Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Buys 65,711 Shares of Stock

Key Points

• Nippon Life continued accumulating Corebridge Financial shares, purchasing 65,711 shares at an average of $34.75 for approximately $2.28 million. The shareholder now owns about 126.7 million shares, and has made multiple additional purchases in recent weeks.
• Corebridge shares recently traded at $34.38, down 2.2%, near their 52-week high of $35.64. The company’s latest quarterly EPS of $1.12 exceeded expectations, while revenue missed forecasts and earnings declined year over year.
• The company maintains a quarterly dividend of $0.25 per share, equivalent to a 2.9% annual yield. Analysts have a consensus “Moderate Buy” rating and an average price target of $38.58, though UBS remains neutral.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon acquired 65,711 shares of the business's stock in a transaction on Monday, October 5th. The stock was bought at an average cost of $34.75 per share, for a total transaction of $2,283,457.25. Following the completion of the transaction, the insider directly owned 126,669,761 shares of the company's stock, valued at $4,401,774,194.75. This trade represents a 0.05% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own 10% or more of a company's stock are required to disclose their transactions with the SEC.

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

• On Friday, October 2nd, Life Insurance Co Nippon bought 187,155 shares of Corebridge Financial stock. The stock was bought at an average cost of $34.27 per share, with a total value of $6,413,801.85.
• On Thursday, October 1st, Life Insurance Co Nippon bought 272,208 shares of Corebridge Financial stock. The stock was bought at an average price of $33.07 per share, with a total value of $9,001,918.56.
• On Wednesday, September 30th, Life Insurance Co Nippon bought 348,215 shares of Corebridge Financial stock. The shares were bought 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 bought 216,818 shares of Corebridge Financial stock. The shares were bought at an average price of $33.67 per share, for a total transaction of $7,300,262.06.
• On Monday, September 28th, Life Insurance Co Nippon purchased 805,782 shares of Corebridge Financial stock. The shares were bought at an average cost of $34.15 per share, for a total transaction of $27,517,455.30.
• On Friday, September 25th, Life Insurance Co Nippon purchased 178,840 shares of Corebridge Financial stock. The stock was bought at an average price of $34.52 per share, with a total value of $6,173,556.80.
• On Thursday, September 24th, Life Insurance Co Nippon acquired 258,878 shares of Corebridge Financial stock. The stock was purchased at an average cost of $33.85 per share, with a total value of $8,763,020.30.
• On Wednesday, September 23rd, Life Insurance Co Nippon acquired 219,273 shares of Corebridge Financial stock. The stock was purchased at an average cost 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 shares were purchased at an average price of $34.31 per share, for a total transaction of $10,185,541.08.
• On Monday, September 21st, Life Insurance Co Nippon bought 212,828 shares of Corebridge Financial stock. The shares were purchased at an average cost of $35.08 per share, for a total transaction of $7,466,006.24.

Corebridge Financial Stock Down 2.2%

Shares of CRBG stock traded down $0.79 on Wednesday, hitting $34.38. The stock had a trading volume of 4,498,117 shares, compared to its average volume of 4,969,947. The stock's 50 day moving average is $33.52 and its 200-day moving average is $29.63. The firm has a market capitalization of $15.33 billion, a price-to-earnings ratio of 20.11, a P/E/G ratio of 0.45 and a beta of 1.07. Corebridge Financial, Inc. has a 52-week low of $22.19 and a 52-week high of $35.64. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.12 and a current ratio of 0.12.

Corebridge Financial (NYSE:CRBG - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.04. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. The firm had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter in the previous year, the firm posted $1.36 EPS. As a group, research analysts expect that Corebridge Financial, Inc. will post 4.62 earnings per share for the current year.

Corebridge Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders 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 dividend yield of 2.9%. The ex-dividend date of this dividend was Wednesday, September 16th. Corebridge Financial's payout ratio is presently 58.48%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Pzena Investment Management LLC bought a new position in Corebridge Financial in the 2nd quarter valued at about $967,400,000. BlackRock Inc. bought a new stake in shares of Corebridge Financial during the 2nd quarter worth about $726,494,000. Donald Smith & CO. Inc. acquired a new stake in shares of Corebridge Financial in the 2nd quarter worth approximately $168,134,000. Davis Asset Management L.P. bought a new position in shares of Corebridge Financial in the second quarter valued at approximately $166,054,000. Finally, Wellington Management Group LLP bought a new position in shares of Corebridge Financial in the second quarter valued at approximately $99,469,000. 98.25% of the stock is owned by institutional investors and hedge funds.

Trending Headlines about Corebridge Financial

Here are the key news stories impacting Corebridge Financial this week:

• Positive Sentiment: Analysts raised price targets. Mizuho increased its target from $38 to $40 and assigned an “outperform” rating, implying approximately 16% upside from the referenced price. Barclays also raised its target from $33 to $39 and maintained an “overweight” rating, implying roughly 13% upside.
• Positive Sentiment: Major shareholder continues accumulating shares. Nippon Life purchased 187,155 CRBG shares at an average price of $34.27, increasing its ownership by 0.15%. This follows a purchase of 272,208 shares for about $9.0 million at an average price of $33.07. Repeated buying by a large shareholder may reinforce investor confidence in Corebridge’s valuation and outlook. Nippon Life purchases Corebridge shares
• Positive Sentiment: Underlying fundamentals remain supportive. Corebridge’s latest quarterly earnings of $1.12 per share exceeded the $1.08 consensus estimate, while the company maintains a quarterly dividend of $0.25 per share, or $1.00 annualized.
• Neutral Sentiment: UBS raised its target but remains cautious. UBS lifted its price target from $32 to $36 while retaining a “neutral” rating, suggesting more limited upside than the bullish calls from Mizuho and Barclays. UBS raises Corebridge price target
• Negative Sentiment: Valuation and earnings comparisons present risks. CRBG is trading close to its 52-week high, at approximately 20 times earnings, while the latest quarter’s revenue fell short of expectations and earnings declined from the prior-year period. These factors could limit gains if further analyst upgrades or operating improvements do not materialize.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CRBG. UBS Group raised their price objective on Corebridge Financial from $32.00 to $36.00 and gave the company a "neutral" rating in a research note on Tuesday. TD Cowen upped their target price on Corebridge Financial from $35.00 to $38.00 and gave the company a "buy" rating in a research report on Wednesday, July 22nd. Piper Sandler increased their target price on Corebridge Financial from $36.00 to $38.00 and gave the company an "overweight" rating in a research note on Wednesday, August 12th. Mizuho raised their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an "outperform" rating in a research report on Wednesday. Finally, Zacks Research upgraded shares of Corebridge Financial from a "strong sell" rating to a "hold" rating in a research note on Monday, June 22nd. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Corebridge Financial has a consensus rating of "Moderate Buy" and a consensus target price of $38.58.

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.

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