Corebridge Financial (NYSE:CRBG) Major Shareholder Buys 178,840 Shares of Stock

Key Points

• Life Insurance Co Nippon bought 178,840 Corebridge Financial shares at an average price of $34.52, investing approximately $6.17 million and increasing its holdings to 124.8 million shares. The purchase follows a series of additional acquisitions in September.
• Corebridge shares traded near $33.74, with the stock up substantially from its 52-week low of $22.19 but below its $35.64 high. The company recently reported quarterly EPS of $1.12, exceeding analyst expectations, despite revenue falling short of estimates.
• The company declared a quarterly dividend of $0.25, equivalent to a 3.0% annualized yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $37.42, while institutional investors own 98.25% of the shares.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon bought 178,840 shares of the company's stock in a transaction on Friday, September 25th. The shares were purchased at an average cost of $34.52 per share, for a total transaction of $6,173,556.80. Following the transaction, the insider owned 124,773,872 shares in the company, valued at approximately $4,307,194,061.44. This represents a 0.14% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own more than 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, September 24th, Life Insurance Co Nippon bought 258,878 shares of Corebridge Financial stock. The stock was acquired at an average cost of $33.85 per share, with a total value of $8,763,020.30.
• On Wednesday, September 23rd, Life Insurance Co Nippon purchased 219,273 shares of Corebridge Financial stock. The shares were acquired at an average cost of $34.13 per share, with a total value of $7,483,787.49.
• On Tuesday, September 22nd, Life Insurance Co Nippon purchased 296,868 shares of Corebridge Financial stock. The shares were acquired at an average cost of $34.31 per share, with a total value of $10,185,541.08.
• On Monday, September 21st, Life Insurance Co Nippon purchased 212,828 shares of Corebridge Financial stock. The shares were acquired 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 acquired 131,333 shares of Corebridge Financial stock. The stock was acquired at an average cost of $34.88 per share, for a total transaction of $4,580,895.04.
• On Thursday, September 17th, Life Insurance Co Nippon purchased 174,760 shares of Corebridge Financial stock. The shares were bought 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 bought 320,785 shares of Corebridge Financial stock. The stock was bought at an average price of $35.02 per share, for a total transaction of $11,233,890.70.
• On Tuesday, September 15th, Life Insurance Co Nippon bought 210,903 shares of Corebridge Financial stock. The stock was 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 shares were acquired at an average cost of $34.86 per share, for a total transaction of $10,317,409.62.
• On Thursday, September 10th, Life Insurance Co Nippon purchased 176,300 shares of Corebridge Financial stock. The shares were acquired at an average price of $34.01 per share, for a total transaction of $5,995,963.00.

Corebridge Financial Stock Performance

CRBG stock traded down $0.04 during midday trading on Tuesday, reaching $33.74. 5,799,903 shares of the company's stock traded hands, compared to its average volume of 4,970,265. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $35.64. The company has a 50-day moving average price of $33.21 and a two-hundred day moving average price of $29.19. 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 has a market capitalization of $15.04 billion, a PE ratio of 19.73, a price-to-earnings-growth ratio of 0.45 and a beta of 1.08.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.The company had revenue of $4.30 billion during the quarter, compared to analysts' expectations of $4.66 billion. During the same period in the previous year, the business earned $1.36 earnings per share. As a group, equities analysts anticipate that Corebridge Financial, Inc. will post 4.61 EPS for the current year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Wednesday, September 16th. Corebridge Financial's dividend payout ratio is presently 58.48%.

Analyst Upgrades and Downgrades

CRBG has been the subject of several recent analyst reports. Barclays boosted their price objective 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. Weiss Ratings raised shares of Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a report on Thursday, August 6th. Jefferies Financial Group boosted their price target 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. Keefe, Bruyette & Woods upped their price target 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, TD Cowen increased their price objective on Corebridge Financial from $35.00 to $38.00 and gave the stock a "buy" rating in a research report on Wednesday, July 22nd. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $37.42.

Institutional Investors Weigh In On Corebridge Financial

A number of institutional investors and hedge funds have recently bought and sold shares of CRBG. Pzena Investment Management LLC purchased a new position in shares of Corebridge Financial during the 2nd quarter valued at about $967,400,000. BlackRock Inc. purchased a new stake in Corebridge Financial in the second quarter worth approximately $726,494,000. Norges Bank bought a new position in Corebridge Financial during the fourth quarter valued at approximately $611,550,000. Donald Smith & CO. Inc. bought a new position in Corebridge Financial during the second quarter valued at approximately $168,134,000. Finally, Davis Asset Management L.P. purchased a new position in shares of Corebridge Financial during the second quarter worth approximately $166,054,000. 98.25% of the stock is owned by hedge funds and other institutional investors.

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, 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.

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