued at approximately $611,550,000. California State Teachers Retirement System grew its holdings in shares of Corebridge Financial by 1,961.1% during the 2nd quarter. California State Teachers Retirement System now owns 10,448,576 shares of the company’s stock valued at $299,143,000 after purchasing an additional 9,941,626 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Corebridge Financial by 43.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company’s stock valued at $211,575,000 after purchasing an additional 2,689,611 shares during the last quarter. 98.25% of the stock is owned by institutional investors.

About Corebridge Financial

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.