Corebridge Financial (NYSE:CRBG) Major Shareholder Buys 295,967 Shares of Stock

Key Points

• Life Insurance Co Nippon purchased 295,967 Corebridge Financial shares at an average price of $34.86, investing approximately $10.3 million and increasing its ownership to 122.8 million shares. The purchase follows two additional acquisitions earlier in September.
• Corebridge reported quarterly EPS of $1.12, exceeding estimates of $1.08, though revenue of $4.30 billion fell short of expectations. The company declared a quarterly dividend of $0.25, representing a 2.9% yield.
• Shares recently traded near $34.87, close to their 52-week high, while analysts maintain a “Moderate Buy” consensus with an average price target of $37.42; institutional investors own 98.25% of the stock.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon purchased 295,967 shares of the firm's stock in a transaction on Monday, September 14th. The stock was bought at an average price of $34.86 per share, for a total transaction of $10,317,409.62. Following the acquisition, the insider owned 122,769,404 shares in the company, valued at $4,279,741,423.44. The trade was a 0.24% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.

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

• On Thursday, September 10th, Life Insurance Co Nippon acquired 176,300 shares of Corebridge Financial stock. The shares were acquired at an average price of $34.01 per share, with a total value of $5,995,963.00.
• On Wednesday, September 9th, Life Insurance Co Nippon bought 136,466 shares of Corebridge Financial stock. The stock was bought at an average cost of $33.78 per share, with a total value of $4,609,821.48.

Corebridge Financial Stock Down 0.4%

CRBG traded down $0.15 during trading hours on Wednesday, reaching $34.87. 5,874,534 shares of the stock traded hands, compared to its average volume of 4,963,325. The firm's fifty day simple moving average is $32.60 and its two-hundred day simple moving average is $28.65. 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 company has a market cap of $15.54 billion, a price-to-earnings ratio of 20.39, a PEG ratio of 0.45 and a beta of 1.08. Corebridge Financial, Inc. has a fifty-two week low of $22.19 and a fifty-two week high of $35.43.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.08 by $0.04. The business had revenue of $4.30 billion during the quarter, compared to analyst estimates of $4.66 billion. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. During the same quarter in the previous year, the firm earned $1.36 earnings per share. As a group, analysts forecast that Corebridge Financial, Inc. will post 4.58 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Wednesday, September 16th. Corebridge Financial's payout ratio is currently 58.48%.

Institutional Investors Weigh In On Corebridge Financial

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

Wall Street Analysts Forecast Growth

CRBG has been the topic of a number of research analyst reports. Barclays increased their target price on Corebridge Financial from $30.00 to $33.00 and gave the stock an "overweight" rating in a report on Tuesday, July 7th. Keefe, Bruyette & Woods raised their price objective on Corebridge Financial from $40.00 to $43.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 11th. Piper Sandler lifted their price objective on shares of Corebridge Financial from $36.00 to $38.00 and gave the stock an "overweight" rating in a report on Wednesday, August 12th. Weiss Ratings raised shares of Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a report on Thursday, August 6th. Finally, Jefferies Financial Group lifted their price target on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a "buy" rating in a report on Friday, July 10th. Nine research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, Corebridge Financial has an average rating of "Moderate Buy" and a consensus price target 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, 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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