Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Acquires 261,198 Shares of Company Stock

Corebridge Financial, Inc. (NYSE:CRBG) major shareholder Life Insurance Co Nippon bought 261,198 shares of the stock in a transaction on Thursday, October 8th. The stock was purchased at an average price of $34.30 per share, for a total transaction of $8,959,091.40. Following the completion of the purchase, the insider owned 127,654,216 shares of the company’s stock, valued at approximately $4,378,539,608.80. This trade represents a 0.21% increase in their ownership of the stock. The transaction 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 stock are required to disclose their sales and purchases with the SEC.

Life Insurance Co Nippon also recently made the following trade(s):

• On Wednesday, October 7th, Life Insurance Co Nippon acquired 606,912 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.40 per share, with a total value of $20,877,772.80.
• On Tuesday, October 6th, Life Insurance Co Nippon acquired 116,345 shares of Corebridge Financial stock. The shares were bought 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 shares were bought 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 price of $34.27 per share, with a total value of $6,413,801.85.
• On Thursday, October 1st, Life Insurance Co Nippon purchased 272,208 shares of Corebridge Financial stock. The stock was purchased at an average cost of $33.07 per share, with a total value of $9,001,918.56.
• On Wednesday, September 30th, Life Insurance Co Nippon bought 348,215 shares of Corebridge Financial stock. The shares were acquired at an average price of $33.65 per share, with a total value of $11,717,434.75.
• On Tuesday, September 29th, Life Insurance Co Nippon purchased 216,818 shares of Corebridge Financial stock. The stock was acquired at an average cost of $33.67 per share, for a total transaction of $7,300,262.06.
• On Monday, September 28th, Life Insurance Co Nippon purchased 805,782 shares of Corebridge Financial stock. The shares were acquired at an average price of $34.15 per share, with a total value of $27,517,455.30.
• On Friday, September 25th, Life Insurance Co Nippon bought 178,840 shares of Corebridge Financial stock. The stock was bought at an average cost of $34.52 per share, for a total transaction of $6,173,556.80.
• On Thursday, September 24th, Life Insurance Co Nippon bought 258,878 shares of Corebridge Financial stock. The shares were bought at an average price of $33.85 per share, with a total value of $8,763,020.30.

Corebridge Financial Price Performance

CRBG stock traded down $0.20 during midday trading on Tuesday, reaching $34.38. The company had a trading volume of 7,149,663 shares, compared to its average volume of 4,968,618. The firm has a 50-day moving average price of $33.74 and a 200-day moving average price of $29.94. 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 market capitalization of $15.32 billion, a P/E ratio of 20.10, a P/E/G ratio of 0.43 and a beta of 1.07. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $35.64.

Corebridge Financial (NYSE:CRBG) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.04. The company had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.66 billion. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. During the same period in the previous year, the firm posted $1.36 EPS. On average, research analysts anticipate that Corebridge Financial, Inc. will post 4.63 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

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

Institutional Investors Weigh In On Corebridge Financial

A number of hedge funds and other institutional investors have recently modified their holdings of CRBG. Sound Income Strategies LLC grew its position in Corebridge Financial by 1.8% during the 3rd quarter. Sound Income Strategies LLC now owns 553,544 shares of the company’s stock worth $19,070,000 after acquiring an additional 9,980 shares during the last quarter. GAMMA Investing LLC lifted its position in Corebridge Financial by 15.8% in the third quarter. GAMMA Investing LLC now owns 5,836 shares of the company’s stock valued at $193,000 after purchasing an additional 796 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in shares of Corebridge Financial by 11.8% during the third quarter. Farther Finance Advisors LLC now owns 5,583 shares of the company’s stock valued at $185,000 after purchasing an additional 590 shares during the period. Sequoia Financial Advisors LLC boosted its stake in shares of Corebridge Financial by 23.7% during the second quarter. Sequoia Financial Advisors LLC now owns 14,676 shares of the company’s stock valued at $420,000 after purchasing an additional 2,814 shares during the period. Finally, Tidal Investments LLC grew its holdings in shares of Corebridge Financial by 42.8% in the second quarter. Tidal Investments LLC now owns 93,351 shares of the company’s stock worth $2,673,000 after purchasing an additional 27,992 shares during the last quarter. Institutional investors own 98.25% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on CRBG. Piper Sandler raised their price objective on Corebridge Financial from $38.00 to $40.00 and gave the company an “overweight” rating in a report on Monday. Weiss Ratings raised Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. UBS Group increased their price target on shares of Corebridge Financial from $32.00 to $36.00 and gave the company a “neutral” rating in a research report on Tuesday, October 6th. Zacks Research raised shares of Corebridge Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Finally, Wells Fargo & Company lifted their price target on shares of Corebridge Financial from $39.00 to $40.00 and gave the stock an “overweight” rating in a research note on Monday. Nine equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Corebridge Financial currently has an average rating of “Moderate Buy” and an average price target of $38.83.

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 institutional clients through businesses focused on retirement services, life insurance and institutional markets.

Its offerings include fixed, variable and registered index-linked annuities; individual life insurance; employer-sponsored retirement plans; and investment, funding and risk-management solutions for institutions.