Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Acquires 210,903 Shares of Stock

Key Points

• Life Insurance Co Nippon bought 210,903 Corebridge Financial shares at an average price of $35.02, increasing its stake by 0.17% to approximately 123 million shares. The purchase follows three additional acquisitions earlier in September.
• Corebridge shares were up 0.1% at $34.90, near their 12-month high of $35.64. The company reported quarterly EPS of $1.12, exceeding analyst expectations, though revenue fell short of estimates.
• Corebridge declared a quarterly dividend of $0.25 per share, equivalent to a $1.00 annualized payout and a 2.9% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $37.42.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon bought 210,903 shares of the company's stock in a transaction dated Tuesday, September 15th. The stock was purchased at an average price of $35.02 per share, for a total transaction of $7,385,823.06. Following the purchase, the insider owned 122,980,307 shares of the company's stock, valued at approximately $4,306,770,351.14. This represents a 0.17% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Major shareholders that own at least 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 Monday, September 14th, Life Insurance Co Nippon purchased 295,967 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.86 per share, with a total value of $10,317,409.62.
• On Thursday, September 10th, Life Insurance Co Nippon acquired 176,300 shares of Corebridge Financial stock. The stock was purchased 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 acquired 136,466 shares of Corebridge Financial stock. The stock was acquired at an average cost of $33.78 per share, for a total transaction of $4,609,821.48.

Corebridge Financial Stock Up 0.1%

CRBG traded up $0.05 during trading on Thursday, hitting $34.90. 3,812,601 shares of the company's stock traded hands, compared to its average volume of 4,956,867. The company's 50 day simple moving average is $32.70 and its two-hundred day simple moving average is $28.70. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.14. Corebridge Financial, Inc. has a 12-month low of $22.19 and a 12-month high of $35.64. The stock has a market capitalization of $15.56 billion, a price-to-earnings ratio of 20.41, a PEG ratio of 0.45 and a beta of 1.08.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $1.12 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 return on equity of 17.37% and a net margin of 4.37%.During the same quarter last year, the company earned $1.36 EPS. Analysts predict that Corebridge Financial, Inc. will post 4.58 earnings per share for the current fiscal year.

Corebridge Financial Announces Dividend

The firm 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 is Wednesday, September 16th. Corebridge Financial's dividend payout ratio (DPR) is presently 58.48%.

Institutional Investors Weigh In On Corebridge Financial

Hedge funds and other institutional investors have recently made changes to their positions in the business. Rothschild Investment LLC grew its position in Corebridge Financial by 133.3% during the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company's stock valued at $27,000 after buying an additional 520 shares during the period. Bell Investment Advisors Inc bought a new position in Corebridge Financial in the second quarter worth approximately $27,000. Sonoma Allocations LLC purchased a new position in shares of Corebridge Financial during the 1st quarter worth $30,000. Allworth Financial LP purchased a new position in shares of Corebridge Financial during the 2nd quarter worth $41,000. Finally, Versant Capital Management Inc grew its position in shares of Corebridge Financial by 1,124.2% during the 2nd quarter. Versant Capital Management Inc now owns 1,616 shares of the company's stock valued at $46,000 after acquiring an additional 1,484 shares during the period. Hedge funds and other institutional investors own 98.25% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. TD Cowen upped their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, July 22nd. Keefe, Bruyette & Woods boosted their price objective on shares of Corebridge Financial from $40.00 to $43.00 and gave the company an "outperform" rating in a report on Tuesday, August 11th. UBS Group boosted their price objective on shares of Corebridge Financial from $29.00 to $32.00 and gave the company a "neutral" rating in a report on Wednesday, July 8th. Mizuho increased their price objective on shares of Corebridge Financial from $35.00 to $36.00 and gave the company an "outperform" rating in a research report on Thursday, July 9th. Finally, Jefferies Financial Group raised their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the stock a "buy" rating in a report on Friday, July 10th. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus 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, 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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