Insider Buying: Corebridge Financial (NYSE:CRBG) Major Shareholder Buys $2,283,457.25 in Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon purchased 65,711 shares of the business’s stock in a transaction on Monday, October 5th. The stock was acquired at an average price of $34.75 per share, with a total value of $2,283,457.25. Following the completion of the acquisition, the insider directly owned 126,669,761 shares in the company, valued at $4,401,774,194.75. The trade was a 0.05% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

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

• On Wednesday, October 7th, Life Insurance Co Nippon purchased 606,912 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.40 per share, for a total transaction of $20,877,772.80.
• On Tuesday, October 6th, Life Insurance Co Nippon acquired 116,345 shares of Corebridge Financial stock. The stock was bought at an average cost of $35.23 per share, for a total transaction of $4,098,834.35.
• On Friday, October 2nd, Life Insurance Co Nippon bought 187,155 shares of Corebridge Financial stock. The stock was purchased at an average price of $34.27 per share, with a total value of $6,413,801.85.
• On Thursday, October 1st, Life Insurance Co Nippon purchased 272,208 shares of Corebridge Financial stock. The stock was 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 bought 348,215 shares of Corebridge Financial stock. The shares were purchased at an average cost 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 bought 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 bought 805,782 shares of Corebridge Financial stock. The shares were purchased at an average cost 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 shares were acquired at an average cost 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 stock was purchased 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 purchased 219,273 shares of Corebridge Financial stock. The stock was bought at an average cost of $34.13 per share, for a total transaction of $7,483,787.49.

Corebridge Financial Stock Down 1.0%

CRBG stock opened at $34.10 on Friday. The company’s 50 day simple moving average is $33.68 and its 200-day simple moving average is $29.82. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. Corebridge Financial, Inc. has a 52-week low of $22.19 and a 52-week high of $35.64. The firm has a market capitalization of $15.20 billion, a P/E ratio of 19.94, a P/E/G ratio of 0.44 and a beta of 1.07.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 earnings per share 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 firm had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same quarter in the prior year, the business earned $1.36 EPS. As a group, equities research analysts anticipate that Corebridge Financial, Inc. will post 4.63 EPS for the current year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were issued 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 of this dividend was Wednesday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is presently 58.48%.

Analyst Upgrades and Downgrades

CRBG has been the subject of several analyst reports. TD Cowen lifted their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Wells Fargo & Company raised their target price on shares of Corebridge Financial from $36.00 to $39.00 and gave the company an “overweight” rating in a research report on Wednesday, August 19th. Piper Sandler lifted their price objective on shares of Corebridge Financial from $36.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday, August 12th. Keefe, Bruyette & Woods upped their price target on shares of Corebridge Financial from $40.00 to $43.00 and gave the company an “outperform” rating in a research note on Tuesday, August 11th. Finally, UBS Group boosted their price objective on shares of Corebridge Financial from $32.00 to $36.00 and gave the company a “neutral” rating in a report on Tuesday. Nine research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.58.

Institutional Investors Weigh In On Corebridge Financial

A number of institutional investors and hedge funds have recently bought and sold shares of CRBG. Sound Income Strategies LLC increased its holdings in Corebridge Financial by 1.8% during the third quarter. Sound Income Strategies LLC now owns 553,544 shares of the company’s stock worth $19,070,000 after buying an additional 9,980 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Corebridge Financial by 15.8% during the 3rd quarter. GAMMA Investing LLC now owns 5,836 shares of the company’s stock worth $193,000 after acquiring an additional 796 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in Corebridge Financial by 11.8% in the third quarter. Farther Finance Advisors LLC now owns 5,583 shares of the company’s stock worth $185,000 after buying an additional 590 shares in the last quarter. Sequoia Financial Advisors LLC grew its stake in shares of Corebridge Financial by 23.7% during the second quarter. Sequoia Financial Advisors LLC now owns 14,676 shares of the company’s stock valued at $420,000 after buying an additional 2,814 shares during the last quarter. Finally, Tidal Investments LLC grew its holdings in shares of Corebridge Financial by 42.8% in the second quarter. Tidal Investments LLC now owns 93,351 shares of the company’s stock worth $2,673,000 after purchasing an additional 27,992 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other 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.