Life Insurance Co Nippon Purchases 212,828 Shares of Corebridge Financial (NYSE:CRBG) Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon purchased 212,828 shares of Corebridge Financial stock in a transaction on Monday, September 21st. The stock was bought at an average cost of $35.08 per share, with a total value of $7,466,006.24. Following the completion of the acquisition, the insider owned 123,820,013 shares in the company, valued at approximately $4,343,606,056.04. This trade represents a 0.17% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Large 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, September 18th, Life Insurance Co Nippon acquired 131,333 shares of Corebridge Financial stock. The shares were bought at an average price of $34.88 per share, for a total transaction of $4,580,895.04.
• On Thursday, September 17th, Life Insurance Co Nippon acquired 174,760 shares of Corebridge Financial stock. The shares were bought at an average cost of $35.20 per share, with a total value of $6,151,552.00.
• On Wednesday, September 16th, Life Insurance Co Nippon bought 320,785 shares of Corebridge Financial stock. The stock was bought at an average price of $35.02 per share, with a total value of $11,233,890.70.
• On Tuesday, September 15th, Life Insurance Co Nippon purchased 210,903 shares of Corebridge Financial stock. The shares were purchased at an average price of $35.02 per share, for a total transaction of $7,385,823.06.
• On Monday, September 14th, Life Insurance Co Nippon acquired 295,967 shares of Corebridge Financial stock. The stock was purchased at an average price of $34.86 per share, with a total value of $10,317,409.62.
• On Thursday, September 10th, Life Insurance Co Nippon acquired 176,300 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.01 per share, for a total transaction of $5,995,963.00.
• On Wednesday, September 9th, Life Insurance Co Nippon purchased 136,466 shares of Corebridge Financial stock. The shares were acquired at an average price of $33.78 per share, for a total transaction of $4,609,821.48.

Corebridge Financial Price Performance

Shares of CRBG stock traded up $0.03 during mid-day trading on Wednesday, reaching $33.87. The company’s stock had a trading volume of 3,485,877 shares, compared to its average volume of 4,968,181. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. The firm’s 50-day moving average is $33.02 and its two-hundred day moving average is $28.94. Corebridge Financial, Inc. has a 1-year low of $22.19 and a 1-year high of $35.64. The company has a market cap of $15.10 billion, a P/E ratio of 19.81, a PEG ratio of 0.45 and a beta of 1.08.

Corebridge Financial (NYSE:CRBG) last posted its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.04. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The business had revenue of $4.30 billion for the quarter, compared to analysts’ expectations of $4.66 billion. During the same quarter in the previous year, the firm posted $1.36 earnings per share. On average, research analysts predict that Corebridge Financial, Inc. will post 4.59 earnings per share for the current year.

Corebridge Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Wednesday, September 16th. Corebridge Financial’s dividend payout ratio is currently 58.48%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CRBG. TD Cowen boosted their price target on Corebridge Financial from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Jefferies Financial Group increased their price objective on Corebridge Financial from $43.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. Weiss Ratings raised Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a report on Thursday, August 6th. Barclays boosted their target price on shares of Corebridge Financial from $30.00 to $33.00 and gave the company an “overweight” rating in a research note on Tuesday, July 7th. Finally, Wells Fargo & Company increased their target price on shares of Corebridge Financial from $36.00 to $39.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 19th. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $37.42.

Hedge Funds Weigh In On Corebridge Financial

A number of institutional investors and hedge funds have recently bought and sold shares of CRBG. Rothschild Investment LLC increased its holdings in shares of Corebridge Financial by 133.3% during the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company’s stock worth $27,000 after purchasing an additional 520 shares during the period. Daiwa Securities Group Inc. grew its position in Corebridge Financial by 1.0% during the fourth quarter. Daiwa Securities Group Inc. now owns 61,642 shares of the company’s stock worth $1,860,000 after buying an additional 633 shares in the last quarter. CIBC Asset Management Inc grew its position in Corebridge Financial by 3.0% during the fourth quarter. CIBC Asset Management Inc now owns 23,245 shares of the company’s stock worth $701,000 after buying an additional 686 shares in the last quarter. Allworth Financial LP increased its stake in Corebridge Financial by 100.6% during the 2nd quarter. Allworth Financial LP now owns 1,444 shares of the company’s stock worth $41,000 after acquiring an additional 724 shares during the period. Finally, EverSource Wealth Advisors LLC increased its stake in Corebridge Financial by 17.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 5,529 shares of the company’s stock worth $167,000 after acquiring an additional 803 shares during the period. Institutional investors and hedge funds own 98.25% of the company’s stock.

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, financial professionals and institutional clients through a range of businesses focused on helping customers build, preserve and receive income from their assets.

Its products and services include individual and group annuities, retirement plan solutions, life insurance and institutional insurance offerings. Corebridge also provides investment, recordkeeping and related administrative services for workplace retirement plans, as well as solutions designed to support financial institutions and other institutional customers.

Corebridge was established through the separation of American International Group’s life and retirement business and began operating as an independent publicly traded company in 2022.