Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Purchases 190,251 Shares of Stock

Key Points

• Nippon Life purchased 190,251 Corebridge shares at an average $35.23 each, spending about $6.7 million. Its holdings rose to approximately 132.5 million shares.
• Corebridge reported quarterly EPS of $1.22, slightly below the $1.23 consensus estimate; revenue of $4.50 billion missed expectations and fell 20% year over year.
• The company declared a quarterly dividend of $0.25 per share, equivalent to $1.00 annually and a 2.8% yield.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon acquired 190,251 shares of the business's stock in a transaction that occurred on Monday, November 2nd. The stock was acquired at an average cost of $35.23 per share, with a total value of $6,702,542.73. Following the completion of the acquisition, the insider owned 132,534,113 shares in the company, valued at $4,669,176,800.99. This trade represents a 0.14% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Large shareholders that own at least 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 Friday, October 30th, Life Insurance Co Nippon bought 227,773 shares of Corebridge Financial stock. The shares were acquired at an average cost of $34.62 per share, for a total transaction of $7,885,501.26.
• On Thursday, October 29th, Life Insurance Co Nippon bought 246,521 shares of Corebridge Financial stock. The shares were bought at an average price of $35.50 per share, for a total transaction of $8,751,495.50.
• On Wednesday, October 28th, Life Insurance Co Nippon purchased 245,898 shares of Corebridge Financial stock. The stock was bought at an average cost of $35.26 per share, with a total value of $8,670,363.48.
• On Tuesday, October 27th, Life Insurance Co Nippon purchased 178,129 shares of Corebridge Financial stock. The stock was bought at an average cost of $35.14 per share, with a total value of $6,259,453.06.
• On Monday, October 26th, Life Insurance Co Nippon purchased 182,826 shares of Corebridge Financial stock. The stock was bought at an average price of $34.95 per share, with a total value of $6,389,768.70.
• On Friday, October 23rd, Life Insurance Co Nippon purchased 595,609 shares of Corebridge Financial stock. The stock was bought at an average price of $33.97 per share, with a total value of $20,232,837.73.
• On Thursday, October 22nd, Life Insurance Co Nippon acquired 246,440 shares of Corebridge Financial stock. The shares were bought at an average price of $35.15 per share, for a total transaction of $8,662,366.00.
• On Wednesday, October 21st, Life Insurance Co Nippon acquired 217,182 shares of Corebridge Financial stock. The shares were bought at an average price of $35.38 per share, for a total transaction of $7,683,899.16.
• On Tuesday, October 20th, Life Insurance Co Nippon acquired 193,357 shares of Corebridge Financial stock. The shares were bought at an average cost of $35.01 per share, for a total transaction of $6,769,428.57.
• On Monday, October 19th, Life Insurance Co Nippon acquired 162,024 shares of Corebridge Financial stock. The shares were bought at an average cost of $34.51 per share, for a total transaction of $5,591,448.24.

Corebridge Financial Price Performance

NYSE CRBG traded up $0.53 during trading hours on Wednesday, hitting $36.27. The company had a trading volume of 5,664,872 shares, compared to its average volume of 5,000,190. The firm has a 50 day simple moving average of $34.26 and a 200 day simple moving average of $29.90. 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, Inc. has a 52 week low of $22.19 and a 52 week high of $36.71. The firm has a market capitalization of $16.17 billion, a price-to-earnings ratio of 7.78, a PEG ratio of 0.50 and a beta of 1.05.

Corebridge Financial (NYSE:CRBG - Get Free Report) last issued its quarterly earnings data on Monday, November 2nd. The company reported $1.22 EPS for the quarter, missing the consensus estimate of $1.23 by ($0.01). The firm had revenue of $4.50 billion for the quarter, compared to analysts' expectations of $5.36 billion. Corebridge Financial had a net margin of 11.37% and a return on equity of 18.51%. Corebridge Financial's revenue was down 20.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.96 EPS. Equities research analysts expect that Corebridge Financial, Inc. will post 4.59 earnings per share for the current year.

Corebridge Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Thursday, December 17th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Thursday, December 17th. Corebridge Financial's dividend payout ratio (DPR) is presently 58.48%.

Corebridge Financial News Roundup

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

• Positive Sentiment: Corebridge’s third-quarter operating earnings increased, and reported EPS of $1.22 was up from $0.96 a year earlier and close to analyst expectations. Management also pointed to strong annuity sales and advisory momentum. Corebridge Financial Q3 Operating Earnings Rise
• Positive Sentiment: Major shareholder Nippon Life bought another 227,773 shares for about $7.9 million, following additional purchases in the preceding days. The continued accumulation may signal confidence, though it is a modest addition to Nippon’s already large stake. Nippon Life Share Purchase
• Neutral Sentiment: Corebridge declared a quarterly common-stock dividend of $0.25 per share, equivalent to $1.00 annually. The payout may matter to income-focused investors but does not substantially change the company’s outlook. Corebridge Financial Dividend Information
• Negative Sentiment: Revenue of $4.50 billion was below the $5.36 billion consensus estimate and down 20% year over year. A separate report cited an approximately 29% decline in premiums and deposits, raising concerns about business volume and future growth. EPS also came in a cent below some analysts’ estimate of $1.23. Corebridge Q3 Premiums and Deposits Report

Institutional Investors Weigh In On Corebridge Financial

Large investors have recently added to or reduced their stakes in the company. Pzena Investment Management LLC purchased a new stake in shares of Corebridge Financial in the 2nd quarter worth approximately $967,400,000. BlackRock Inc. purchased a new position in Corebridge Financial during the second quarter valued at $726,494,000. Dimensional Fund Advisors LP raised its stake in Corebridge Financial by 43.5% during the first quarter. Dimensional Fund Advisors LP now owns 8,870,085 shares of the company's stock valued at $211,575,000 after buying an additional 2,689,611 shares during the last quarter. Donald Smith & CO. Inc. purchased a new position in Corebridge Financial during the second quarter valued at $168,134,000. Finally, Davis Asset Management L.P. bought a new stake in Corebridge Financial in the second quarter worth $166,054,000. Hedge funds and other institutional investors own 98.25% of the company's stock.

Wall Street Analysts Forecast Growth

CRBG has been the subject of several research analyst reports. Keefe, Bruyette & Woods lifted their price objective on Corebridge Financial from $40.00 to $43.00 and gave the company an "outperform" rating in a research note on Tuesday, August 11th. Weiss Ratings upgraded Corebridge Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, October 29th. Wells Fargo & Company upped their target price on Corebridge Financial from $39.00 to $40.00 and gave the stock an "overweight" rating in a research note on Monday, October 12th. Jefferies Financial Group raised their price target on Corebridge Financial from $43.00 to $45.00 and gave the company a "buy" rating in a report on Friday, July 10th. Finally, Piper Sandler boosted their price objective on Corebridge Financial from $38.00 to $40.00 and gave the stock an "overweight" rating in a report on Monday, October 12th. Ten equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $39.00.

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 and institutions through offerings designed to support retirement savings, income planning and financial protection.

Its products and services include individual and group retirement plans, annuities, life insurance and institutional retirement solutions. Corebridge also provides investment and administrative services associated with retirement plans, helping employers and employees manage long-term savings and retirement income needs.

Corebridge was established through the separation of American International Group's (AIG) Life and Retirement business and began operating as an independent publicly traded company in 2022.

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