Corebridge Financial (NYSE:CRBG) Major Shareholder Buys 253,776 Shares of Stock

Key Points

• Life Insurance Co Nippon purchased 253,776 Corebridge Financial shares at an average price of $34.68, investing approximately $8.8 million and increasing its stake by 0.20% to 128.4 million shares.
• The purchase extends Nippon’s recent buying streak, with the shareholder acquiring more than 2.5 million Corebridge shares across transactions since September 29.
• Corebridge shares recently traded at $34.43, near their 52-week high of $35.64. Analysts maintain a “Moderate Buy” consensus with an average price target of $38.83, while the company pays a quarterly dividend of $0.25.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon purchased 253,776 shares of the firm's stock in a transaction on Tuesday, October 13th. The shares were acquired at an average cost of $34.68 per share, for a total transaction of $8,800,951.68. Following the completion of the acquisition, the insider owned 128,387,932 shares of the company's stock, valued at approximately $4,452,493,481.76. This trade represents a 0.20% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own 10% or more of a company's stock are required to disclose their transactions with the SEC.

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

• On Monday, October 12th, Life Insurance Co Nippon acquired 143,190 shares of Corebridge Financial stock. The stock was acquired at an average cost of $34.49 per share, with a total value of $4,938,623.10.
• On Friday, October 9th, Life Insurance Co Nippon acquired 336,750 shares of Corebridge Financial stock. The stock was acquired at an average cost of $34.07 per share, with a total value of $11,473,072.50.
• On Thursday, October 8th, Life Insurance Co Nippon bought 261,198 shares of Corebridge Financial stock. The shares were acquired at an average price of $34.30 per share, with a total value of $8,959,091.40.
• On Wednesday, October 7th, Life Insurance Co Nippon bought 606,912 shares of Corebridge Financial stock. The shares were acquired at an average cost of $34.40 per share, for a total transaction of $20,877,772.80.
• On Tuesday, October 6th, Life Insurance Co Nippon purchased 116,345 shares of Corebridge Financial stock. The stock was acquired at an average cost of $35.23 per share, for a total transaction of $4,098,834.35.
• On Monday, October 5th, Life Insurance Co Nippon purchased 65,711 shares of Corebridge Financial stock. The stock was acquired 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 purchased 187,155 shares of Corebridge Financial stock. The stock was acquired 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 acquired at an average price of $33.07 per share, with a total value 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 cost of $33.65 per share, with a total value of $11,717,434.75.
• On Tuesday, September 29th, Life Insurance Co Nippon acquired 216,818 shares of Corebridge Financial stock. The shares were bought at an average cost of $33.67 per share, with a total value of $7,300,262.06.

Corebridge Financial Price Performance

Shares of Corebridge Financial stock traded up $0.48 on Thursday, hitting $34.43. 7,697,617 shares of the company traded hands, compared to its average volume of 4,988,532. The stock has a market capitalization of $15.35 billion, a P/E ratio of 20.13, a price-to-earnings-growth ratio of 0.49 and a beta of 1.07. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $35.64. The business has a 50-day simple moving average of $33.81 and a 200 day simple moving average of $30.08.

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

Corebridge Financial Announces Dividend

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

Institutional Trading of Corebridge Financial

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Pzena Investment Management LLC purchased a new stake in shares of Corebridge Financial in the second quarter valued at approximately $967,400,000. BlackRock Inc. purchased a new stake in shares of Corebridge Financial in the 2nd quarter worth $726,494,000. Dimensional Fund Advisors LP grew its position in shares of Corebridge Financial by 43.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company's stock worth $211,575,000 after buying an additional 2,689,611 shares in the last quarter. Donald Smith & CO. Inc. purchased a new stake in Corebridge Financial in the second quarter worth about $168,134,000. Finally, Davis Asset Management L.P. bought a new position in Corebridge Financial during the 2nd quarter worth about $166,054,000. Hedge funds and other institutional investors own 98.25% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on CRBG. Barclays increased their price target on Corebridge Financial from $33.00 to $39.00 and gave the company an "overweight" rating in a research note on Wednesday, October 7th. Jefferies Financial Group lifted their price objective on Corebridge Financial from $43.00 to $45.00 and gave the stock a "buy" rating in a research note on Friday, July 10th. Weiss Ratings raised Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a report on Thursday, August 6th. UBS Group increased 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. Finally, Zacks Research upgraded Corebridge Financial from a "strong sell" rating to a "hold" rating in a research report on Monday, June 22nd. Nine equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Corebridge Financial has an average rating of "Moderate Buy" and a consensus price target of $38.83.

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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