Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Purchases 356,096 Shares of Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon purchased 356,096 shares of the business’s stock in a transaction dated Tuesday, November 3rd. The shares were purchased at an average price of $36.13 per share, for a total transaction of $12,865,748.48. Following the acquisition, the insider owned 132,890,209 shares of the company’s stock, valued at approximately $4,801,323,251.17. The trade was 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 accessible through the SEC website. Large 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 Monday, November 2nd, Life Insurance Co Nippon purchased 190,251 shares of Corebridge Financial stock. The shares were purchased at an average cost of $35.23 per share, with a total value of $6,702,542.73.
• On Friday, October 30th, Life Insurance Co Nippon purchased 227,773 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.62 per share, with a total value of $7,885,501.26.
• On Thursday, October 29th, Life Insurance Co Nippon acquired 246,521 shares of Corebridge Financial stock. The stock was 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 stock was 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 acquired 178,129 shares of Corebridge Financial stock. The stock was acquired at an average cost of $35.14 per share, for a total transaction of $6,259,453.06.
• On Monday, October 26th, Life Insurance Co Nippon bought 182,826 shares of Corebridge Financial stock. The shares were acquired 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 shares were acquired 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 bought 246,440 shares of Corebridge Financial stock. The stock was acquired at an average cost of $35.15 per share, with a total value of $8,662,366.00.
• On Wednesday, October 21st, Life Insurance Co Nippon bought 217,182 shares of Corebridge Financial stock. The stock was acquired at an average cost of $35.38 per share, with a total value of $7,683,899.16.
• On Tuesday, October 20th, Life Insurance Co Nippon purchased 193,357 shares of Corebridge Financial stock. The stock was acquired at an average price of $35.01 per share, with a total value of $6,769,428.57.

Corebridge Financial Stock Down 5.5%

CRBG stock opened at $34.24 on Friday. The stock has a market capitalization of $15.26 billion, a P/E ratio of 7.35, a P/E/G ratio of 0.53 and a beta of 1.05. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.12 and a quick ratio of 0.12. Corebridge Financial, Inc. has a 1-year low of $22.19 and a 1-year high of $36.71. The business has a fifty day moving average price of $34.39 and a 200-day moving average price of $29.94.

Corebridge Financial (NYSE:CRBG) last released its quarterly earnings data on Monday, November 2nd. The company reported $1.22 EPS for the quarter, missing the consensus estimate of $1.23 by ($0.01). Corebridge Financial had a net margin of 11.37% and a return on equity of 20.64%. The business had revenue of $4.50 billion for the quarter, compared to analysts’ expectations of $5.36 billion. During the same period last year, the business earned $0.96 earnings per share. The company’s quarterly revenue was down 20.0% on a year-over-year basis. Equities analysts forecast that Corebridge Financial, Inc. will post 4.58 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Thursday, December 17th will be paid a dividend of $0.25 per share. The ex-dividend date is Thursday, December 17th. This represents a $1.00 annualized dividend and a yield of 2.9%. Corebridge Financial’s dividend payout ratio is currently 21.46%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CRBG. Pzena Investment Management LLC bought a new stake in shares of Corebridge Financial during the 2nd quarter valued at $967,400,000. BlackRock Inc. purchased a new position in shares of Corebridge Financial during the 2nd quarter valued at $726,494,000. Donald Smith & CO. Inc. bought a new position in Corebridge Financial in the 2nd quarter worth $168,134,000. Davis Asset Management L.P. bought a new position in Corebridge Financial in the 2nd quarter worth $166,054,000. Finally, Wellington Management Group LLP bought a new position in Corebridge Financial in the 2nd quarter worth $99,469,000. Institutional investors own 98.25% of the company’s stock.

Trending Headlines about Corebridge Financial

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

• Positive Sentiment: Nippon Life continued its substantial purchases, adding 356,096 shares for about $12.9 million on Nov. 3 and 190,251 shares for about $6.7 million on Nov. 2. The repeat buying may signal confidence, although the additions are small relative to its existing stake. Nippon Life transaction filing
• Positive Sentiment: Third-quarter EPS rose to $1.22 from $0.96 a year earlier. Management also pointed to strong annuity sales and momentum in advisory services, offering some support to the growth outlook. Q3 results presentation
• Negative Sentiment: Revenue was $4.50 billion, well below the $5.36 billion consensus estimate and down 20% year over year. EPS of $1.22 also narrowly missed the $1.23 estimate. The revenue shortfall and decline may be weighing more heavily on investor sentiment than the earnings growth and shareholder purchases. Corebridge Q3 operating earnings

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Mizuho lifted their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 7th. Piper Sandler increased their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company an “overweight” rating in a research report on Monday, October 12th. TD Cowen increased their price objective on shares of Corebridge Financial from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, October 21st. Keefe, Bruyette & Woods raised their target price on shares of Corebridge Financial from $40.00 to $43.00 and gave the stock an “outperform” rating in a report on Tuesday, August 11th. Finally, Jefferies Financial Group lifted their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. Nine research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Corebridge Financial has an average rating of “Moderate Buy” and an average price target of $39.18.

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.