Corebridge Financial (NYSE:CRBG) Major Shareholder Acquires 217,182 Shares of Company Stock

Key Points

• Life Insurance Co Nippon bought 217,182 Corebridge Financial shares at an average price of $35.38, investing approximately $7.68 million. The purchase raised its direct ownership to 130.42 million shares, valued at about $4.61 billion.
• Corebridge shares fell 4.1% to $34.15 in heavy trading, despite the company beating quarterly EPS expectations with $1.12 per share versus the $1.08 consensus estimate.
• The company maintains a quarterly dividend of $0.25 per share, equivalent to a 2.9% yield, while analysts give the stock a consensus “Moderate Buy” rating and an average price target of $39.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon acquired 217,182 shares of Corebridge Financial stock in a transaction dated Wednesday, October 21st. The stock was bought at an average price of $35.38 per share, for a total transaction of $7,683,899.16. Following the completion of the transaction, the insider directly owned 130,420,666 shares of the company's stock, valued at approximately $4,614,283,163.08. This represents a 0.17% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Large shareholders that own 10% or more 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 Tuesday, October 20th, Life Insurance Co Nippon acquired 193,357 shares of Corebridge Financial stock. The shares were bought at an average price 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 shares were bought at an average price of $34.51 per share, with a total value of $5,591,448.24.
• On Friday, October 16th, Life Insurance Co Nippon bought 347,195 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.71 per share, with a total value of $12,051,138.45.
• On Thursday, October 15th, Life Insurance Co Nippon bought 510,873 shares of Corebridge Financial stock. The stock was purchased at an average price of $33.43 per share, for a total transaction of $17,078,484.39.
• On Wednesday, October 14th, Life Insurance Co Nippon bought 602,103 shares of Corebridge Financial stock. The stock was purchased at an average price of $34.03 per share, for a total transaction of $20,489,565.09.
• On Tuesday, October 13th, Life Insurance Co Nippon purchased 253,776 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.68 per share, for a total transaction of $8,800,951.68.
• On Monday, October 12th, Life Insurance Co Nippon purchased 143,190 shares of Corebridge Financial stock. The shares were purchased at an average price of $34.49 per share, with a total value of $4,938,623.10.
• On Friday, October 9th, Life Insurance Co Nippon purchased 336,750 shares of Corebridge Financial stock. The shares were purchased at an average price of $34.07 per share, with a total value of $11,473,072.50.
• On Thursday, October 8th, Life Insurance Co Nippon acquired 261,198 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.30 per share, with a total value of $8,959,091.40.
• On Wednesday, October 7th, Life Insurance Co Nippon acquired 606,912 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.40 per share, with a total value of $20,877,772.80.

Corebridge Financial Trading Down 4.1%

Shares of CRBG traded down $1.44 on Friday, hitting $34.15. 8,530,180 shares of the stock traded hands, compared to its average volume of 4,997,778. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $35.64. The stock's 50 day moving average is $33.92 and its two-hundred day moving average is $30.56. The firm has a market capitalization of $15.22 billion, a P/E ratio of 19.97, a P/E/G ratio of 0.50 and a beta of 1.07. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, beating the consensus estimate of $1.08 by $0.04. The company had revenue of $4.30 billion during the quarter, compared to analysts' expectations of $4.66 billion. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%. During the same quarter in the previous year, the business earned $1.36 EPS. As a group, sell-side analysts predict that Corebridge Financial, Inc. will post 4.59 earnings per share for the current year.

Corebridge Financial Announces Dividend

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

Institutional Trading of Corebridge Financial

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

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on CRBG shares. Jefferies Financial Group raised their price objective on Corebridge Financial from $43.00 to $45.00 and gave the company a "buy" rating in a research note on Friday, July 10th. UBS Group upped their target price on Corebridge Financial from $32.00 to $36.00 and gave the company a "neutral" rating in a research report on Tuesday, October 6th. Weiss Ratings upgraded Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a research note on Thursday, August 6th. Mizuho raised their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 7th. Finally, Piper Sandler lifted their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a research note on Monday, October 12th. Nine equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $39.00.

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 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.

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