Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Purchases 347,195 Shares of Company Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon acquired 347,195 shares of the stock in a transaction that occurred on Friday, October 16th. The shares were bought at an average price of $34.71 per share, for a total transaction of $12,051,138.45. Following the purchase, the insider directly owned 129,848,103 shares of the company’s stock, valued at approximately $4,507,027,655.13. This trade represents a 0.27% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own more than 10% 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 Thursday, October 15th, Life Insurance Co Nippon bought 510,873 shares of Corebridge Financial stock. The shares were purchased at an average cost of $33.43 per share, for a total transaction of $17,078,484.39.
• On Wednesday, October 14th, Life Insurance Co Nippon bought 602,103 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.03 per share, for a total transaction of $20,489,565.09.
• On Tuesday, October 13th, Life Insurance Co Nippon bought 253,776 shares of Corebridge Financial stock. The stock was purchased at an average price of $34.68 per share, with a total value of $8,800,951.68.
• On Monday, October 12th, Life Insurance Co Nippon bought 143,190 shares of Corebridge Financial stock. The stock was purchased at an average price of $34.49 per share, with a total value of $4,938,623.10.
• On Friday, October 9th, Life Insurance Co Nippon purchased 336,750 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.07 per share, with a total value of $11,473,072.50.
• On Thursday, October 8th, Life Insurance Co Nippon purchased 261,198 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.30 per share, with a total value of $8,959,091.40.
• On Wednesday, October 7th, Life Insurance Co Nippon purchased 606,912 shares of Corebridge Financial stock. The shares were purchased 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 purchased 116,345 shares of Corebridge Financial stock. The shares were purchased at an average price of $35.23 per share, for a total transaction of $4,098,834.35.
• On Monday, October 5th, Life Insurance Co Nippon acquired 65,711 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.75 per share, for a total transaction of $2,283,457.25.
• On Friday, October 2nd, Life Insurance Co Nippon acquired 187,155 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.27 per share, for a total transaction of $6,413,801.85.

Corebridge Financial Trading Up 1.7%

Shares of Corebridge Financial stock opened at $34.99 on Wednesday. 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 cap of $15.60 billion, a price-to-earnings ratio of 7.91, a price-to-earnings-growth ratio of 0.49 and a beta of 1.07. The business has a fifty day simple moving average of $33.86 and a 200-day simple moving average of $30.40. Corebridge Financial, Inc. has a fifty-two week low of $22.19 and a fifty-two week high of $35.64.

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 the consensus estimate of $1.08 by $0.04. The business 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 earnings per share. On average, equities analysts forecast that Corebridge Financial, Inc. will post 4.59 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

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

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CRBG shares. Jefferies Financial Group raised their price objective on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Barclays boosted their target price on shares of Corebridge Financial from $33.00 to $39.00 and gave the stock an “overweight” rating in a report on Wednesday, October 7th. Piper Sandler boosted their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a report on Monday, October 12th. TD Cowen increased their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Finally, Mizuho raised their target price on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, October 7th. Nine analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $38.83.

Hedge Funds Weigh In On Corebridge Financial

Hedge funds have recently modified their holdings of the stock. Net Worth Advisory Group lifted its holdings in shares of Corebridge Financial by 16.0% during the third quarter. Net Worth Advisory Group now owns 8,323 shares of the company’s stock valued at $280,000 after purchasing an additional 1,149 shares during the last quarter. State of Alaska Department of Revenue boosted its position in shares of Corebridge Financial by 5.0% in the 3rd quarter. State of Alaska Department of Revenue now owns 24,915 shares of the company’s stock valued at $825,000 after purchasing an additional 1,196 shares during the period. Sound Income Strategies LLC increased its stake in Corebridge Financial by 1.8% in the 3rd quarter. Sound Income Strategies LLC now owns 553,544 shares of the company’s stock worth $19,070,000 after purchasing an additional 9,980 shares in the last quarter. GAMMA Investing LLC increased its stake in Corebridge Financial by 15.8% in the 3rd quarter. GAMMA Investing LLC now owns 5,836 shares of the company’s stock worth $193,000 after purchasing an additional 796 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in Corebridge Financial by 11.8% during the 3rd quarter. Farther Finance Advisors LLC now owns 5,583 shares of the company’s stock worth $185,000 after buying an additional 590 shares during the period. 98.25% of the stock is currently owned by institutional investors and hedge funds.

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 and institutions through offerings designed to support retirement savings, income planning and financial protection.

Its products and services include individual and group retirement plans, annuities, life insurance and institutional retirement solutions. Corebridge also provides investment and administrative services associated with retirement plans, helping employers and employees manage long-term savings and retirement income needs.

Corebridge was established through the separation of American International Group’s (AIG) Life and Retirement business and began operating as an independent publicly traded company in 2022.