Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Buys 296,868 Shares of Stock

Key Points

• Life Insurance Co Nippon bought 296,868 Corebridge Financial shares at an average price of $34.31, investing roughly $10.19 million and increasing its stake by 0.24% to more than 124.1 million shares.
• The purchase continues a series of acquisitions by Nippon, which has bought shares on multiple days since September 9, signaling sustained buying by the major shareholder.
• Corebridge stock traded near $34.02, while analysts maintained a “Moderate Buy” consensus with an average price target of $37.42; the company also announced a quarterly dividend of $0.25 per share, yielding about 2.9%.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon acquired 296,868 shares of Corebridge Financial stock in a transaction that occurred on Tuesday, September 22nd. The shares were purchased at an average cost of $34.31 per share, with a total value of $10,185,541.08. Following the purchase, the insider owned 124,116,881 shares of the company's stock, valued at $4,258,450,187.11. This represents a 0.24% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Large shareholders that own more than 10% of a company's stock 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 21st, Life Insurance Co Nippon bought 212,828 shares of Corebridge Financial stock. The stock was purchased at an average price of $35.08 per share, for a total transaction of $7,466,006.24.
• On Friday, September 18th, Life Insurance Co Nippon purchased 131,333 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.88 per share, with a total value of $4,580,895.04.
• On Thursday, September 17th, Life Insurance Co Nippon purchased 174,760 shares of Corebridge Financial stock. The shares were purchased at an average price of $35.20 per share, with a total value of $6,151,552.00.
• On Wednesday, September 16th, Life Insurance Co Nippon acquired 320,785 shares of Corebridge Financial stock. The stock was acquired at an average price of $35.02 per share, for a total transaction of $11,233,890.70.
• On Tuesday, September 15th, Life Insurance Co Nippon acquired 210,903 shares of Corebridge Financial stock. The shares were acquired at an average cost of $35.02 per share, with a total value of $7,385,823.06.
• On Monday, September 14th, Life Insurance Co Nippon bought 295,967 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.86 per share, for a total transaction of $10,317,409.62.
• On Thursday, September 10th, Life Insurance Co Nippon purchased 176,300 shares of Corebridge Financial stock. The stock was acquired at an average cost of $34.01 per share, for a total transaction of $5,995,963.00.
• On Wednesday, September 9th, Life Insurance Co Nippon purchased 136,466 shares of Corebridge Financial stock. The shares were acquired at an average price of $33.78 per share, with a total value of $4,609,821.48.

Corebridge Financial Price Performance

Shares of CRBG stock traded up $0.13 during trading on Thursday, hitting $34.02. The company had a trading volume of 4,754,647 shares, compared to its average volume of 4,967,006. The stock's 50-day moving average is $33.06 and its two-hundred day moving average is $29.00. The stock has a market capitalization of $15.17 billion, a price-to-earnings ratio of 19.90, a price-to-earnings-growth ratio of 0.43 and a beta of 1.08. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14. Corebridge Financial, Inc. has a 52 week low of $22.19 and a 52 week high of $35.64.

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, topping analysts' consensus estimates of $1.08 by $0.04. The business had revenue of $4.30 billion during the quarter, compared to analysts' expectations 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 company earned $1.36 EPS. As a group, analysts predict that Corebridge Financial, Inc. will post 4.59 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

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

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CRBG. Barclays lifted their price target on Corebridge Financial from $30.00 to $33.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 7th. Mizuho raised their price objective on Corebridge Financial from $35.00 to $36.00 and gave the company an "outperform" rating in a report on Thursday, July 9th. Jefferies Financial Group boosted their target price on Corebridge Financial from $43.00 to $45.00 and gave the stock a "buy" rating in a research report on Friday, July 10th. Piper Sandler increased their price target on shares of Corebridge Financial from $36.00 to $38.00 and gave the company an "overweight" rating in a research report on Wednesday, August 12th. Finally, Wells Fargo & Company increased their price target on shares of Corebridge Financial from $36.00 to $39.00 and gave the company an "overweight" rating in a research report on Wednesday, August 19th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $37.42.

Institutional Investors Weigh In On Corebridge Financial

Institutional investors have recently bought and sold shares of the stock. Rothschild Investment LLC grew its stake in shares of Corebridge Financial by 133.3% in the fourth quarter. Rothschild Investment LLC now owns 910 shares of the company's stock worth $27,000 after acquiring an additional 520 shares during the period. 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 valued at $1,860,000 after purchasing an additional 633 shares during the period. CIBC Asset Management Inc boosted its holdings in Corebridge Financial by 3.0% in the fourth quarter. CIBC Asset Management Inc now owns 23,245 shares of the company's stock worth $701,000 after purchasing an additional 686 shares during the last quarter. Allworth Financial LP boosted its holdings in Corebridge Financial by 100.6% in the second quarter. Allworth Financial LP now owns 1,444 shares of the company's stock worth $41,000 after purchasing an additional 724 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in Corebridge Financial by 17.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 5,529 shares of the company's stock worth $167,000 after purchasing an additional 803 shares during the period. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

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.

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.