Corebridge Financial (NYSE:CRBG) Major Shareholder Acquires 187,155 Shares of Company Stock

Key Points

• Life Insurance Co Nippon purchased 187,155 Corebridge Financial shares at an average price of $34.27, increasing its position by 0.15% to 126.6 million shares valued at approximately $4.34 billion.
• The shareholder has made a series of purchases since September 18, accumulating millions of dollars in Corebridge stock. Institutional investors own 98.25% of the company’s shares.
• Corebridge shares recently traded at $35.15, near their 12-month high, while analysts maintain a “Moderate Buy” consensus with an average price target of $37.75; the company also pays a quarterly dividend of $0.25.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon purchased 187,155 shares of Corebridge Financial stock in a transaction that occurred on Friday, October 2nd. The shares were bought at an average cost of $34.27 per share, with a total value of $6,413,801.85. Following the completion of the transaction, the insider directly owned 126,604,050 shares of the company's stock, valued at approximately $4,338,720,793.50. The trade was a 0.15% increase in their position. The purchase 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 transactions with the SEC.

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

• On Thursday, October 1st, Life Insurance Co Nippon purchased 272,208 shares of Corebridge Financial stock. The shares were bought at an average cost of $33.07 per share, for a total transaction of $9,001,918.56.
• On Wednesday, September 30th, Life Insurance Co Nippon acquired 348,215 shares of Corebridge Financial stock. The shares were bought at an average price of $33.65 per share, for a total transaction of $11,717,434.75.
• On Tuesday, September 29th, Life Insurance Co Nippon acquired 216,818 shares of Corebridge Financial stock. The stock was bought at an average cost of $33.67 per share, with a total value of $7,300,262.06.
• On Monday, September 28th, Life Insurance Co Nippon acquired 805,782 shares of Corebridge Financial stock. The stock was bought at an average cost 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 purchased at an average cost of $34.52 per share, with a total value of $6,173,556.80.
• On Thursday, September 24th, Life Insurance Co Nippon bought 258,878 shares of Corebridge Financial stock. The shares were purchased at an average price of $33.85 per share, for a total transaction of $8,763,020.30.
• On Wednesday, September 23rd, Life Insurance Co Nippon purchased 219,273 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.13 per share, for a total transaction of $7,483,787.49.
• On Tuesday, September 22nd, Life Insurance Co Nippon purchased 296,868 shares of Corebridge Financial stock. The stock was purchased at an average price of $34.31 per share, with a total value of $10,185,541.08.
• On Monday, September 21st, Life Insurance Co Nippon acquired 212,828 shares of Corebridge Financial stock. The stock was purchased at an average cost of $35.08 per share, with a total value of $7,466,006.24.
• On Friday, September 18th, Life Insurance Co Nippon acquired 131,333 shares of Corebridge Financial stock. The shares were purchased at an average price of $34.88 per share, for a total transaction of $4,580,895.04.

Corebridge Financial Stock Performance

Shares of CRBG stock traded up $0.31 on Tuesday, reaching $35.15. The stock had a trading volume of 2,693,303 shares, compared to its average volume of 4,972,417. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14. The firm's 50-day moving average is $33.46 and its two-hundred day moving average is $29.56. The firm has a market capitalization of $15.67 billion, a price-to-earnings ratio of 20.56, a P/E/G ratio of 0.43 and a beta of 1.07. Corebridge Financial, Inc. has a 12 month low of $22.19 and a 12 month high of $35.64.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $4.66 billion. During the same period last year, the business posted $1.36 EPS. On average, research analysts expect that Corebridge Financial, Inc. will post 4.62 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Wednesday, September 16th. Corebridge Financial's dividend payout ratio (DPR) is presently 58.48%.

Institutional Investors Weigh In On Corebridge Financial

Hedge funds and other institutional investors have recently modified their holdings of the company. Wellington Management Group LLP bought a new position in Corebridge Financial during the 2nd quarter worth $99,469,000. WINTON GROUP Ltd bought a new stake in shares of Corebridge Financial during the 2nd quarter valued at $1,729,000. Nykredit A S acquired a new stake in shares of Corebridge Financial during the 2nd quarter worth $1,347,000. Man Group plc acquired a new stake in shares of Corebridge Financial during the 2nd quarter worth $1,089,000. Finally, Public Employees Retirement System of Ohio bought a new position in shares of Corebridge Financial in the second quarter worth $2,744,000. Institutional investors and hedge funds own 98.25% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Piper Sandler increased their price target on Corebridge Financial from $36.00 to $38.00 and gave the company an "overweight" rating in a research note on Wednesday, August 12th. Jefferies Financial Group increased their price objective on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a "buy" rating in a research report on Friday, July 10th. Weiss Ratings upgraded shares of Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a research note on Thursday, August 6th. Keefe, Bruyette & Woods lifted 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, Wells Fargo & Company upped their price target on shares of Corebridge Financial from $36.00 to $39.00 and gave the company an "overweight" rating in a research note on Wednesday, August 19th. Nine research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, Corebridge Financial has an average rating of "Moderate Buy" and a consensus target price of $37.75.

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.

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