Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Purchases 162,024 Shares of Company Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon bought 162,024 shares of the business’s stock in a transaction that occurred on Monday, October 19th. The stock was purchased at an average cost of $34.51 per share, for a total transaction of $5,591,448.24. Following the completion of the transaction, the insider owned 130,010,127 shares in the company, valued at $4,486,649,482.77. This trade represents a 0.12% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Major shareholders that own at least 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 Friday, October 16th, Life Insurance Co Nippon bought 347,195 shares of Corebridge Financial stock. The stock was purchased at an average price of $34.71 per share, with a total value of $12,051,138.45.
• On Thursday, October 15th, Life Insurance Co Nippon bought 510,873 shares of Corebridge Financial stock. The stock was purchased at an average price of $33.43 per share, with a total value of $17,078,484.39.
• On Wednesday, October 14th, Life Insurance Co Nippon purchased 602,103 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.03 per share, with a total value of $20,489,565.09.
• On Tuesday, October 13th, Life Insurance Co Nippon purchased 253,776 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.68 per share, with a total value of $8,800,951.68.
• On Monday, October 12th, Life Insurance Co Nippon purchased 143,190 shares of Corebridge Financial stock. The shares were purchased at an average price of $34.49 per share, for a total transaction 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 price of $34.07 per share, for a total transaction of $11,473,072.50.
• On Thursday, October 8th, Life Insurance Co Nippon acquired 261,198 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.30 per share, for a total transaction of $8,959,091.40.
• On Wednesday, October 7th, Life Insurance Co Nippon acquired 606,912 shares of Corebridge Financial stock. The stock was purchased at an average cost 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 purchased at an average price of $35.23 per share, with a total value 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 price of $34.75 per share, with a total value of $2,283,457.25.

Corebridge Financial Trading Up 1.0%

Corebridge Financial stock opened at $35.30 on Thursday. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $35.64. The company has a market capitalization of $15.74 billion, a price-to-earnings ratio of 8.03, a price-to-earnings-growth ratio of 0.50 and a beta of 1.07. The stock has a 50-day moving average price of $33.90 and a 200 day moving average price of $30.48.

Corebridge Financial (NYSE:CRBG) last issued its earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%. 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 firm earned $1.36 earnings per share. Sell-side analysts anticipate that Corebridge Financial, Inc. will post 4.59 EPS for the current year.

Corebridge Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.8%. The ex-dividend date was Wednesday, September 16th. Corebridge Financial’s payout ratio is presently 58.48%.

More Corebridge Financial News

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

• Positive Sentiment: TD Cowen raised its price target from $38 to $40 and reaffirmed a “Buy” rating. The new target implies roughly 13% upside from the referenced share price, strengthening the bullish analyst outlook.
• Positive Sentiment: Wells Fargo also lifted its price target to $40 and maintained a favorable view of the retirement and insurance provider. Wells Fargo raises target for Corebridge Financial stock to USD 40.00
• Positive Sentiment: Life Insurance Co Nippon continued its aggressive accumulation of CRBG shares. The major shareholder bought 347,195 shares for approximately $12.1 million on October 16 and another 162,024 shares for about $5.6 million on October 19. These purchases follow several earlier acquisitions in October, signaling continued confidence from a shareholder with more than 130 million shares. Insider Buying: Corebridge Financial Major Shareholder Buys Stock
• Positive Sentiment: CRBG is trading near its 52-week high and above both its 50-day and 200-day moving averages, reflecting strong recent momentum. The company also recently exceeded quarterly EPS expectations, reporting $1.12 versus the $1.08 consensus estimate.
• Neutral Sentiment: Despite the earnings beat, quarterly revenue of $4.30 billion was below the $4.66 billion consensus estimate, while EPS declined from $1.36 in the year-ago period. This may limit enthusiasm ahead of the next earnings report.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of CRBG. Pzena Investment Management LLC purchased a new stake in Corebridge Financial in the 2nd quarter worth approximately $967,400,000. BlackRock Inc. acquired a new stake in shares of Corebridge Financial during the 2nd quarter worth approximately $726,494,000. Dimensional Fund Advisors LP increased 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 in the last quarter. Donald Smith & CO. Inc. purchased a new position in shares of Corebridge Financial during the 2nd quarter valued at approximately $168,134,000. Finally, Davis Asset Management L.P. purchased a new position in shares of Corebridge Financial during the 2nd quarter valued at approximately $166,054,000. 98.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. UBS Group increased their price objective on shares of Corebridge Financial from $32.00 to $36.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 6th. 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. Piper Sandler upped their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an “overweight” rating in a report on Monday, October 12th. Barclays upped their price target on shares of Corebridge Financial from $33.00 to $39.00 and gave the company an “overweight” rating in a report on Wednesday, October 7th. Finally, Wells Fargo & Company increased their price target on Corebridge Financial from $39.00 to $40.00 and gave the stock an “overweight” rating in a research report on Monday, October 12th. Nine research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Corebridge Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.00.

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.