Corebridge Financial (NYSE:CRBG) Major Shareholder Life Insurance Co Nippon Purchases 219,273 Shares of Stock

Key Points

• Life Insurance Co Nippon purchased 219,273 Corebridge Financial shares at an average price of $34.13, investing approximately $7.48 million and increasing its ownership to 124.3 million shares.
• The purchase continues Nippon’s recent buying streak, with more than 1.9 million additional shares acquired since September 9 across multiple transactions.
• Corebridge shares rose 2.3% to $34.86; analysts maintain a “Moderate Buy” consensus with an average price target of $37.42, while the company’s quarterly dividend implies a 2.9% yield.

Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon purchased 219,273 shares of the firm's stock in a transaction on Wednesday, September 23rd. The shares were purchased at an average price of $34.13 per share, for a total transaction of $7,483,787.49. Following the completion of the purchase, the insider directly owned 124,336,154 shares of the company's stock, valued at $4,243,592,936.02. This represents a 0.18% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Major shareholders that own 10% or more 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 Tuesday, September 22nd, Life Insurance Co Nippon purchased 296,868 shares of Corebridge Financial stock. The shares were acquired at an average cost of $34.31 per share, for a total transaction of $10,185,541.08.
• On Monday, September 21st, Life Insurance Co Nippon purchased 212,828 shares of Corebridge Financial stock. The stock was acquired at an average cost of $35.08 per share, with a total value of $7,466,006.24.
• On Friday, September 18th, Life Insurance Co Nippon acquired 131,333 shares of Corebridge Financial stock. The stock was 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 shares were bought at an average cost 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 shares were bought at an average cost of $35.02 per share, with a total value of $11,233,890.70.
• On Tuesday, September 15th, Life Insurance Co Nippon purchased 210,903 shares of Corebridge Financial stock. The shares were purchased at an average price of $35.02 per share, with a total value of $7,385,823.06.
• On Monday, September 14th, Life Insurance Co Nippon acquired 295,967 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.86 per share, with a total value of $10,317,409.62.
• On Thursday, September 10th, Life Insurance Co Nippon purchased 176,300 shares of Corebridge Financial stock. The shares were acquired at an average cost of $34.01 per share, with a total value of $5,995,963.00.
• On Wednesday, September 9th, Life Insurance Co Nippon bought 136,466 shares of Corebridge Financial stock. The shares were acquired at an average cost of $33.78 per share, for a total transaction of $4,609,821.48.

Corebridge Financial Stock Up 2.3%

CRBG traded up $0.77 on Friday, reaching $34.86. The company's stock had a trading volume of 3,746,490 shares, compared to its average volume of 4,960,507. The company has a market capitalization of $15.54 billion, a price-to-earnings ratio of 20.39, a P/E/G 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 fifty-two week low of $22.19 and a fifty-two week high of $35.64. The stock has a 50 day moving average of $33.10 and a two-hundred day moving average of $29.06.

Corebridge Financial (NYSE:CRBG - Get Free Report) last posted its 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 the consensus estimate 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 last year, the firm posted $1.36 EPS. As a group, analysts forecast that Corebridge Financial, Inc. will post 4.59 EPS for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend 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%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CRBG. Barclays lifted their price target on shares of Corebridge Financial from $30.00 to $33.00 and gave the company an "overweight" rating in a research report on Tuesday, July 7th. TD Cowen increased their price target on shares of Corebridge Financial from $35.00 to $38.00 and gave the company a "buy" rating in a research report on Wednesday, July 22nd. Zacks Research raised Corebridge Financial from a "strong sell" rating to a "hold" rating in a research note on Monday, June 22nd. Jefferies Financial Group boosted their target price on shares of Corebridge Financial from $43.00 to $45.00 and gave the company a "buy" rating in a research note on Friday, July 10th. Finally, Weiss Ratings raised shares of Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a research note on Thursday, August 6th. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $37.42.

Institutional Investors Weigh In On Corebridge Financial

Several hedge funds and other institutional investors have recently bought and sold shares of CRBG. Pzena Investment Management LLC acquired a new stake in Corebridge Financial during the second quarter valued at $967,400,000. BlackRock Inc. bought a new stake in shares of Corebridge Financial in the 2nd quarter valued at approximately $726,494,000. Norges Bank acquired a new stake in Corebridge Financial during the 4th quarter valued at $611,550,000. Donald Smith & CO. Inc. acquired a new position in Corebridge Financial in the second quarter worth $168,134,000. Finally, Davis Asset Management L.P. bought a new position in shares of Corebridge Financial in the second quarter valued at about $166,054,000. 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.

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