Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Buys 176,300 Shares

Key Points

• Life Insurance Co Nippon bought 176,300 Corebridge Financial shares at an average price of $34.01, investing nearly $6 million and increasing its stake to 122.3 million shares. The shareholder also purchased 136,466 shares the previous day.
• Corebridge shares traded near a 52-week high at $34.78, while the company reported quarterly EPS of $1.12, beating estimates, despite revenue falling short of forecasts.
• The company announced 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 176,300 shares of Corebridge Financial stock in a transaction dated Thursday, September 10th. The stock was purchased at an average price of $34.01 per share, for a total transaction of $5,995,963.00. Following the purchase, the insider directly owned 122,302,293 shares in the company, valued at $4,159,500,984.93. This represents a 0.14% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Major shareholders that own at least 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 Wednesday, September 9th, Life Insurance Co Nippon bought 136,466 shares of Corebridge Financial stock. The shares were purchased at an average price of $33.78 per share, with a total value of $4,609,821.48.

Corebridge Financial Price Performance

Shares of Corebridge Financial stock traded up $0.11 during mid-day trading on Monday, reaching $34.78. 6,045,781 shares of the stock were exchanged, compared to its average volume of 4,958,233. Corebridge Financial, Inc. has a fifty-two week low of $22.19 and a fifty-two week high of $35.17. The company has a market cap of $15.51 billion, a price-to-earnings ratio of 20.34, a price-to-earnings-growth ratio of 0.45 and a beta of 1.08. The firm has a 50-day simple moving average of $32.43 and a 200 day simple moving average of $28.54. 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 (NYSE:CRBG - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, beating analysts' consensus estimates of $1.08 by $0.04. The firm had revenue of $4.30 billion for 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 period in the previous year, the business earned $1.36 earnings per share. On average, sell-side analysts predict that Corebridge Financial, Inc. will post 4.58 EPS for the current fiscal year.

Corebridge Financial Announces Dividend

The firm also recently announced 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 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Wednesday, September 16th. Corebridge Financial's payout ratio 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 company. Rothschild Investment LLC grew its stake in Corebridge Financial by 133.3% in the 4th 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 last quarter. Daiwa Securities Group Inc. lifted its position in Corebridge Financial by 1.0% during the fourth quarter. Daiwa Securities Group Inc. now owns 61,642 shares of the company's stock worth $1,860,000 after acquiring an additional 633 shares during the last quarter. CIBC Asset Management Inc boosted its holdings in shares of Corebridge Financial by 3.0% during the fourth quarter. CIBC Asset Management Inc now owns 23,245 shares of the company's stock worth $701,000 after acquiring an additional 686 shares during the period. Allworth Financial LP boosted its holdings in shares of Corebridge Financial by 100.6% during the second quarter. Allworth Financial LP now owns 1,444 shares of the company's stock worth $41,000 after acquiring an additional 724 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in shares of Corebridge Financial by 17.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 5,529 shares of the company's stock valued at $167,000 after purchasing an additional 803 shares during the last quarter. 98.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently weighed in on CRBG. TD Cowen lifted their price objective on Corebridge Financial from $35.00 to $38.00 and gave the company a "buy" rating in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods increased their target price on Corebridge Financial from $40.00 to $43.00 and gave the stock an "outperform" rating in a report on Tuesday, August 11th. UBS Group raised their target price on Corebridge Financial from $29.00 to $32.00 and gave the company a "neutral" rating in a research note on Wednesday, July 8th. Piper Sandler lifted their price target on Corebridge Financial from $36.00 to $38.00 and gave the company an "overweight" rating in a report on Wednesday, August 12th. Finally, Zacks Research upgraded shares of Corebridge Financial from a "strong sell" rating to a "hold" rating in a research report on Monday, June 22nd. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $37.42.

About Corebridge Financial

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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