Insider Buying: Corebridge Financial (NYSE:CRBG) Major Shareholder Purchases 190,251 Shares of Company Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon purchased 190,251 shares of the company’s stock in a transaction that occurred on Monday, November 2nd. The stock was purchased at an average price of $35.23 per share, for a total transaction of $6,702,542.73. Following the purchase, the insider owned 132,534,113 shares in the company, valued at $4,669,176,800.99. This represents a 0.14% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Major 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 Friday, October 30th, Life Insurance Co Nippon acquired 227,773 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.62 per share, for a total transaction of $7,885,501.26.
• On Thursday, October 29th, Life Insurance Co Nippon acquired 246,521 shares of Corebridge Financial stock. The shares were purchased at an average price of $35.50 per share, with a total value of $8,751,495.50.
• On Wednesday, October 28th, Life Insurance Co Nippon acquired 245,898 shares of Corebridge Financial stock. The shares were purchased at an average price of $35.26 per share, with a total value of $8,670,363.48.
• On Tuesday, October 27th, Life Insurance Co Nippon bought 178,129 shares of Corebridge Financial stock. The stock was purchased at an average cost of $35.14 per share, with a total value of $6,259,453.06.
• On Monday, October 26th, Life Insurance Co Nippon bought 182,826 shares of Corebridge Financial stock. The stock was purchased at an average price of $34.95 per share, for a total transaction of $6,389,768.70.
• On Friday, October 23rd, Life Insurance Co Nippon bought 595,609 shares of Corebridge Financial stock. The stock was purchased at an average price of $33.97 per share, for a total transaction of $20,232,837.73.
• On Thursday, October 22nd, Life Insurance Co Nippon purchased 246,440 shares of Corebridge Financial stock. The shares were purchased at an average price of $35.15 per share, for a total transaction of $8,662,366.00.
• On Wednesday, October 21st, Life Insurance Co Nippon purchased 217,182 shares of Corebridge Financial stock. The shares were purchased at an average price of $35.38 per share, for a total transaction of $7,683,899.16.
• On Tuesday, October 20th, Life Insurance Co Nippon purchased 193,357 shares of Corebridge Financial stock. The shares were purchased at an average cost of $35.01 per share, with a total value of $6,769,428.57.
• On Monday, October 19th, Life Insurance Co Nippon acquired 162,024 shares of Corebridge Financial stock. The stock was purchased at an average price of $34.51 per share, with a total value of $5,591,448.24.

Corebridge Financial Stock Up 1.5%

NYSE CRBG traded up $0.53 during mid-day trading on Wednesday, reaching $36.27. The stock had a trading volume of 5,664,872 shares, compared to its average volume of 5,000,190. The stock has a market cap of $16.17 billion, a PE ratio of 7.78, a price-to-earnings-growth ratio of 0.50 and a beta of 1.05. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $36.71. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. The company has a fifty day moving average price of $34.26 and a 200 day moving average price of $29.90.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Monday, November 2nd. The company reported $1.22 EPS for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.01). The business had revenue of $4.50 billion during the quarter, compared to the consensus estimate of $5.36 billion. Corebridge Financial had a return on equity of 18.51% and a net margin of 11.37%. The firm’s revenue for the quarter was down 20.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.96 EPS. On average, research analysts expect that Corebridge Financial, Inc. will post 4.59 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Thursday, December 17th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, December 17th. This represents a $1.00 annualized dividend and a dividend yield of 2.8%. Corebridge Financial’s dividend payout ratio (DPR) is 58.48%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Keefe, Bruyette & Woods lifted their price objective on Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a report on Tuesday, August 11th. UBS Group upped their target price on shares of Corebridge Financial from $32.00 to $36.00 and gave the company a “neutral” rating in a research note on Tuesday, October 6th. TD Cowen raised their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, October 21st. Barclays lifted their price target on shares of Corebridge Financial from $33.00 to $39.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 7th. Finally, Jefferies Financial Group boosted their price objective on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a report on Friday, July 10th. Ten equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $39.00.

Hedge Funds Weigh In On Corebridge Financial

A number of institutional investors and hedge funds have recently modified their holdings of CRBG. New York Life Investment Management LLC increased its position in Corebridge Financial by 44.7% during the third quarter. New York Life Investment Management LLC now owns 55,650 shares of the company’s stock valued at $1,843,000 after acquiring an additional 17,185 shares during the last quarter. Retirement Systems of Alabama lifted its holdings in Corebridge Financial by 5.5% in the third quarter. Retirement Systems of Alabama now owns 404,177 shares of the company’s stock valued at $13,386,000 after acquiring an additional 20,909 shares during the period. Fulcrum Asset Management LLP purchased a new position in Corebridge Financial in the third quarter worth about $1,638,000. Brighton Jones LLC purchased a new position in Corebridge Financial in the third quarter worth about $222,000. Finally, Pictet Asset Management Holding SA boosted its position in Corebridge Financial by 0.6% in the third quarter. Pictet Asset Management Holding SA now owns 100,478 shares of the company’s stock worth $3,328,000 after purchasing an additional 580 shares during the last quarter. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Corebridge Financial

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

• Positive Sentiment: Corebridge’s third-quarter operating earnings increased, and reported EPS of $1.22 was up from $0.96 a year earlier and close to analyst expectations. Management also pointed to strong annuity sales and advisory momentum. Corebridge Financial Q3 Operating Earnings Rise
• Positive Sentiment: Major shareholder Nippon Life bought another 227,773 shares for about $7.9 million, following additional purchases in the preceding days. The continued accumulation may signal confidence, though it is a modest addition to Nippon’s already large stake. Nippon Life Share Purchase
• Neutral Sentiment: Corebridge declared a quarterly common-stock dividend of $0.25 per share, equivalent to $1.00 annually. The payout may matter to income-focused investors but does not substantially change the company’s outlook. Corebridge Financial Dividend Information
• Negative Sentiment: Revenue of $4.50 billion was below the $5.36 billion consensus estimate and down 20% year over year. A separate report cited an approximately 29% decline in premiums and deposits, raising concerns about business volume and future growth. EPS also came in a cent below some analysts’ estimate of $1.23. Corebridge Q3 Premiums and Deposits Report

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 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.