Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Buys 272,208 Shares of Company Stock

Key Points

• Life Insurance Co Nippon purchased 272,208 Corebridge Financial shares at an average price of $33.07, investing approximately $9.0 million and increasing its stake by 0.22% to more than 126.4 million shares.
• The purchase extends Nippon’s recent buying streak, with additional acquisitions totaling millions of shares over several trading sessions in September.
• Corebridge shares traded at $34.83, near their 52-week high, while analysts maintained a “Moderate Buy” consensus with an average price target of $37.42; the company also pays a $0.25 quarterly dividend.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon bought 272,208 shares of the business's stock in a transaction dated Thursday, October 1st. The shares were acquired at an average cost of $33.07 per share, with a total value of $9,001,918.56. Following the completion of the purchase, the insider owned 126,416,895 shares in the company, valued at approximately $4,180,606,717.65. This represents a 0.22% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available 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 Wednesday, September 30th, Life Insurance Co Nippon purchased 348,215 shares of Corebridge Financial stock. The stock was acquired at an average price of $33.65 per share, for a total transaction of $11,717,434.75.
• On Tuesday, September 29th, Life Insurance Co Nippon acquired 216,818 shares of Corebridge Financial stock. The shares were acquired at an average cost of $33.67 per share, for a total transaction of $7,300,262.06.
• On Monday, September 28th, Life Insurance Co Nippon acquired 805,782 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.15 per share, with a total value of $27,517,455.30.
• On Friday, September 25th, Life Insurance Co Nippon purchased 178,840 shares of Corebridge Financial stock. The shares were bought at an average cost of $34.52 per share, for a total transaction of $6,173,556.80.
• On Thursday, September 24th, Life Insurance Co Nippon purchased 258,878 shares of Corebridge Financial stock. The shares were bought at an average cost of $33.85 per share, for a total transaction of $8,763,020.30.
• On Wednesday, September 23rd, Life Insurance Co Nippon purchased 219,273 shares of Corebridge Financial stock. The stock was bought at an average price of $34.13 per share, with a total value of $7,483,787.49.
• On Tuesday, September 22nd, Life Insurance Co Nippon acquired 296,868 shares of Corebridge Financial stock. The stock was bought at an average price of $34.31 per share, with a total value of $10,185,541.08.
• On Monday, September 21st, Life Insurance Co Nippon acquired 212,828 shares of Corebridge Financial stock. The shares were bought at an average cost of $35.08 per share, for a total transaction of $7,466,006.24.
• On Friday, September 18th, Life Insurance Co Nippon bought 131,333 shares of Corebridge Financial stock. The shares were bought at an average price of $34.88 per share, for a total transaction of $4,580,895.04.
• On Thursday, September 17th, Life Insurance Co Nippon bought 174,760 shares of Corebridge Financial stock. The stock was bought at an average cost of $35.20 per share, with a total value of $6,151,552.00.

Corebridge Financial Price Performance

Corebridge Financial stock traded up $0.80 during mid-day trading on Monday, reaching $34.83. The company had a trading volume of 3,584,541 shares, compared to its average volume of 4,984,413. The stock's 50-day simple moving average is $33.40 and its 200-day simple moving average is $29.48. Corebridge Financial, Inc. has a 1 year low of $22.19 and a 1 year high of $35.64. 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 capitalization of $15.52 billion, a P/E ratio of 20.37, a P/E/G ratio of 0.43 and a beta of 1.07.

Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly 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 return on equity of 17.37% and a net margin of 4.37%.The business had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same quarter in the previous year, the company earned $1.36 EPS. On average, equities analysts predict that Corebridge Financial, Inc. will post 4.62 EPS for the current year.

Corebridge Financial Announces Dividend

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

Analyst Upgrades and Downgrades

CRBG has been the subject of several research reports. Mizuho lifted their price target on Corebridge Financial from $35.00 to $36.00 and gave the stock an "outperform" rating in a research note on Thursday, July 9th. TD Cowen raised their target price on shares of Corebridge Financial from $35.00 to $38.00 and gave the company a "buy" rating in a report on Wednesday, July 22nd. Weiss Ratings upgraded shares of Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a research report on Thursday, August 6th. UBS Group increased their price target on shares of Corebridge Financial from $29.00 to $32.00 and gave the company a "neutral" rating in a research report on Wednesday, July 8th. Finally, Wells Fargo & Company increased their target price on Corebridge Financial from $36.00 to $39.00 and gave the company an "overweight" rating in a report on Wednesday, August 19th. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $37.42.

Institutional Investors Weigh In On Corebridge Financial

Several hedge funds have recently made changes to their positions in CRBG. Sequoia Financial Advisors LLC increased its stake in Corebridge Financial by 23.7% in the second quarter. Sequoia Financial Advisors LLC now owns 14,676 shares of the company's stock valued at $420,000 after purchasing an additional 2,814 shares during the last quarter. Tidal Investments LLC grew its holdings in Corebridge Financial by 42.8% in the 2nd quarter. Tidal Investments LLC now owns 93,351 shares of the company's stock valued at $2,673,000 after buying an additional 27,992 shares during the period. National Pension Service grew its holdings in Corebridge Financial by 83.2% in the second 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 during the period. WINTON GROUP Ltd acquired a new position in Corebridge Financial during the second quarter worth approximately $1,729,000. Finally, Engineers Gate Manager LP acquired a new position in Corebridge Financial during the second quarter worth approximately $4,186,000. Institutional investors and hedge funds own 98.25% of the company's stock.

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 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.