Corebridge Financial (NYSE:CRBG) Major Shareholder Acquires 348,215 Shares of Stock

Key Points

• Major shareholder Life Insurance Co Nippon purchased 348,215 Corebridge Financial shares at an average price of $33.65, investing approximately $11.7 million and increasing its stake by 0.28% to more than 126.1 million shares.
• Corebridge shares rose 1.1% to $34.03, near their 52-week high of $35.64. The company reported quarterly EPS of $1.12, exceeding estimates, and pays a quarterly dividend of $0.25, yielding about 2.9% annually.
• Analysts maintain a generally positive outlook, with nine Buy ratings and six Holds, producing a “Moderate Buy” consensus and an average price target of $37.42.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon bought 348,215 shares of the company's stock in a transaction dated Wednesday, September 30th. The stock was bought at an average cost of $33.65 per share, with a total value of $11,717,434.75. Following the completion of the transaction, the insider owned 126,144,687 shares in the company, valued at approximately $4,244,768,717.55. This trade represents a 0.28% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Major 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, September 29th, Life Insurance Co Nippon bought 216,818 shares of Corebridge Financial stock. The shares were bought 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 bought at an average price of $34.15 per share, for a total transaction of $27,517,455.30.
• On Friday, September 25th, Life Insurance Co Nippon purchased 178,840 shares of Corebridge Financial stock. The stock was bought 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 acquired 258,878 shares of Corebridge Financial stock. The stock was bought at an average price of $33.85 per share, with a total value of $8,763,020.30.
• On Wednesday, September 23rd, Life Insurance Co Nippon acquired 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 acquired 296,868 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.31 per share, for a total transaction of $10,185,541.08.
• On Monday, September 21st, Life Insurance Co Nippon bought 212,828 shares of Corebridge Financial stock. The shares were purchased at an average price of $35.08 per share, for a total transaction of $7,466,006.24.
• On Friday, September 18th, Life Insurance Co Nippon bought 131,333 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.88 per share, with a total value of $4,580,895.04.
• On Thursday, September 17th, Life Insurance Co Nippon bought 174,760 shares of Corebridge Financial stock. The stock was purchased at an average price of $35.20 per share, with a total value of $6,151,552.00.
• On Wednesday, September 16th, Life Insurance Co Nippon purchased 320,785 shares of Corebridge Financial stock. The shares were purchased at an average price of $35.02 per share, for a total transaction of $11,233,890.70.

Corebridge Financial Stock Up 1.1%

CRBG stock traded up $0.38 during midday trading on Friday, hitting $34.03. The stock had a trading volume of 5,299,285 shares, compared to its average volume of 4,991,819. The business has a 50-day moving average of $33.35 and a two-hundred day moving average of $29.41. 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 firm has a market cap of $15.17 billion, a price-to-earnings ratio of 19.90, a price-to-earnings-growth ratio of 0.42 and a beta of 1.07. Corebridge Financial, Inc. has a 52-week low of $22.19 and a 52-week high of $35.64.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, topping 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 firm had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same period in the prior year, the firm earned $1.36 EPS. As a group, equities research analysts forecast that Corebridge Financial, Inc. will post 4.62 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

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

Hedge Funds Weigh In On Corebridge Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRBG. Sequoia Financial Advisors LLC increased its holdings in shares of Corebridge Financial by 23.7% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 14,676 shares of the company's stock worth $420,000 after purchasing an additional 2,814 shares in the last quarter. Tidal Investments LLC lifted its holdings in shares of Corebridge Financial by 42.8% during the second quarter. Tidal Investments LLC now owns 93,351 shares of the company's stock valued at $2,673,000 after purchasing an additional 27,992 shares in the last quarter. National Pension Service boosted its position in shares of Corebridge Financial by 83.2% during the second quarter. National Pension Service now owns 20,647 shares of the company's stock valued at $591,000 after buying an additional 9,375 shares during the last quarter. WINTON GROUP Ltd purchased a new stake in shares of Corebridge Financial during the second quarter valued at $1,729,000. Finally, Engineers Gate Manager LP bought a new stake in Corebridge Financial in the 2nd quarter worth about $4,186,000. 98.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Zacks Research raised Corebridge Financial from a "strong sell" rating to a "hold" rating in a research report on Monday, June 22nd. Wells Fargo & Company boosted their target price on Corebridge Financial from $36.00 to $39.00 and gave the stock an "overweight" rating in a report on Wednesday, August 19th. Weiss Ratings raised Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a research note on Thursday, August 6th. Barclays raised their price target on Corebridge Financial from $30.00 to $33.00 and gave the company an "overweight" rating in a report on Tuesday, July 7th. Finally, Mizuho lifted their price target on Corebridge Financial from $35.00 to $36.00 and gave the stock an "outperform" rating in a research report on Thursday, July 9th. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, Corebridge Financial has an average rating of "Moderate Buy" and an average target price of $37.42.

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 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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